SMAFI Sells Reflex to Australian Drilling Company
14 September 2006
The venture capital company SMAFI has sold its subsidiary Reflex Instrument AB to Imdex Ltd, a drilling products and services company publicly listed at the Australian Stock Exchange. The purchase price for the acquisition is about SEK 180 million.
Reflex Instrument is a leading supplier of borehole surveying equipment to the exploration, mining/quarrying and construction industries globally. Its innovative technology offers cost saving solutions through the use of electronic instruments to deliver down hole survey data accurately and in a timely manner.
Since SMAFI acquired the company in 2001, the economic growth of Reflex has been strong and in pace with the positive raw material trend on the global market. The projected turnover of the company is SEK 80 million in 2006, which is more than four times the turnover of 2001.
During the five years of SMAFI ownership, Reflex has evolved from a loss-making company to an expansive and profitable growth company with operations all over the world. "We are very pleased with our investment in Reflex" says Bo Thorson, Managing Director of SMAFI. The management of the company has successfully developed the business and taken advantage of the positive economical trend to gain the market leader position.
The acquisition of Reflex complements the business of the publicly listed Imdex, whose core business is the supply of drilling products and services to the oil, gas and mining industries, both product wise, technology wise and geographically. Ace Drilling Supplies, an operating unit of Imdex, is the Reflex exclusive distributor in Australia. "Reflex fits our structure extremely well and the company will strengthen our position on the international market" says Bernie Ridgeway, Managing Director of Imdex.
Bengt Ljung, Managing Director of Reflex, is positive to the change of owners. "With SMAFI as owners we have been able to take Reflex to the position where we are today, both market wise and technology wise. With Imdex we take another challenging step in the development of our business."
SMAFI is owned by Industrifonden together with a syndicate of about 30 private investors, Volvo Aero and Saab Bofors.
