Handicare strengthens the car conversion business through acquisition of Rep-Tek AS

(Press release, January 4th 2016) Handicare AS acquires 100% of the shares in Rep-Tek AS and are strengthening the position within car conversion in Europe. Arild Saastad will be the General Manager for Handicare Auto in Norway.

Handicare, division Auto with Headquarter in Moss, Norway, have 15 workshops for car conversion in Norway and Denmark. In addition they also have a product sales department who sell product and components to other car converters. Rep-Tek AS with Headquarter in Solbergelva , have 6 workshops in Norway. The combined business will after the acquisition have a revenue of app. 360 MNOK pr. Year.

Asbjørn Eskild, Vice President in Handicare Auto, can see many opportunities as result of the acquisition: "Handicare will be one of the strongest players within car conversion and product sales to car converters in Europe, and with the acquisition of Rep-Tek AS we continue our growth strategy within this segment. The combined company will both strengthen our geographical footprint as well as product portfolio and competency. Both companies will benefit from each others size, product portfolio and know how. The conversion marked holds a great potential and we are convinced we can develop this further with Rep-Tek onboard. The plan is to merge Handicare and Rep-Tek's business the coming 6 months."

Helge Bull-Engelstad expresses optimism in relation to the takeover and thinks this will give additional growth within emergency vehicles and conversion to the Handicap market. "Handicare is the perfect company to continue our good development within car conversion."

The parties have agreed to not disclose the transaction value.

Handicare AS Asbjørn Eskild Phone: +47 905 63 304 e-mail: [email protected]

Rep-Tek AS Helge Bull-Engelstad Phone: ++47 908 90 465 e-mail: [email protected]

A PDF version of the news release can be viewed here.