Goldenhill International M&A Advisors today announced that it acted as M&A advisor to Brady plc (“Brady”) in its conditional acquisition of Navita Systems AS (“Navita”), a privately-owned company based in Holden, Norway. The transaction is expected to complete in March of this year.
Navita is a leading provider of systems to the energy markets, focusing on physical power and carbon emission trading. Brady believes that the acquisition of Navita will complement Brady’s existing business by extending its reach further in the energy sector and is in line with Brady’s stated strategy of complementing organic growth with the acquisition of suitable companies to strengthen the Company’s product and customer base.
Navita operates in Europe and North America and has a particularly strong presence in the large and expanding energy markets for electricity, gas, emission certificates and coal. Brady believes that these markets remain highly attractive and complementary to Brady’s existing Energy Trading and Risk Management (ETRM) business and offer significant cross-selling opportunities to the enlarged customer base.
The acquisition of Navita strengthens Brady’s position as the largest native European commodities software provider and the fifth largest Energy and Commodities Trading and Risk Management (ECTRM) player globally. The aggregate consideration being paid by Brady for Navita is Kr 157,265,000 (approximately £17.1 million) which is to be satisfied in cash, other than Kr 6,276,273 (approximately £682,000) which will be satisfied through the issue of new ordinary shares in Brady (the “Consideration Shares”).
Commenting on the contribution of Goldenhill to the just completed transaction, Gavin Lavelle stated:
“we have worked since 2008 very closely with Goldenhill to assist us in all aspects of the M&A process including both this transaction and the Syseca transaction also announced today. Their knowledge of the FinTech sector, presence on both sides of the Atlantic and experience in the M&A process has been of real value to us. Goldenhill’s commitment in working with us has never wavered and we look forward to continuing our working relationship with them.”