The announced acquisition of Kapsch TrafficCom’s North American components business (KNAMC) appears to be a very good industrial fit to TagMaster’s existing business. It’s the company’s largest acquisition to date, adding around 50% to Group sales with solid margins, expected to be in line with TagMaster’s 15% EBITDA target, including synergies. We believe the acquisition will be value-accretive and raise our Fair Value.
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