- Xebec (XBC) has acquired Tiger Filtration to leverage the company’s manufacturing platform for renewable gases
- Tiger Filtration, based in the U.K., has gained worldwide recognition for providing alternatives for the compressed air and gas industry
- Xebec paid C$20.6 million for the acquisition
- The acquisition will provide Xebec with a very profitable and recurring aftermarket manufacturing business for elements and filters
- Xebec Adsorption is a global provider of clean energy solutions for renewable and low carbon gases
- Xebec (XBC) is down by 1.16 per cent and is currently trading at $4.25 per share
Xebec (XBC) has acquired Tiger Filtration to leverage the company’s manufacturing platform for renewable gases.
Tiger Filtration, based in the U.K., has gained worldwide recognition for providing high-quality alternatives for the compressed air and gas industry.
The acquisition will provide Xebec with a very profitable and recurring aftermarket manufacturing business for elements and filters.
Tiger’s R&D capabilities will expand Xebec’s product portfolio to include filtration products for hydrogen and renewable natural gas.
The company also expects Tiger to provide cost savings by displacing parts currently bought by its subsidiaries within the Cleantech Service Network, HyGear, Inmatec and its headquarters in Québec.
Xebec paid C$20.6 million for the acquisition.
Tiger had revenues of $4.6 million, an EBITDA margin of 42 per cent and a net income margin of 34 per cent for fiscal year 2020.
Gary Ashton, Tiger Filtration’s Managing Director, commented,
“We started TFL almost two decades ago and are happy to be handing over the company to Xebec, a company with a clear focus on clean technologies. I am particularly proud of the efficient manufacturing platform that we’ve created and that can successfully compete with the compressed air & gas multinationals.
I believe that TFL will enable Xebec to not only capture immediate sales and cost synergies but also help create products for the energy transition, as our knowledge will facilitate the development of filter products for hydrogen and RNG.”
Kurt Sorschak, Chairman, CEO and President of Xebec Adsorption, added,
“TFL provides Xebec with a unique opportunity to vertically integrate into the valuable aftermarket business for filters and elements. The acquisition will be immediately accretive and bring TFL’s products to our service subsidiaries which will be leveraging our sales and distribution networks to increase revenues.
Ultimately, the acquisition positions us well as we look to transition from being predominantly an equipment supplier to a support and service-oriented organization with recurring revenue streams for renewable and low carbon gases.”
Xebec Adsorption is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industrial applications.
Xebec (XBC) is down by 1.16 per cent and is currently trading at $4.25 per share as of 10:04 am ET.
