\n
Limoges, June 28, 2017, 7.30 am CET (Paris time)
\nLegrand today announced that it has signed an agreement to purchase1 US company Milestone AV Technologies LLC (\u201cMilestone\u201d), a frontrunner in Audio Video (AV) infrastructure and power, a high-value segment of the digital infrastructure market.
\nHighlights:
\nMilestone \u2013 Strong leading positions in high-value segments<\/p>\n
\nLegrand today announced that it has signed an agreement to purchase1 US company Milestone AV Technologies LLC (\u201cMilestone\u201d), a frontrunner in Audio Video (AV) infrastructure and power, a high-value segment of the digital infrastructure market.
\nHighlights:
\nMilestone \u2013 Strong leading positions in high-value segments<\/p>\n
- \n
- \uf0b7 \u00a0Attractive business driven by megatrends (100% of Milestone sales are in new business segments2);<\/li>\n
- \uf0b7 \u00a0Strong market positions, with over 75% of Milestone sales made with products #1 or #2 in their market;<\/li>\n
- \uf0b7 \u00a0Well known, trusted and innovative brands with a best-in-class customer-centric approach;<\/li>\n
- \uf0b7 \u00a0A knowledgeable and experienced management team;<\/li>\n
- \uf0b7 \u00a0Highly complementary to Legrand\u2019s existing positions in AV in the US (Middle Atlantic Products brand);<\/li>\n
- \uf0b7 \u00a0In 2016, sales of $464m, adjusted3 operating4 margin of 21% and free cash flow4 at 12.5% of sales.A synergetic move with Legrand<\/li>\n<\/ul>\n
- \n
- \uf0b7 \u00a0Mid-term sales synergies through leverage of customer coverage and development of AV infrastructureand power business in other distribution channels and geographies;<\/li>\n
- \uf0b7 \u00a0Short and mid-term cost synergies in purchasing, production and administrative areas.Financial rationale<\/li>\n<\/ul>\n
- \n
- \uf0b7 \u00a0Legrand\u2019s financial criteria all met based on an EV (Enterprise Value) of $950m, net of a discounted5 taxbenefit6 of $250m:\n
- \n
- – \u00a02016 EV\/EBITDA4 of around 9.0x;<\/li>\n
- – \u00a0Mid to high single-digit accretion on EPS before PPA7;<\/li>\n
- – \u00a0Value creation within 3 to 5 years.<\/li>\n<\/ul>\n<\/li>\n
- \uf0b7 \u00a0Financed by new debt; post-deal robust balance sheet; net debt\/EBITDA8 expected at less than 2.Gilles Schnepp, Chairman and CEO of Legrand, commented: \u201cThe acquisition1 of Milestone allows Legrand to pursue its ongoing reinforcement in digital infrastructure, more specifically in the high-value AV infrastructure and power segment in the United States where Legrand is already #1 in AV enclosures with its Middle Atlantic Products brand. Milestone will bring Legrand leading positions in commercial and residential AV mounts, as well as in projector screens enabling the Group to provide AV customers with scalable, end- to-end offerings.Milestone\u2019s robust leading positions, well-known brands, businesses supported by strong social and technological megatrends, customer-centric approach, ongoing innovation, and active CSR9 policy are key assets which make this acquisition a highly valuable move that \u2018ticks all the boxes\u2019 of Legrand fundamentals.\u201d1 Subject to standard conditions precedent.
\n2 Digital infrastructure, energy efficiency, assisted living and home systems.
\n3 Adjusted Legrand definition: adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions and, where applicable, for impairment of goodwill.
\n4 Excluding non-recurring items.
\n5 Discounted at a rate of 7.0% over the period of goodwill amortization (15 years).
\n6 US tax benefit resulting from standard goodwill amortization starting in 2017. Gross price paid of $1,200m less a $400m cash tax benefit discounted to $250m.
\n7 Purchase Price Allocation.
\n8 Including Milestone\u2019s EBITDA on a full year basis.
\n9 Corporate Social Responsibility.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\nLegrand pursues the reinforcement of its positions in digital infrastructure by acquiring1 Milestone AV Technologies LLC in the United States
\nThe global AV infrastructure and power market accounts for more than $5bn of Legrand\u2019s total digital infrastructure market of over $15bn1.<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\nMilestone, which is a frontrunner in the US AV infrastructure and power business, has built its success on disciplined acquisitions of leading well-known brands: Chief, #1 in commercial AV mounts; Sanus #1 in residential AV mounts; and Da-Lite, #1 in projector screens. Over 75% of Milestone sales are generated by products that rank #1 or #2 on their markets. Combined with Legrand\u2019s #1 positions in AV enclosures in the US under the Middle Atlantic Products brand, Milestone will enable the Group to provide US customers with scalable, end-to-end offerings on a market driven by both social megatrends (communication, security, distance and collaborative working etc.) and technological megatrends (digitalization, new display technologies, streaming technologies etc.).
\nOngoing R&D efforts (more than 100 professionals in engineering and product development, over 360 patents and more than 5,000 SKUs) focusing on AV integrators\u2019 needs \u2013 safety, ease of installation, reliability \u2013 and a customer-centric approach (100 direct sales & technical support and 90 dedicated customer care personnel, digital best customer training, excellent delivery service) have helped develop strong customer loyalty and made Milestone\u2019s brands the \u201cpreferred partner\u201d for about 80% of the SCN2 top 50 AV integrators.
\nMilestone has also built lasting trust-based ties with strong distribution channels offering wide geographical coverage and access to a variety of end markets (corporate, hospitality, houses of worship, education, government and retail stores\/restaurants). These have helped distribute Milestone products both efficiently and widely.
\nMoreover, Milestone has an active CSR3 policy based on three pillars: environmental responsibility through eco-friendly product development and three ISO-14001-certified operating facilities; socially responsible sourcing with robust CSR3 audit programs of its supplier base as well as safety and responsible practices by suppliers; and community involvement through special consideration for activities in which Milestone employees are involved.
\nBased in Eden Prairie, Minnesota, Milestone recorded 2016 revenues of $464m, 90% in North America. Over the same period, adjusted4 operating5 profit and free cash flow5 stood at respectively 21% and 12.5% of sales. Milestone has about 1,000 employees and has locations in the United States, Canada, China, Hong-Kong, Australia and the Netherlands.
\nA synergetic move with Legrand
\nLegrand\u2019s acquisition6 of Milestone should generate mid-term sales synergies. Milestone\u2019s strong relationship with 6,000 professional AV dealers should build up Legrand\u2019s existing basis of about 3,500 dealer relationships tied to its Middle Atlantic Products brand. Likewise, Legrand\u2019s strong relationship with electrical, IT and data communication distributors could allow Milestone to move in these distribution channels. With locations in North America, Europe and Asia, Milestone could offer Legrand opportunities to expand its AV infrastructure and power business into new geographical areas.
\nResulting operations should also benefit from short to mid-term cost synergies stemming from (i) direct and indirect sourcing with scope for combining purchasing platforms, (ii) streamlining of production facilities particularly in Asia, and (iii) opportunities to optimize administrative areas.
\n1 Legrand\u2019s accessible market is now estimated at more than $115bn, split between electrical infrastructure for less than $100bn and digital infrastructures for more than $15bn.
\n2 Systems Contractor News.
\n3 Corporate Social Responsibility.
\n4 Adjusted Legrand definition: adjusted for amortization and depreciation of revaluation of assets at the time of acquisitions and for other P&L impacts relating to acquisitions and, where applicable, for impairment of goodwill.
\n5 Excluding non-recurring items.
\n6 Subject to standard conditions precedent.<\/div>\n<\/div>\n<\/div>\n\n\nFinancial rationale
\nLegrand is acquiring1 Milestone for an Enterprise Value (EV) of $950m, net of a discounted US tax benefit of $250m2, resulting from standard goodwill amortization starting in 2017. Legrand\u2019s cash tax rate and free cash flow will benefit fully from this tax gain which will have no impact on Legrand\u2019s IFRS P&L (either on income tax rate or net income).
\nBased on this EV of $950m, the Milestone acquisition1 meets all of Legrand\u2019s financial criteria:<\/p>\n- \n
- – \u00a02016 EV\/EBITDA3 of around 9.0x;<\/li>\n
- – \u00a0mid to high single digit accretion on EPS before PPA4;<\/li>\n
- – \u00a0value creation within three to five years.Legrand should keep a robust balance sheet structure with an expected post-deal net debt\/ EBITDA5 ratio of less than 2. The financing of the Milestone acquisition1, which ultimately will be made via new debt, is fully secured in the short term by a commitment letter for a bridge-to-bond loan and by Legrand\u2019s existing credit facilities.Milestone ticks all the boxes of Legrand\u2019s key fundamentalsThe acquisition1 of Milestone represents a strategic move for Legrand based on the two companies\u2019 strong business complementarities. Driven by sustained social and technological megatrends, both Legrand and Milestone have built strong leading positions in their respective markets.Legrand and Milestone products are known for their reliability, ease of installation, valuable design and functionalities, and although they represent a small share of installation costs, they are critical to the overall infrastructure in which they are installed. Both Legrand and Milestone thus focus on innovation. In particular, Milestone\u2019s annual R&D to sales ratio is consistent with Legrand\u2019s long-term average ambition of 4% to 5%. Along with technical excellence, best-in-class customer relationships based on training, technical support and short lead-time have built lasting customer loyalty to both companies\u2019 brands.Lastly, both Legrand and Milestone have overall strategies aiming at robust financial discipline but also take an integrated approach to their respective businesses through strong CSR6 commitments.————————<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n1 Subject to standard conditions precedent.
\n2 Discounted at a rate of 7.0% over the period of goodwill amortization (15 years). The gross amount of the tax benefit is $400m. 3 Excluding non-recurring items.
\n4 Purchase Price Allocation.
\n5 Including Milestone\u2019s EBITDA on a full year basis.
\n6 Corporate Social Responsibility.<\/div>\n<\/div>\n<\/div>\n\n\nAUDIO WEBCAST<\/p>\n- \n
- \uf0b7 \u00a0A live and replay teleconference on the Milestone acquisition1 will take place on June 28, 2017, at 8.45 am CET (Paris time)<\/li>\n
- \uf0b7 \u00a0The teleconference will be available on Group website: http:\/\/www.legrand.com\/EN\/ Key financial dates<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n
- \n
- \uf0b7 \u00a02017 first-half results: July 31, 2017 \u201cQuiet period2\u201d starts July 3, 2017<\/li>\n
- \uf0b7 \u00a02017 nine-month results: November 7, 2017 \u201cQuiet period2\u201d starts October 7, 2017<\/li>\n<\/ul>\n
<\/p>\n<\/div>\n<\/div>\n
<\/div>\n\nabout Legrand<\/div>\n<\/div>\n\n\n\nLegrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for commercial, industrial and residential markets makes it a benchmark for customers worldwide. Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing its strategy of profitable and sustainable growth driven by acquisitions and innovation, with a steady flow of new offerings\u2014 including Eliot* connected products with enhanced value in use. Legrand reported sales of more than \u20ac5 billion in 2016. The company is listed on Euronext Paris and is a component stock of indexes including the CAC 40, FTSE4Good, MSCI World, Corporate Oekom Rating, DJSI World, Vigeo Euronext Eurozone 120, Europe 120-France 20 and World 120, and Ethibel Sustainability Index Excellence.
\n(ISIN FR0010307819).
\nhttp:\/\/www.legrand.com<\/div>\n<\/div>\n<\/div>\n\n\n*Eliot is a program launched in 2015 by Legrand to speed up deployment of the Internet of Things in its offering. A result of the group\u2019s innovation strategy, the Eliot program aims to develop connected and interoperable solutions that deliver lasting benefits to private individual users and professionals. http:\/\/www.legrand.com\/EN\/eliot-program_13238.html<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n1 Subject to standard conditions precedent.
\n2 Period of time when all communication is suspended in the run-up to publication of results.<\/div>\n<\/div>\n\n![\"logo](\"http:\/\/www.connessioni.biz\/wp-content\/uploads\/2017\/07\/logo-legrand-300x157.png\")
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- \uf0b7 \u00a0Legrand\u2019s financial criteria all met based on an EV (Enterprise Value) of $950m, net of a discounted5 taxbenefit6 of $250m:\n