Australian manufacturer of packaging papers PaperlinX has announced that its Danish operations, PaperlinX CC&Co acquired Cadorit for AUD1.1m ($1.06m).
PaperlinX CEO Dave Allen said the acquisition will provide a platform to PaperlinX to becoming a supplier of packaging solutions and visual technology in the region.
"The acquisition of Cadorit is consistent with the group strategy of expanding our revenue streams beyond our traditional commercial print offering via organic growth and/or complementary bolt-on acquisitions," Allen said.
The purchase price represents an EBIT multiple (pre-synergies) of about 5x the 2012 earnings of Cadorit.
Sweden-based Cadorit specializes in digital solutions for the sign and print industry and has annual revenues of about AUD3.2m ($3.09m).