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ARB Holdings and its subsidiary Eurolux are buying Radiant Group for approximately R117 million.

Radiant, a subsidiary of South Ocean, is an importer of a range of light fittings, lamps and electrical products for distribution throughout South Africa and 17 African countries.

Eurolux

The deal still needs approval from the Competition Commission, but if it is given the go-ahead, ARB’s purchase consideration will be settled in cash by Eurolux, with funding from Eurolux’s shareholders. The purchase price will be calculated on the effective date of the sale and based on the tangible net asset value of Radiant, less a fixed amount of R20 million. 

In a statement, ARB said Eurolux would continue to focus on its strength in the retail business, and Radiant would focus on the wholesale, construction and project sectors of the market. The effective date of the deal will be the last day of the month in which the last of the suspensive conditions are fulfilled or waived, or a date is agreed upon by the parties, ARB said.

The tangible net asset value of the business being acquired, together with the properties, for the six months to end-June is R200.77 million. Radiant’s revenue at the end of June was R137.78 million, down from R142.36 million. Losses after tax attributable to Radiant shareholders was R11.47 million, up from R10.51 million compared with last year.

The agreement includes the purchase of all five of Radiant’s properties. The combined value of these is R88 million, and this part of the deal is subject to receipt of a structural engineer's report, electrical compliance certificate and an entomologist’s report.

Image credit: https://www.eurolux.co.za/img/news/eurolux-news-25-years/25-YEARS_CPT1.jpg

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