PE Fund Investments
Cyient to acquire Finnish product engineering firm Citec for $100-M
Publicly-listed, engineering focused IT Services company Cyient is to acquire Citec, a Vaasa, Finland-based Plant and Product engineering services company at an Enterprise value of EUR 94 million (about USD 100 million) on a debt free, cash free basis. This translates to 1.2X of the target company's 2021 Revenue and 6.3X of 2021 EBITDA (reported). Citec was founded in 1984 and serves customers across the energy, mining, process, oil & gas, and manufacturing industries. In the last three years, Citec reported revenues of EUR 80m (2021), 73m (2020) and 78m (2019). Citec has 1,200 employees globally and has strong core competences in plant engineering, product engineering, technical documentation and consulting. The acquisition will enhance Cyient's presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway, and Sweden, and in Germany and France.
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