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RPM Automotive Group Ltd (ASX:RPM) acquires Safety Dave.

RPM Automotive Group Ltd (ASX:RPM) has announced that it has entered into a binding agreement to acquire Safety Products Business, Safety Dave. The acquisition accelerates RPM?s growth strategy, underpinning more rapid growth in the Company?s Performance and Accessories division.

The total consideration for the acquisition is $9.5m comprised of 70% in cash and 30% in RPM shares to be issued to the vendors which will be escrowed for 12-months.

Safety Dave is expected to generate $8.3m revenue and $1.95m EBIT for the 12-month period ending December 2021.

Following the announcement, shares of RPM Automotive Group rose 3.45% to $$0.30/share.

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