DEPA ACQUIRES THE YACHT AND AIRCRAFT FIT-OUT BUSINESS OF GERMANY’S LOHERAug 4 ,2013
- Depa’s wholly-owned subsidiary, Vedder, becomes one of the largest yacht interior fit-out specialists in the world
- Recently announced AED 235 million in new orders for its yacht business
- First entry into aircraft interiors; genuine long-term prospects and opportunities
Dubai, UAE; 4 August, 2013: Depa Limited (ticker: DEPA), one of the world’s leading interior contracting companies, today announces the acquisition of the assets of German-based LOHER Raumexklusiv GmbH’s (‘LOHER’) luxury interiors business, through its wholly-owned German subsidiary, Vedder, for an undisclosed sum.
Founded in 1931, LOHER specialises in luxury interiors and bespoke furniture for yachts, aircrafts and residences. As part of the transaction, Depa acquired a substantial order book, a talented team of employees and a state-of-the-art 15,000 sq/m factory with cutting-edge machinery. The company is based near Munich in Lower Bavaria, Germany.
Mohannad Sweid, CEO of Depa, said:
“This acquisition is a highly complementary fit with Vedder and combining both facilities will make us one of the largest yacht interior fit-out specialists in the world. Depa’s yachts business has been a strong and consistent revenue generator, highlighted by the strong order book and recent contract wins totalling AED 235 million. The yacht building market continues to perform well and this acquisition will increase our already strong market share and allow us to derive significant business efficiencies as we incorporate the assets under Vedder’s brand.
“This acquisition also gives us a first entry point into the world of private jet interiors, which is a natural business extension. The market for luxury aircraft interiors has grown exponentially over the last few years, driven predominately by Asia and Africa, and by combining our range of capabilities and services we see this as an attractive market with genuine long-term prospects and opportunities.”
LOHER’s client references in the aircraft sector include Lufthansa Technik, EADS Sogerma and numerous private jets. Frost & Sullivan issued a market insight entitled: ‘The Global Commercial Aircraft Cabin Interiors Market’ in November 2011 which analysed the commercial aircraft cabin interior markets and forecasts the commercial aircraft cabin interior market to grow at a CAGR of 8.7% with most of the revenue opportunities occurring after 2016 when new aircraft programmes are being introduced. Furthermore, the current retrofit market is booming, fuelled by significant numbers of aircraft returning to operations after inactivity during the crisis period.
For further inquiries, please contact:
Managing Director, Strategy
Tel: 971 4 224 3800
Tel: 971 4 446 6270
About Depa Limited
Depa Limited is a leading interior contracting company in the Middle East, North Africa and Southeast Asia regions. Operating principally in the luxury fit-out industry, its main areas of business cover luxury hotels, infrastructure and public sector amenities such as hospitals and airports, high-end residential properties, retail outlets, as well as yachts. Depa is listed on the NASDAQ Dubai (ticker DEPA) and has Global Depositary Receipts on the regulated market for listed securities of the London Stock Exchange plc (ticker DEPA and DEPS).
The range of business activities performed by Depa comprises:
- Interior contracting: which focuses on luxury interior fit-out services, which include installation and finishing of floors, walls, ceilings, fixed joinery, panelling, wood-works, doors and frames;
- Manufacturing: which comprises a network of factories and joineries which produce customized furniture, fixtures and equipment (FF&E);
- Procurement: which involves the procurement of supplies and materials from third parties to support and complement Depa's interior contracting and manufacturing operations as well as third party procurement contracts for specific FF&E projects.
By integrating these services into a single package, Depa provides clients with comprehensive and customized interior contracting solutions.
With more than 7,000 employees worldwide, the company operates through an integrated network of subsidiaries and affiliates located in the UAE, Saudi Arabia, Qatar, Egypt, Jordan, Morocco, India, Malaysia, Thailand, China, Singapore, UK, Germany, and the United States. Through this network, Depa has successfully executed large and complex projects in over 20 countries including the Emirates Palace Hotel (Abu Dhabi), Four Seasons Hotel (India), Grand Hyatt (Malaysia), Trump International Hotel (Las Vegas), Tokyo Midtown (Japan), Museum of Islamic Arts (Qatar), Baku Flame (Azerbaijan) and Marina Bay Sands (Singapore).
For more information, please refer to the corporate website: www.depa.com