LOUDSPRING AND EAGLE FILTERS DEEPEN COOPERATION

Loudspring has acquired a majority stake in Eagle Filters.

With this acquisition Loudspring takes the first step towards becoming an operational company group saving natural resources. After the transaction Loudspring owns 63.4% of Eagle Filters, up from 34%.  The transactions include investments of 300 000EUR into Eagle Filters as well as share swaps with the founders of Eagle Filters. After the transaction the amount of Loudspring’s class A shares will increase by 128 788, which represent 0,5% of the outstanding shares after the transaction. The price per 1 Loudspring share is 2,64 in the share swap transaction. Agreements have been made with Eagle Filters and its current owners giving Loudspring the option to increase its ownership up to 80%.  Eagle Filters revenues in 2017 were appx 1.9 M€ (unaudited). Through adoption of Eagle products, the total saving potential for the energy industry is more than 10 billion USD, annually.

The inclusion of Eagle Filters into Loudspring group is in line with the strategy update released in December, where Loudspring announced that it aims to consolidate a selection of its portfolio that are high growth, close to or already profitable and with low additional capital requirements. Eagle Filters fits these criteria.

Eagle Filters brings with it access to top tier customers in the global energy industry where they enable significant fuel efficiency and CO2 savings. The company has an expanding product portfolio that includes high efficiency intake air filtration, intake air-cooling, and cloud based software for real time monitoring of power plants. The products are in use in gas turbines and generating sets.

 

Eagle is at a very interesting point in their growth where Eagle has proven its ability to save several million USD per power plant, and the products are currently being used in several installations by some of the largest utilities in the world, including Engie, the world’s largest gas turbine operator. Loudspring’s operational, marketing, business and growth expertise will now be a crucial component in attempting to accelerate growth for Eagle going forward. Eagle will continue to operate in the existing legal form under the Loudspring umbrella.