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Monday 31 January, 2022



31 January 2022

XP Power Limited

(“XP Power” the “Group”)

Acquisition – accelerating our high voltage strategy

XP Power, one of the world’s leading developers and manufacturers of critical power solutions to the electronics industry, announces that it has acquired FuG Elektronik GmbH (“FuG”) and Guth High Voltage GmbH (“Guth”), two complementary German businesses, from Dr Simon Consulting GmbH for a cash consideration of €39.0 million (circa £32.8m) (the “Acquisition”).

The Acquisition was funded using the Group's existing debt facilities and is subject to customary post-completion working capital adjustments.

Acquisition Summary

  • FuG and Guth’s product portfolio is highly complementary to XP Power’s existing high voltage offering, bringing new technology and technical capability to the Group and accelerating its strategy in this fast growing market
  • The Acquisition strengthens the Group’s position in Germany, the largest market for power solutions in Europe
  • Revenue synergies expected from cross-selling FuG and Guth’s products to the Group’s wider global customer base through our industry leading sales teams and distribution network
  • FuG and Guth have c.150 employees based in two sites near Stuttgart and Munich. The Acquisition also provides an additional European design and manufacturing centre, complementing the Group’s existing footprint
  • The management team of FuG and Guth will join XP Power assisting the integration into the enlarged Group 
  • FuG and Guth anticipate revenue of circa €18m and adjusted EBITDA of circa €4.5m for the year ended 31 December 2021
  • The Acquisition is expected to be earnings enhancing in 2022, will be additive to the Group’s margins and will deliver a post-tax return on invested capital in excess of the Group’s weighted average cost of capital
  • The Group’s balance sheet will remain strong post Acquisition with net debt/EBITDA expected to be well below 1.0x at FY22 year-end

Gavin Griggs, CEO of XP Power, said:

“FuG and Guth are businesses we know and admire and are an excellent fit with our existing operations, adding wholly new and highly complementary technical capabilities to our high voltage product portfolio. The Acquisition accelerates our high voltage growth strategy and expands our presence in Germany, the largest market for power solutions in Europe.

“We look forward to welcoming our new colleagues to the Group and are confident FuG and Guth will have a successful future as part of XP Power.”

Investor Call

XP Power is hosting a conference call for investors and analysts at 1000 UK time today.

Dial in: +44 (0) 33 0551 0200

Passcode: XP Power

A copy of the presentation on the Acquisition which management will talk through on the call can be downloaded from XP Power’s website at


XP Power 

Gavin Griggs, Chief Executive Officer  +44 (0)118 984 5515

Oskar Zahn, Chief Financial Officer  +44 (0)118 984 5515

Citigate Dewe Rogerson 

Kevin Smith/Jos Bieneman  +44 (0)207 638 9571

Note to editors

XP Power designs and manufactures power convertors, the essential hardware component in every piece of electrical equipment that converts power from the electricity grid into the right form for equipment to function.

XP Power has invested in research and development and its own manufacturing facilities in China, Vietnam and North America, to develop a range of tailored products based on its own intellectual property that provide its customers with significantly improved functionality and efficiency.

Headquartered in Singapore and listed on the Main Market of the London Stock Exchange since 2000, XP Power is a constituent of the FTSE 250 Index. XP Power serves a global blue-chip customer base from 29 locations in Europe, North America, and Asia. 

For further information, please visit

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