SP Group: Acquires UK-based OGM Moulding Ltd. for approximately DKK 158 million

SPGAnalyst Comment19.08.2026, 15.32

Rasmus KøjborgHead of Research, Stables

Summary

SP Group has acquired UK-based OGM Moulding Ltd. for GBP 18.0 million (approximately DKK 158 million), with an additional earn-out of up to GBP 6.0 million based on future earnings performance.
The acquisition has led SP Group to raise its revenue growth guidance for 2026 to 24-30%, while maintaining its earnings margin guidance.
OGM, founded in 1962, operates in the Medical and Diagnostics, Protection and Safety Equipment, and Industry and Transport sectors, with significant investments in cleanroom facilities supporting future growth.
SP Group's acquisition strategy is highlighted by the transaction's EV/EBITDA multiple of 4.1x for the fixed portion, aligning with historical acquisition multiples.

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Automatic translation: Originally published in undefined 19/08/2026, 13:32 GMT. Give feedback here.

This afternoon, SP Group announced that the company is acquiring the British company OGM Moulding Ltd. and its subsidiaries for GBP 18.0 million (approximately DKK 158 million) on a cash and debt-free basis, effective today. Concurrently, the revenue guidance for 2026 has been raised due to the acquisition, while earnings guidance remains unchanged. The sellers are the four founding families who have owned the company since its inception. The signing and completion occurred simultaneously, with the British authorities' NSIA approval obtained prior to signing, and a W&I insurance policy established under customary terms.

OGM was founded in 1962 in Oxford by four families and operates from two factories in Oxfordshire and South Wales with a total production area of approximately 10,000 m². The company employs around 190 people, and its business includes injection molding of precision components and Box-Build, where products are completed with electronics, validation, testing, and packaging. Sales are distributed across three end markets: Medical and Diagnostics, Protection and Safety Equipment, and Industry and Transport, with an average customer tenure of 10 years. The company is certified according to ISO 9001, ISO 13485, and ISO 14001, and holds UK MDR certification. In recent years, over GBP 10 million has been invested in new cleanroom facilities, among other things, which, according to the announcement, provides capacity for growth without significant further capital investments.

OGM will continue under its own name with CEO Warren Berry, the current management, and all employees. Former co-owner and Chairman of the Board, Paul Wightman, will remain on the board for a minimum of 12 months, while the rest of the board will consist of Søren Ulstrup (Chairman), Lars Bering, and Allan Malmos Jeppesen from SP Group. Integration is primarily expected to focus on finance, procurement, and commercial coordination. SP Group also states that customer overlap is limited and that the acquisition provides the group with production in the UK for the first time.

The fixed portion of the purchase price, GBP 18.0 million, was paid in cash upon completion and is financed through an acquisition loan. Additionally, there is an earn-out of a maximum of GBP 6.0 million (approximately DKK 53 million) if OGM meets certain earnings expectations in the calendar years 2027 and 2028, resulting in a total maximum purchase price of GBP 24.0 million. OGM reported an EBITDA of approximately GBP 4.4 million in the 2025/26 financial year, which ended on May 31, 2026, corresponding to an EV/EBITDA of 4.1x for the fixed portion. For 2027, OGM expects an EBITDA of GBP 3.5-3.7 million, equivalent to 4.9-5.1x for the fixed portion, while SP Group indicates an EV/EBITDA of approximately 4.8x with full earn-out—which implicitly necessitates an EBITDA in the range of GBP 5.0 million.

Historically, SP Group's acquisitions between 2015 and 2022 had an EV/EBITDA multiple of 4.8-5.5x and purchase prices in the range of DKK 30-105 million, while Idé-Pro was acquired in December 2025 for an Enterprise Value of DKK 700 million, corresponding to 7.6x. OGM thus falls between the historical bolt-on acquisitions and Idé-Pro in terms of both price and multiple. SP Group itself is currently trading at a 2026E EV/EBITDA in the range of 8-9x.

As a result of the transaction, SP Group is raising its growth guidance for 2026 to 24-30% from the previous 22-28%, while the guidance for earnings margins of 19-21% (EBITDA) and 11-13% (EBT) remains unchanged. The 22-28% guidance was last announced in the trading update on July 10, 2026, where Q2 sales increased by 44.6% to DKK 983.9 million and EBITDA increased by 59.9% to DKK 199.6 million, while H1 2026 sales increased by 32.9% to DKK 1,950.3 million.

SP Group will publish its final interim report for the first half of 2026 tomorrow - Thursday, August 20, 2026. In connection with this, we will host an event on Friday, August 21, where management will present the report and answer questions from investors. You can register here: https://www.inderes.dk/videos/sp-group-praesentation-af-regnskabet-for-2-kvartal-2026

You can read the full acquisition announcement here: https://www.sp-group.com/da/investor/shareholder-information/company-announcements

Disclaimer: HC Andersen Capital receives payment from SP Group for a Digital IR subscription agreement. /Rasmus Køjborg, CFA at 3:30 PM on 8/19-2026

SP Group is a Danish plastic manufacturer that produces moulded items in plastics and plastic composites and performs surface coatings on metal items. The company is listed on the Nasdaq OMX Copenhagen Stock Exchange. It dates back to 1972 and is headquartered in Denmark. SP Group is a leading supplier of plastic-manufactured products to Danish industries. It services its clients through its factories in Denmark, Sweden, China, the USA, and Eastern Europe and its products are sold and marketed in around 90 countries. The Company offers a number of collective competencies through its different plastics processing plants which create synergy both internally among the plants and externally in partnerships with customers. The largest customer groups in terms of revenue are Healthcare, Cleantech, Food-related and Automotive, which adds up to around 75% of sales. SP Group is part of the OMX Copenhagen Mid Cap Index.