Globe & Mail 09:31 AM EST, 11/02/2020 (MT Newswires) -- Xebec Adsorption Inc. (XBC.V), a provider of clean energy solutions, entered into an agreement effective October 30th, to acquire all of the outstanding shares of The Titus Company. Titus' principals will remain with the company. With this acquisition, Xebec's Cleantech Service Network (CSN) coverage will now include Eastern Pennsylvania, Delaware and New Jersey.
Total consideration payable by Xebec is approximately $8 million, subject to certain holdbacks, adjustments and time-based payments. Titus had revenues of $12.3 million for FY2019 with an EBITDA margin of approximately 13.5%. Titus is on track and expected to achieve similar revenue and profitability for FY2020. As with other acquisitions, Xebec expects that Titus' growth and profitability could be improved with product, sourcing and back-office synergies.
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