CSE Global unveils US$6.05m acquisition of CC American Group assets

An additional fee will be paid if profit targets are met.

Technology group CSE Global has acquired certain assets of CC American Group under an asset purchase agreement (APA).

Under the terms of the APA, the aggregate consideration for the acquired assets is US$6.05m which is payable to the sellers upon signing of the APA, subject to any adjustments for the net asset value taken over within 90 days from the date of the APA. 

An additional consideration of US$750,000 will be payable to the sellers upon the achievement of the profit before tax targets of US$4 million per annum set for 2015 and 2016 respectively. 

CC American Group designs, manufactures, repairs, and services oil and gas pressure vessels for the US energy industry. 

The company also manufactures and services a wide range of production equipment including, but limited to: separators, fuel scrubbers, filter separators, production skids and line heaters.