OTC: ILUS, ILUS International (Ilustrato Pictures International Inc), Acquires Tennessee-based Bull Head Products Incorporated
ILUS has agreed the acquisition of Bull Head Products Inc for an undisclosed cash amount and a small amount of restricted shares.
NEW YORK, NY, Oct. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc (OTC: ILUS) is a Mergers and Acquisitions company focused on acquiring and developing public safety technology-based companies across the globe. The company has already completed four acquisitions in 2021, with full details on the fifth in Georgia being announced once both attorneys have completed contracts, following the Heads of Terms which have already been signed, as per the recent press release for ILUS’ first US acquisition which cannot be named until all its employees have been notified. ILUS has now acquired Bull Head Products Inc, a specialist aluminium truck bed manufacturer and vehicle converter with customers across the United States in multiple sectors, including wildland firefighting and rapid response fire and rescue. ILUS is also in the process of acquiring several more companies in the United States, Europe, and the United Kingdom over the coming quarters.
Bull Head Products Inc is a leading designer, manufacturer and installer of specialist truck beds, vehicle bodies and vehicle conversion solutions. ILUS has agreed the acquisition of Bull Head Products Inc for an undisclosed cash amount and a small amount of restricted shares. This acquisition is the smallest of ILUS’ current round of US acquisitions; however, it is of significant strategic importance for ILUS’ manufacturing in the United States, and it presents enormous growth potential. In addition to growing its already profitable existing business, the primary reason for acquiring Bull Head Products is the establishment of the company as ILUS’ US manufacturer of FireBug’s rapid response firefighting and rescue vehicles, the E-Raptor range of commercial electric utility vehicles and the manufacture of ILUS’ lightweight plastic vehicle bodies for fire and rescue. In a move that is expected to quadruple Bull Head Product’s revenue, the products from both FireBug and the in-progress Georgia acquisition will be sold via Bull Head Products Inc. Simultaneously, the products manufactured by Bull Head Products will allow the Georgian distributor, once the attorneys have completed contracts, to sell Bull Head Products’ firefighting vehicles, which will include FireBug’s innovative firefighting technology, across the US. In addition to the firefighting vehicle manufacturing capability gained through this acquisition, ILUS is also in the final stages of acquiring manufacturing capability in Texas for its specialized firefighting pumps and equipment, with this deal at conclusion stage.
ILUS’ triple pronged acquisition strategy has been to acquire manufacturing capability, technology enhancements and market knowledge for the design, manufacturing, distribution, sales, and support of its existing and future products in the US. ILUS is looking to acquire highly specialized technology companies to allow development of its IoT strategy for a fast and successful route to Nasdaq.
ILUS already has these manufacturing, distribution, sales, and support capabilities in the United Kingdom and Middle East, and now it is in the process of acquiring large scale manufacturing capability in Europe. The company has already gained US distribution and maintenance capability through the acquisition of a profitable Georgia-based firefighting and EMS equipment distributor, following the signed Heads of Terms, which holds several exclusive distribution contracts and generates over $3 million in annual revenue. This Georgia distributor has sold to hundreds of fire and rescue customers but has never before been in a position to sell wildland firefighting vehicles or pumps, which can now be added to its product portfolio and sold to its large base of existing customers. Equally, Bull Head Products Inc has a lot of fire and rescue customers but has not been able to offer fire and rescue products that are seen in the Georgia distributor’s range. This will allow cross-pollination of both customers and products.
Bull Head Products also holds incredible design expertise and manufacturing skills, which ILUS plans to upscale to achieve its strategic goals. ILUS plans to follow up this vehicle manufacturing acquisition with the pump and equipment manufacturing acquisition in Texas. Following this, ILUS then aims to complete on the execution of its immediate strategy with the acquisition of fixed firefighting system manufacturing, distribution, and installation capability in Florida. This would provide the route to market for ILUS’ revolutionary fixed system technology that combats battery fires and kitchen fires.
Bull Head Products Inc was established in 2004 and its truck beds are widely renowned as the industry benchmark for quality, appearance, and durability. The company designs and manufactures a broad range of aluminium truck beds and bodies. These include flat beds, firefighting brush trucks for wildland firefighting and rapid response, commercial truck beds and bodies, dump beds, medium and heavy-duty beds, crane beds, RV beds and custom beds. Unlike its competitors, the company uses 100% aluminium construction and does not use steel subframes which are prone to rust. In addition to the industry leading product quality, the innovative design and manufacturing methods used by Bull Head Products are particularly important to the ILUS manufacturing strategy in the US. The in-house experience and capability of Bull Head will prove extremely valuable to ILUS, as it embarks on the manufacturing of its rapid intervention firefighting and rescue vehicles in the United States. The extensive list of valuable equipment owned by the company such as CNC routers, aluminium cutting, bending, and welding machinery, overhead cranes, hoists, and much more is all strategically important for ILUS.
Bull Head Products currently operates from its 8,000 square foot facility in Kodak, Tennessee, where it has reached its maximum output and immediately requires a larger facility to increase this and resulting revenue. Current production is 12 vehicles per month with a lead time of 16 weeks. ILUS is already in the process of inspecting 15-20,000 square foot facility options in the Kodak area to significantly increase output for a large upcoming Mississippi contract, which ILUS is supporting Bull Head to obtain, in addition to doubling the current production and reducing the lead time to 8-10 weeks. ILUS will be retaining all existing staff whilst employing a new Sales Manager, Vehicle Designer, Production/Factory Floor Manager and 6 additional Factory Floor Workers. Bull Head Products currently generates over $1 million in annual revenue, despite having no outbound sales function in place, relying solely on referral business and inquiries from website visitors. The website itself will be given a major update in the short term. ILUS believes it will increase annual revenue for Bull Head’s existing products to beyond $5 million in 2022, excluding the additional revenue to come from the sale of ILUS’ rapid response vehicles that will be manufactured by the company in Tennessee and distributed across the US.
Although Bull Head Products currently services customers across the US and has supplied customers internationally, additional immediate plans for ILUS will be to promote the current products to truck dealers such as Ford, Dodge and GMC where there has been interest in the past, but not enough manufacturing capacity to fulfil additional stock orders. Bull Head Products has also received numerous distribution inquiries from around the US which it has not moved forward with due its order books being full. With increased manufacturing capacity, the company will appoint distributors for its current products throughout the US.
ILUS Managing Director, John-Paul Backwell, said the following: “We are excited to announce this US acquisition, although we are completing further acquisitions with more announcements to follow soon. Historically, Bull Head Products has not been sales focused as the previous ownership was satisfied with its full order books and the profit the company had been making. We intend to transform the growth potential of Bull Head Products with an aggressive sales and marketing strategy, innovative designs, new additional products, and increased manufacturing capacity. We will do this whilst keeping the company’s strong reputation for quality and reliability firmly in place. We are already in the process of negotiating a Bull Head deal with a company in Mississippi which, if successful, will result in a first phase order of $1.1 million. Previously, Bull Head Products Inc did not have the infrastructure and ability to complete this contract. Bull Head Products will expand nationwide through a network of newly appointed distributors who will service local truck dealers where there is already substantial demand for their aluminium products.”
Nick Link, CEO of ILUS, commented: “The primary purpose of this acquisition and the reason we are so excited about it is because it begins the manufacturing of FireBug’s rapid response vehicles, plastic bodies, and the E-Raptor range of commercial electric utility vehicles for our US customers. This is a momentous occasion for ILUS and its Shareholders. The new Bull Head Products facility will also be home to our US vehicle R&D department. The location in Tennessee presents significant strategic potential for ILUS as it is only a 3-hour drive from our recently announced distributor in Georgia, who will be responsible for rapid response vehicles and electric UTVs that will be manufactured in Tennessee, once the attorneys have completed contracts for this acquisition. Tennessee will soon be home to Ford’s new electric truck manufacturing plant so there is a lot more strategic significance to what we are doing than what will initially be perceived. This is an exciting time for ILUS as we have just closed out our strongest quarter yet in terms of revenue, we are very close to concluding more acquisitions in the US and globally, and we are firmly on track to reach our 2021 targets.”
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