Acquisition of The Cylinder Guy Business

Just Life Group Limited (NZX: JLG) is pleased to announce the acquisition of the business of The Cylinder Guy Limited, a leading nationwide hot water cylinder installation and service business. The acquisition is unconditional and is effective 1st October 2020. "JLG has been exploring acquisition opportunities in the area of "healthy living" over the past year", said Tony Falkenstein, Chair and CEO of Just Life Group. "While that process has been delayed somewhat due to the impact of COVID-19, the Company is pleased to now announce this acquisition. The Cylinder Guy is a business that the Board sees as a strong strategic fit with Just Life's other brands - Just Water(R) Solatube(R) and Unovent(R)." In announcing the acquisition, Just Life Group detailed the strategic rationale for the purchase of The Cylinder Guy ("TCG") as follows: o TCG is brand leader with national recognition; o TCG's product range, primarily hot water cylinders are a basic necessity for most Kiwi's; o TCG's has experienced growth in revenue over the last 3 years (TCG's revenue for the last 12 months was $4.3 million); o Just Water has a similar plumbing contractor base; and o TCG is a profitable business and will immediately add to the profitability of the Just Life Group. The acquisition will be funded from existing facilities. The Just Life Group continues to seek potential acquisitions and is currently in initial discussions in respect of other opportunities. Tony Falkenstein Chair and Chief Executive Officer E: TonyF@justlife.co.nz M: +64 21 950 856 Just Life Group is an entrepreneurial company with a suite of brands to enhance the lives of all New Zealanders. Our focus is on healthy lives through the 'Just Water' brand and healthy homes through the 'Unovent', 'Solatube' and 'Hometech' brands. End CA:00360714 For:JLG Type:TRANSACT Time:2020-10-01 08:30:28