Vestum acquires leading supplier of fasteners to the construction industry with sales of SEK 166.5m, EBITDA of SEK 33.2m and EBITA of SEK 26.2m2022-01-25
Vestum AB (publ) ("Vestum") has agreed to acquire 100 percent of the shares in Västsvensk Byggskruv AB ("Västsvensk Byggskruv"). The purchase price will partly be financed through payment in reverse, which will then be set off against 1,677,450 shares in Vestum through offset issues. This will result in a dilution of approximately 0.5%. In the fiscal year of 2021, Västsvensk Byggskruv generated sales of SEK 166.5m with an EBITDA of SEK 33.2m and EBITA of SEK 26.2m, corresponding to an EBITDA margin of 19.9 percent and EBITA margin of 15.7 percent. About Västsvensk Byggskruv
Västsvensk Byggskruv is a reputable supplier of wood and construction screws to the construction industry with a focus on the Swedish professional market. The company's almost 40-year long history has been characterized by a distinct focus on quality and today Västsvensk Byggskruv is one of the largest and the most profitable player in the Swedish market for construction screws.
Västsvensk Byggskruv currently has some of the strongest premium brands on the market focused on professionals and close to 50% of the total turnover consists of own brands.
In the fiscal year of 2021, Västsvensk Byggskruv generated sales of SEK 166.5m with an EBITDA of SEK 33.2m and EBITA of SEK 26.2m, corresponding to an EBITDA margin of 19.9 percent and EBITA margin of 15.7 percent.
The company has 19 employees and is headquartered in Borås.
All figures referenced are in accordance with the IFRS standards applied by Vestum and are unaudited.
Västsvensk Byggskruv's financials are expected to be consolidated into Vestum from Q1 2022, provided that the indicative timetable for the completion of the acquisition can be followed.
Comments from Conny Ryk, CEO of Vestum:
It is with great pleasure that we today welcome Västsvensk Byggskruv to Vestum! Västsvensk Byggskruv has been on the market for almost 40 years and has shown enormous stability and very impressive organic development with an average annual sales growth of 10% over the past 20 years while the EBITA margin has been at least 11% during the same period, and on average 16% over the last five years. This is largely thanks to a fantastic organization where the management team and other key employees have more than 150 years of combined company and industry experience. The entire management team will remain with the company and join forces with Vestum, which we are of course very happy about, says Conny Ryk, CEO of Vestum.
About the transaction
The purchase price will partly be financed through payment in reverse, which will then be set off against 1,677,450 shares in Vestum through offset issues. This will result in a dilution of approximately 0.5%. The subscription price has been determined via a ten-day volume-weighted average price ("VWAP") in Vestum's share during the period 11 January 2022 up to and including 24 January 2022. The seller has undertaken not to sell the subscribed shares for a period of 24 months ("lock-up").
The number of outstanding shares would increase in connection with the Transaction from the existing 354,474,469 to 356,151,919 shares.
The above information on dilution and number of shares is based on previously announced offset issues.
Completion of the acquisition
The transaction is expected to be completed within approximately one week. In connection with the completion of the transaction, the Board, backed by an authorization of the Annual General Meeting, will make a formal decision to issue the shares in the offset issue.
Adviser
Svalner provides financial advice and Cirio acts as legal adviser to Vestum in connection with the acquisition. For additional information, please contact:
Conny Ryk, CEO of Vestum AB (publ)
Phone: +46 70 775 53 10
E-mail: [email protected]
The following documents can be retrieved from beQuoted
Press-release-20220125.pdf About Vestum
Vestum is a Swedish acquisition-driven company focused on acquiring and developing specialist companies within the construction services and infrastructure industries. Vestum is actively looking for high-quality companies with proven business models, strong market positions and predictable cash flows where Vestum can be involved and contribute to continued positive development.
For additional information, please visit: www.vestum.se
Vestum's share is traded under the short name VESTUM on Nasdaq First North Growth Market and the company's Certified Adviser is G&W Fondkommission: phone: +46 (0)8 503 000 50, e-mail: [email protected].
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