Vestum acquires Sweden's market leading supplier of fire and security classified steel doors with sales of SEK 95.1m, EBITDA of SEK 21.3m and EBITA of SEK 16.5m2021-09-30
Vestum AB (publ) ("Vestum") has agreed to acquire 100 percent of the shares in Ekmans Ståldörrar AB ("Ekmans Ståldörrar"). The purchase price will partly be financed through payment in reverse, which will then be set off against 485,584 shares in Vestum through offset issues. This will result in a dilution of approximately 0.5%. During the last twelve months per June 2021, Ekmans Ståldörrar generated sales of SEK 95.1m with an EBITDA of SEK 21.3m and EBITA of SEK 16.5m, corresponding to an EBITDA margin of 22.3 percent and EBITA margin of 16.5 percent. About Ekmans Ståldörrar
Ekmans Ståldörrar was founded in 1961 and is a well-established family company with 60 years of experience in delivering fire and security classified steel doors to customers all over Sweden. With the widest product range in Sweden, the company is the market leader in Swedish-produced steel doors.
Today, Ekmans Ståldörrar is operated by the third generation Ekman.
During the last twelve months per June 2021, Ekmans Ståldörrar generated sales of SEK 95.1m with an EBITDA of SEK 21.3m and EBITA of SEK 16.5m, corresponding to an EBITDA margin of 22.3 percent and EBITA margin of 16.5 percent.
Ekmans Ståldörrar has 14 employees and is headquartered in Bandhagen.
All figures referenced are in accordance with the IFRS standards applied by Vestum and are unaudited.
Ekmans Ståldörrar's financials are expected to be consolidated into Vestum from October 2021, provided that the indicative timetable for the completion of the acquisition can be followed.
Comments from Vestum's CEO Conny Ryk:
It is with great joy and pride that we today welcome the long-established family company Ekmans Ståldörrar to the Vestum family! The company is the market leader in its niche and has for 60 years delivered fire and security classified steel doors to satisfied customers throughout Sweden. We are impressed by what three generations Ekman have achieved in the industry and it is fantastic fun that the third generation follows the Vestum journey and continues to run the company in exactly the same trustworthy way as before. With Ekmans Ståldörrar, Vestum has made seven acquisitions in September, 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 485,584 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 16 September 2021 up to and including 29 September 2021. 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 91,218,919 to 91,704,503 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 four weeks. 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 Advokatbyrå 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
Vestum-press-release-20210930.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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