Vestum's Interim Report January - June 2021: Strong growth with solid profitability

2021-08-19

Since Vestum was formed on May 20, 2021, Vestum has announced 14 acquisitions, of which nine were completed during the second quarter. The estimated 12-month rolling net sales for all 14 acquisitions amount to SEK 1,509 million with an adjusted EBITA of SEK 166 million. Pro forma has been established for the nine acquisitions that were completed during the second quarter. The clothing brand WeSC has been considered as operations held for sale. The figures below refer only to the continuing operations.

Highlights of the second quarter of 2021

  • Since the announcement of Vestum on March 22, 2021, 14 acquisitions have been announced, of which nine were completed during the second quarter
  • All nine acquisitions were completed during the middle and end of June, which is why they have only a minor impact on the Group's net sales and earnings during the second quarter
  • Net sales amounted to SEK 36.3 million
  • EBITA amounted to SEK 1.2 million
  • EBITA per share amounted to SEK 0.01

Summarising comments by CEO Conny Ryk

During the second quarter, Vestum has established internal platforms in IT, governance and reporting. Our organization is growing, and we have come a long way in working with our portfolio companies. Our value creation is partly about creating incentives and the right conditions for our companies' management teams to accelerate the development of their own operations, while we work together to identify collaborative effects between the companies to achieve synergies. We work systematically with this type of networking at both the Group and segment level. That can be seen in the form of cross selling and project collaborations between the companies, which is now happening with several of Vestums operations. Add-on acquisitions to existing portfolio companies can function as an additional value driver by increasing margins and improving organic growth, which we saw examples of during the second quarter in the Infrastructure segment.

As we have established internal platforms for financing, IT, governance and reporting, and thus enabled us to maintain a high acquisition rate going forward, we plan to further increase the growth rate. This, in combination with well-established working methods for achieving synergies between our portfolio companies, means we have a positive outlook for the remainder of the year. We currently have an attractive financing model and the net debt at the end of the quarter amounts to 2.8 times adjusted pro forma EBITDA, which is well below our financial target. We are now evaluating long-term opportunities for further improving the capital structure with various debt instruments.

Overall, we have in a short period of time created a well-diversified Group with a strong financial profile. In just over three months, we have entered into agreements to acquire 14 prominent specialist companies with more than 500 employees. We expect to be able to increase this acquisition rate even further during the second half of 2021. By year-end, we expect to have doubled the Group's estimated 12-month rolling sales and adjusted EBITA to corresponding sales of SEK 3 billion and adjusted EBITA of SEK 330 million. This is largely due to our driven organization, strong balance sheet and great interest from relevant market participants such as financial institutions and acquisition candidates. We are openly growth-oriented and work hard to deliver continued high growth with stable profitability to our shareholders.

Responsible Party

This information is information that Vestum AB (publ) is obliged to make public pursuant of the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 07:30 CEST on August 19, 2021.

For additional information, please contact:

Conny Ryk, CEO of Vestum AB (publ)

Phone: +46 70 775 53 10

E-mail: [email protected]

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].

Vestum förvärvar specialistbolag inom infrastruktur med en omsättning om 111,3 MSEK, EBITDA om 25,0 MSEK och EBITA om 23,2 MSEK

2021-10-28
Vestum AB (publ) ("Vestum") har ingått avtal om förvärv av samtliga aktier i Malte Rutberg Entreprenad AB med dotterbolaget Malte Rutberg Maskin AB ("MR Entreprenad"). Köpeskillingen kommer till viss del att finansieras genom betalning med revers som därefter avses kvittas mot 471 328 aktier i Vestum genom kvittningsemission, innebärande en utspädning om cirka 0,4 %. Under den rullande 12 månaders perioden per augusti 2021 genererade MR Entreprenad en omsättning om 111,3 MSEK med en EBITDA om 25,0 MSEK och EBITA om 23,2 MSEK, motsvarande en EBITDA-marginal om 22,5 procent och EBITA-marginal om 20,8 procent.


Vestum acquires specialist company in infrastructure with sales of SEK 111.3m, EBITDA of SEK 25.0m and EBITA of SEK 23.2m

2021-10-28
Vestum AB (publ) ("Vestum") has agreed to acquire 100 percent of the shares in Malte Rutberg Entreprenad AB with the subsidiary Malte Rutberg Maskin AB ("MR Entreprenad"). The purchase price will partly be financed through payment in reverse, which will then be set off against 471,328 shares in Vestum through offset issues. This will result in a dilution of approximately 0.4%. During the last twelve months per August 2021, MR Entreprenad generated sales of SEK 111.3m with an EBITDA of SEK 25.0m and EBITA of SEK 23.2m, corresponding to an EBITDA margin of 22.5 percent and EBITA margin of 20.8 percent.


Vestum förvärvar ledande specialistbolag inom infrastruktur med en omsättning om 305,0 MSEK, justerad EBITDA om 28,4 MSEK och justerad EBITA om 22,4 MSEK

2021-10-26

Vestum AB (publ) ("Vestum") har ingått avtal om förvärv av samtliga aktier i Infracon Sverige AB med dotterbolaget Infracon Maskin AB ("Infracon"). Köpeskillingen kommer till viss del att finansieras genom betalning med revers som därefter avses kvittas mot 286 556 aktier i Vestum genom kvittningsemission, innebärande en utspädning om cirka 0,2 %. Under den rullande 12 månaders perioden per augusti 2021 genererade Infracon en omsättning om 305,0 MSEK med en justerad EBITDA om 28,4 MSEK och justerad EBITA om 22,4 MSEK, motsvarande en justerad EBITDA-marginal om 9,3 procent och justerad EBITA-marginal om 7,3 procent.


Vestum acquires leading specialist company in infrastructure with sales of SEK 305.0m, adjusted EBITDA of SEK 28.4m and adjusted EBITA of SEK 22.4m

2021-10-26

Vestum AB (publ) ("Vestum") has agreed to acquire 100 percent of the shares in Infracon Sverige AB with the subsidiary Infracon Maskin AB ("Infracon"). The purchase price will partly be financed through payment in reverse, which will then be set off against 286,556 shares in Vestum through offset issues. This will result in a dilution of approximately 0.2%. During the last twelve months per August 2021, Infracon generated sales of SEK 305.0m with an adjusted EBITDA of SEK 28.4m and adjusted EBITA of SEK 22.4m, corresponding to an adjusted EBITDA margin of 9.3 percent and adjusted EBITA margin of 7.3 percent.


Vestum har framgångsrikt emitterat ett obligationslån om SEK 1,5 miljarder

Stockholm den 21 oktober 2021

Vestum AB (publ) ("Vestum" eller "Bolaget") har emitterat ett icke säkerställt obligationslån om SEK 1,5 miljarder inom ett rambelopp om SEK 3 miljarder. Obligationslånet löper med en ränta om 3m Stibor + 415 baspunkter med förfall den 28 oktober 2024. Emissionen möttes av mycket stort intresse och orderboken, som består främst utav nordiska institutionella investerare blev kraftigt övertecknad.


Vestum has successfully issued a bond of SEK 1.5 billion

Stockholm October 21, 2021

Vestum AB (publ) ("Vestum" or the "Company") has issued a senior unsecured bond of SEK 1.5 billion, within a framework of SEK 3 billion. The bond carries an interest rate of 3m Stibor + 415 basis points and matures on October 28 2024. The issue attracted very strong interest and the order book, which comprises mainly of Nordic institutional investors was heavily oversubscribed.


KALLELSE TILL EXTRA BOLAGSSTÄMMA I VESTUM AB (PUBL)

Aktieägarna i Vestum AB (publ), org.nr 556578-2496 ("Bolaget"), kallas härmed till extra bolagsstämma fredagen den 5 november 2021.


NOTICE OF EXTRAORDINARY GENERAL MEETING OF VESTUM AB (PUBL)

The shareholders of Vestum AB (publ), reg. no. 556578-2496 (the "Company"), are hereby convened to the Extraordinary General Meeting ("EGM") to be held on Friday 5 November 2021.




Vestum har genomfört en riktad nyemission om cirka 2 miljarder kronor

EJ FÖR OFFENTLIGGÖRANDE, DISTIBUTION ELLER PUBLICERING, HELT ELLER DELVIS, DIREKT ELLER INDIREKT, I ELLER TILL AUSTRALIEN, KANADA, HONGKONG, JAPAN, NYA ZEELAND, SINGAPORE, SYDAFRIKA, SCHWEIZ, USA ELLER I NÅGON ANNAN JURISDIKTION DÄR OFFENTLIGGÖRANDE, DISTRIBUTION ELLER PUBLICERING AV DETTA PRESSMEDDELANDE SKULLE VARA OLAGLIG, KRÄVA REGISTRERING ELLER ANDRA ÅTGÄRDER

Pressmeddelande 2021-10-07

Styrelsen för Vestum AB (publ) ("Vestum" eller "Bolaget") har, i enlighet med Bolagets pressmeddelande tidigare idag och med stöd av det bemyndigande som styrelsen erhöll på årsstämman den 20 maj 2021, beslutat om en riktad nyemission av 21 052 632 aktier till en teckningskurs om 95 kronor per aktie ("Nyemissionen"), motsvarande en rabatt om cirka 6,9 procent jämfört med aktiens volymvägda genomsnittskurs de senaste 10 handelsdagarna. Genom Nyemissionen tillförs Bolaget cirka 2 miljarder kronor före emissionskostnader. Teckningskursen i Nyemissionen har fastställts genom ett accelererat bookbuilding-förfarande som genomförts av Danske Bank A/S, Danmark, Sverige Filial ("Danske Bank"). Nyemissionen genererade ett stort intresse och var övertecknad. Nyemissionen har tecknats av ett antal nya svenska och internationella institutionella investerare, däribland Andra AP-Fonden, Creades via kapitalförsäkring, Danske Invest, Handelsbanken Fonder, Norron Asset Management och OstVast Capital Management.


Vestum has completed a directed share issue of approximately SEK 2 billion

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEELAND, SINGAPORE, SOUTH AFRICA, SWITZERLAND, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, DISTRIBUTION OR PUBLICATION OF THIS PRESS RELEASE MAY BE UNLAWFUL, WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES

Press release 2021-10-07

The Board of Directors of Vestum AB (publ) ("Vestum" or the "Company") has, in accordance with the Company's press release earlier today and based on the authorisation granted by the Annual General Meeting of the Company that was held on 20 May 2021, resolved on a directed share issue of 21,052,632 new shares at a subscription price of SEK 95 per share (the "New Share Issue"), corresponding to a discount of approximately 6.9 percent in relation the volume weighted average price of the share during the last 10 trading days. Through the New Share Issue, the Company receives approximately SEK 2 billion before transaction costs. The subscription price in the New Share Issue has been determined through an accelerated bookbuilding process performed by Danske Bank A/S, Danmark, Sverige Filial ("Danske Bank"). The New Share Issue generated a large interest and was oversubscribed. The New Share Issue was subscribed for by several new Swedish and international institutional investors, such as Andra AP-Fonden, Creades via kapitalförsäkring, Danske Invest, Handelsbanken Fonder, Norron Asset Management and OstVast Capital Management.


Vestum utreder förutsättningarna för att genomföra en riktad nyemission om upp till 2 miljarder kronor

EJ FÖR OFFENTLIGGÖRANDE, DISTIBUTION ELLER PUBLICERING, HELT ELLER DELVIS, DIREKT ELLER INDIREKT, I ELLER TILL AUSTRALIEN, KANADA, HONGKONG, JAPAN, NYA ZEELAND, SINGAPORE, SYDAFRIKA, SCHWEIZ, USA ELLER I NÅGON ANNAN JURISDIKTION DÄR OFFENTLIGGÖRANDE, DISTRIBUTION ELLER PUBLICERING AV DETTA PRESSMEDDELANDE SKULLE VARA OLAGLIG, KRÄVA REGISTRERING ELLER ANDRA ÅTGÄRDER

Pressmeddelande 2021-10-07

Vestum AB (publ) ("Vestum" eller "Bolaget") har uppdragit åt Danske Bank A/S, Danmark, Sverige Filial ("Danske Bank") att utreda förutsättningarna för att, med avvikelse från aktieägarnas företrädesrätt, genomföra en kontant nyemission om upp till 2 miljarder kronor riktad till svenska och internationella institutionella investerare ("Nyemissionen"). Teckningskursen samt det totala antalet nya aktier i Nyemissionen kommer att fastställas genom ett accelererat bookbuilding-förfarande ("Bookbuildingen"). Bookbuildingen kommer att inledas omedelbart efter offentliggörandet av detta pressmeddelande. Prissättning och tilldelning av de nya aktierna förväntas äga rum innan handeln på Nasdaq First North Growth Market inleds klockan 09:00 CEST den 8 oktober 2021. Styrelsen kan komma att besluta om att förlänga, förkorta eller när som helst avbryta Bookbuildingen och således avstå från att genomföra Nyemissionen. Vestum kommer meddela resultatet av Nyemissionen i ett efterföljande pressmeddelande efter avslutad Bookbuilding. Andra AP-Fonden, Creades via kapitalförsäkring och Handelsbanken Fonder, tillsammans med ett antal andra institutionella investerare, har uttryckt sitt intresse för att delta i Nyemissionen.


Vestum evaluates the conditions to carry out a directed new share issue of up to SEK 2 billion

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEELAND, SINGAPORE, SOUTH AFRICA, SWITZERLAND, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, DISTRIBUTION OR PUBLICATION OF THIS PRESS RELEASE MAY BE UNLAWFUL, WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES.

Press release 2021-10-07

Vestum AB (publ) ("Vestum" or the "Company") has mandated Danske Bank A/S, Danmark, Sverige Filial ("Danske Bank") to evaluate the conditions to, with deviation from the shareholders' preferential rights, carry out a new share issue against payment in cash of up to SEK 2 billion targeting Swedish and international institutional investors (the "New Share Issue"). The subscription price and the total number of new shares in the New Share Issue will be determined through an accelerated bookbuilding procedure (the "Bookbuilding"). The Bookbuilding will commence immediately following this announcement. Pricing and allocation of the new shares are expected to take place before the commencement of trading on Nasdaq First North Growth Market at 09:00 CEST on 8 October 2021. The Board of Directors may decide to extend, shorten or at any moment terminate the Bookbuilding and thus refrain from carrying out the New Share Issue. Vestum will announce the outcome of the New Share Issue in a subsequent press release after completion of the Bookbuilding. Andra AP-Fonden, Creades via kapitalförsäkring and Handelsbanken Fonder, together with a number of other institutional investors have expressed their interest to participate in the New Share Issue.


Vestum höjer tillväxtmål och justerar mål för kapitalstruktur

2021-10-07 17:32

Styrelsen i Vestum AB (publ) ("Vestum") har mot bakgrund av högre förvärvstempo än estimerat, en accelererad etablering av Vestum utanför Sverige samt förbättrad balansräkning idag beslutat att höja tillväxtmålet för koncernen till att uppnå en justerad EBITA om minst 3 miljarder kronor vid utgången av 2025, drivet av förvärv i kombination med organisk tillväxt. Det tidigare tillväxtmålet var att årligen genomföra förvärv som tillför proformerad omsättning om minst 2 miljarder kronor och proformerad justerad EBITA om minst 200 miljoner kronor. Vidare justeras målet för kapitalstruktur till att den finansiella nettoskulden i relation till justerad EBITDA ska vara 2,5-3,5x som genomsnitt över de senaste fyra kvartalen. Övriga finansiella mål kvarstår oförändrade.


Vestum raises growth target and adjusts capital structure target

2021-10-07 17:32

The Board of Vestum AB (publ) ("Vestum") has in the light of a higher than estimated acquisition rate, an accelerated establishment of Vestum outside of Sweden and an improved balance sheet, today decided to raise the growth target for the Group to achieve an adjusted EBITA of at least SEK 3 billion by the end of 2025, driven by acquisitions combined with organic growth. The previous growth target was to annually make acquisitions that add pro forma sales of at least SEK 2 billion and pro forma adjusted EBITA of at least SEK 200 million. Furthermore, the target for capital structure is adjusted so that the financial net debt in relation to adjusted EBITDA shall be 2.5-3.5x on average over the past four quarters. Other financial targets remain unchanged.


Vestum accelererar nordeuropeisk etablering genom förvärv av Lakers Group med en omsättning om 1 188 MNOK, justerad EBITDA om 181 MNOK och justerad EBITA om 151 MNOK

2021-10-07 17:31

Vestum AB (publ) ("Vestum") har ingått avtal om förvärv av samtliga aktier i Lakers Group Holding AS ("Lakers Group"), som består av 25 bolag i Norge, Sverige, Danmark, Finland, Storbritannien och Tyskland. Den initiala köpeskillingen uppgår till cirka 2 044 MNOK på kassa- och skuldfri basis. Befintlig nettoskuld i verksamheten uppgår till cirka 1 000 MNOK. Den initiala köpeskillingen kommer att erläggas dels med kontanta medel, dels med cirka 253 MNOK genom betalning med revers som därefter avses kvittas mot 2 609 548 aktier i Vestum genom kvittningsemission, innebärande en utspädning om upp till 2,7 %. Vidare kan en kontant tilläggsköpeskilling utgå baserat på en andel av förvärvad vinst i tiden fram till den 31 december 2021. Tilläggsköpeskillingen beräknas inte överstiga 50 MNOK. Säljare till Lakers Group är Summa Equity Fund I (No. 1) AB, Summa Equity Fund I (No. 2) AB och Summa Equity Fund I (No. 3) AB jämte vissa minoritetsägare (varav huvuddelen är anställda i Lakers Group). Tillträde förväntas ske den 9 november 2021 och är villkorat av att transaktionen godkänns av en extra bolagsstämma i Vestum. För att finansiera en del av förvärvet av Lakers Group har Vestums styrelse beslutat att inhämta ytterligare kapital genom en riktad nyemission i form av ett accelererat bookbuildingförfarande som offentliggörs separat i samband med detta pressmeddelande.


Vestum accelerates Northern European establishment through acquisition of Lakers Group with sales of NOK 1,188m, adjusted EBITDA of NOK 181m and adjusted EBITA of NOK 151m

2021-10-07 17:31

Vestum AB (publ) ("Vestum") has entered an agreement to acquire 100 percent of the shares in Lakers Group Holding AB ("Lakers Group"), which consists of 25 companies in Norway, Sweden, Denmark, Finland, Germany and the United Kingdom. The initial purchase price amounts to approximately NOK 2,044 million on a cash and debt-free basis. Existing net debt in the business amounts to approximately NOK 1,000 million. The initial purchase price will partly be financed with cash, and partly with approximately NOK 253 million through payment in reverse, which will then be set off against 2,609,548 shares in Vestum through offset issue. This will result in a dilution of approximately 2.7%. Furthermore, an additional cash purchase consideration can be paid based on a percentage of acquired profit in the period up to 31 December 2021. The additional cash purchase consideration is not expected to exceed NOK 50 million. The sellers to Lakers Group are Summa Equity Fund I (No. 1) AB, Summa Equity Fund I (No. 2) AB and Summa Equity Fund I (No. 3) AB together with certain minority owners (most of whom are employees of Lakers Group). Closing of the acquisition is expected to take place on 9 November 2021 and is conditional on the transaction being approved by an Extraordinary General Meeting in Vestum. To finance part of the acquisition of Lakers Group, Vestum's Board of Directors has decided to raise additional capital through a directed new share issue in the form of an accelerated bookbuilding procedure, which will be published separately in connection with this press release.


Vestum förvärvar marknadsledare inom innergårdsrenoveringar med en omsättning om 224,3 MSEK, EBITDA om 47,1 MSEK och EBITA om 41,9 MSEK

2021-10-05

Vestum AB (publ) ("Vestum") har ingått avtal om förvärv av samtliga aktier i GW Asfalt & Trädgårdsanläggningar AB ("GW Asfalt"). Köpeskillingen kommer till viss del att finansieras genom betalning med revers som därefter avses kvittas mot 799 676 aktier i Vestum genom kvittningsemission, innebärande en utspädning om cirka 0,9 %. Under den 12 månaders rullande perioden per juni 2021 genererade GW Asfalt en omsättning om 224,3 MSEK med en EBITDA om 47,1 MSEK och EBITA om 41,9 MSEK, motsvarande en EBITDA-marginal om 21,0 procent och EBITA-marginal om 18,7 procent.


Vestum acquires market leader in courtyard renovations with sales of SEK 224.3m, EBITDA of SEK 47.1m and EBITA of SEK 41.9m

2021-10-05

Vestum AB (publ) ("Vestum") has agreed to acquire 100 percent of the shares in GW Asfalt & Trädgårdsanläggningar AB ("GW Asfalt"). The purchase price will partly be financed through payment in reverse, which will then be set off against 799,676 shares in Vestum through offset issues. This will result in a dilution of approximately 0.9%. During the last twelve months per June 2021, GW Asfalt generated sales of SEK 224.3m with an EBITDA of SEK 47.1m and EBITA of SEK 41.9m, corresponding to an EBITDA margin of 21.0 percent and EBITA margin of 18.7 percent.


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