Vestum's Interim Report January - September 2021: High acquisition rate, solid profitability and initiated internationalisation

2021-11-29

As per the day of this report publication, Vestum has announced 31 acquisitions, of which 29 were completed. The estimated 12-month rolling net sales for all 31 announced acquisitions amount to SEK 4,365.5 million with an adjusted EBITA of SEK 517.8 million. Pro forma accounts have been prepared for all completed acquisitions.

Highlights of the third quarter of 2021

  • Vestum has completed 11 acquisitions during the third quarter. Of those, seven were completed during the end of September and had no effect on the Group's net sales and earnings during the third quarter
  • Net sales amounted to SEK 292.0 million
  • EBITA amounted to SEK 27.4 million
  • Cash flow from operating activities before changes in working capital amounted to SEK 42.6 million
  • EBITA per share amounted to SEK 0.30

Summarising comments by CEO Conny Ryk

Vestum continues to deliver strong growth with healthy margins and has entered into agreements to make 31 acquisitions since the Group was publicly announced on March 22, 2021, of which 29 were completed. The total 12-month rolling net sales for all 31 acquisitions is estimated to be SEK 4,365.5 million with an adjusted EBITDA of SEK 654.8 million and adjusted EBITA of SEK 517.8 million. That corresponds to an adjusted EBITDA margin of 15.0% and adjusted EBITA margin of 11.9%. This means we have strongly exceeded our previous assessment of doubling the business from when the Q2 interim report was published until the end of the year. Several significant events have taken place since the end of the third quarter. Among other things, we have established Vestum in new geographical markets through the acquisition of Lakers Group, carried out a directed share issue of SEK 2 billion that strengthened the shareholder base, raised our financial growth target, revised the target for capital structure and issued a bond of SEK 1.5 billion. Vestum is also planning to move its listing to Nasdaq Stockholm. That process has begun, and the listing is expected to take place within 18 months.

With established platforms in several new geographical regions and a strong management team in Sweden and Norway, in combination with a greatly improved balance sheet, we have enabled a continued high acquisition rate. We are facing competition in the M&A market but can also see that our competitiveness is solid, which has been proven during acquisition processes where entrepreneurs often say they can identify with Vestum and are attracted by our industry knowledge, entrepreneurial values and culture.

In summary, we have in eight months created a well-diversified Group consisting of more than 50 specialist companies within our two segments Services and Infrastructure, driven by a successful and active acquisition process. With platforms in Sweden and Norway as well as organisations in a number of other geographical regions, we have laid the foundation for ramping up our acquisition rate even more during 2022. We can state with pride that we have attracted many high-quality companies to Vestum, and we will continue to deliver shareholder value through continued high growth, organically and through acquisitions. We are convinced that with our deep knowledge of the construction services and infrastructure industries as well as entrepreneur-led companies, we are the best possible owner to develop these specialist companies over time.

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 November 29, 2021.

For additional information, please contact:

Conny Ryk, CEO of Vestum AB (publ)

Phone: +46 70 775 53 10

E-mail: [email protected]

Olle Nykvist, Head of communications and IR, Vestum AB (publ)

Tel: +46 72 177 61 54

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, via dotterbolaget GGAL Group, förvärvar specialistbolag inom glas- och aluminiumpartier med en omsättning om 29,8 MSEK, EBITDA om 5,0 MSEK och EBITA om 3,3 MSEK

2022-01-21

Vestum AB (publ) ("Vestum") har genom dotterbolaget GGAL Group AB ingått avtal om förvärv av samtliga aktier i Mälarmontage Glas & Metall AB ("Mälarmontage"). Köpeskillingen kommer till viss del att finansieras genom betalning med revers som därefter avses kvittas mot 135 777 aktier i Vestum genom kvittningsemission, innebärande en utspädning om cirka 0,04 %. Under räkenskapsåret 2021 genererade Mälarmontage en omsättning om 29,8 MSEK med en EBITDA om 5,0 MSEK och EBITA om 3,3 MSEK, motsvarande en EBITDA-marginal om 16,9 procent och EBITA-marginal om 11,2 procent.


Vestum, through subsidiary GGAL Group, acquires specialist company in glass and aluminium lots with sales of SEK 29.8m, EBITDA of SEK 5.0m and EBITA of SEK 3.3m

2022-01-21

Vestum AB (publ) ("Vestum") has through subsidiary GGAL Group AB agreed to acquire 100 percent of the shares in Mälarmontage Glas & Metall AB ("Mälarmontage"). The purchase price will partly be financed through payment in reverse, which will then be set off against 135,777 shares in Vestum through offset issues. This will result in a dilution of approximately 0.04%. In the fiscal year of 2021, Mälarmontage generated sales of SEK 29.8m with an EBITDA of SEK 5.0m and EBITA of SEK 3.3m, corresponding to an EBITDA margin of 16.9 percent and EBITA margin of 11.2 percent.


Vestum, via dotterbolaget GGAL Group, förvärvar specialistbolag inom glas- och aluminiumpartier med en omsättning om 50,5 MSEK, EBITDA om 15,8 MSEK och EBITA om 13,9 MSEK

2022-01-20

Vestum AB (publ) ("Vestum") har genom dotterbolaget GGAL Group AB ingått avtal om förvärv av samtliga aktier i NA Altanglas AB ("NA Altanglas"). Köpeskillingen kommer till viss del att finansieras genom betalning med revers som därefter avses kvittas mot 271 555 aktier i Vestum genom kvittningsemission, innebärande en utspädning om cirka 0,1 %. Under räkenskapsåret 2021 genererade NA Altanglas en omsättning om 50,5 MSEK med en EBITDA om 15,8 MSEK och EBITA om 13,9 MSEK, motsvarande en EBITDA-marginal om 31,3 procent och EBITA-marginal om 27,5 procent.


Vestum, through subsidiary GGAL Group, acquires specialist company in glass and aluminium lots with sales of SEK 50.5m, EBITDA of SEK 15.8m and EBITA of SEK 13.9m

2022-01-20

Vestum AB (publ) ("Vestum") has through subsidiary GGAL Group AB agreed to acquire 100 percent of the shares in NA Altanglas AB ("NA Altanglas"). The purchase price will partly be financed through payment in reverse, which will then be set off against 271,555 shares in Vestum through offset issues. This will result in a dilution of approximately 0.1%. In the fiscal year of 2021, NA Altanglas generated sales of SEK 50.5m with an EBITDA of SEK 15.8m and EBITA of SEK 13.9m, corresponding to an EBITDA margin of 31.3 percent and EBITA margin of 27.5 percent.


Vestum stärker sin position inom containeruthyrning och relaterade tjänster genom förvärv av specialistbolag med en omsättning om 124 MSEK, EBITDA om 39 MSEK och EBITA om 28 MSEK

2022-01-04
Vestum AB (publ) ("Vestum") har ingått avtal om förvärv av samtliga aktier i M.C.R. Mobile Container Repair AB, systerbolagen Glamco Containerservice AB och Conspect AB samt fastighetsbolaget Oceanterminalen Fastighetsförvaltning AB ("MCR-bolagen"). Köpeskillingen kommer till viss del att finansieras genom betalning med revers som därefter avses kvittas mot 1 335 708 aktier i Vestum genom kvittningsemission, innebärande en utspädning om cirka 0,4 %. Under den rullande 12 månaders perioden per september 2021 genererade MCR-bolagen en omsättning om 123,9 MSEK med en EBITDA om 39,0 MSEK och EBITA om 28,3 MSEK, motsvarande en EBITDA-marginal om 31,5 procent och EBITA-marginal om 22,8 procent.


Vestum strengthens its position in container rental and related services through acquisition of specialist company with sales of SEK 124m, EBITDA of SEK 39m and EBITA of SEK 28m

2022-01-04
Vestum AB (publ) ("Vestum") has agreed to acquire 100 percent of the shares in M.C.R. Mobile Container Repair AB, the sister companies Glamco Containerservice AB and Conspect AB as well as the real estate company Oceanterminalen Fastighetsförvaltning AB ("the MCR companies"). The purchase price will partly be financed through payment in reverse, which will then be set off against 1,335,708 shares in Vestum through offset issues. This will result in a dilution of approximately 0.4%. During the last twelve months per September 2021, the MCR companies generated sales of SEK 123.9m with an EBITDA of SEK 39.0m and EBITA of SEK 28.3m, corresponding to an EBITDA margin of 31.5 percent and EBITA margin of 22.8 percent.




Kommuniké från extra bolagsstämma i Vestum AB (publ)

Den extra bolagsstämman i Vestum AB (publ) idag den 17 december 2021 har beslutat om följande. Med anledning av risken för fortsatt smittspridning av coronaviruset genomfördes stämman med poströstning, utan fysiskt deltagande.


Bulletin from EGM in Vestum AB (publ)

The Extraordinary General Meeting in Vestum AB (publ) held today on 17 December 2021 has resolved the following. Due to the risk of further spread of the coronavirus the Extraordinary General Meeting was conducted by postal voting only, without physical presences.


Vestums delårsrapport januari - september 2021: Högt förvärvstempo med god lönsamhet och påbörjad internationalisering

2021-11-29

Vestum har per dagen för denna rapport aviserat 31 förvärv varav 29 tillträtts. Den bedömda rullande 12 månaders nettoomsättningen för samtliga 31 aviserade förvärv uppgår till 4 365,5 MSEK med en justerad EBITA om 517,8 MSEK. Proforma har upprättats för samtliga förvärv som tillträtts.


Vestum's Interim Report January - September 2021: High acquisition rate, solid profitability and initiated internationalisation

2021-11-29

As per the day of this report publication, Vestum has announced 31 acquisitions, of which 29 were completed. The estimated 12-month rolling net sales for all 31 announced acquisitions amount to SEK 4,365.5 million with an adjusted EBITA of SEK 517.8 million. Pro forma accounts have been prepared for all completed acquisitions.


Vestum, via dotterbolaget GGAL Group, förvärvar specialistbolag inom glas- och aluminiumpartier med en omsättning om 47,9 MSEK, EBITDA om 5,8 MSEK och EBITA om 3,8 MSEK

2021-11-23

Vestum AB (publ) ("Vestum") har genom dotterbolaget GGAL Group AB ingått avtal om förvärv av samtliga aktier i Tannefors Glas AB ("Tannefors Glas"). Köpeskillingen kommer till viss del att finansieras genom betalning med revers som därefter avses kvittas mot 50 569 aktier i Vestum genom kvittningsemission, innebärande en utspädning om cirka 0,04 %. Under den rullande 12 månaders perioden per september 2021 genererade Tannefors Glas en omsättning om 47,9 MSEK med en EBITDA om 5,8 MSEK och EBITA om 3,8 MSEK, motsvarande en EBITDA-marginal om 12,0 procent och EBITA-marginal om 8,0 procent.


Vestum, through subsidiary GGAL Group, acquires specialist company in glass and aluminium lots with sales of SEK 47.9m, EBITDA of SEK 5.8m and EBITA of SEK 3.8m

2021-11-23

Vestum AB (publ) ("Vestum") has through subsidiary GGAL Group AB agreed to acquire 100 percent of the shares in Tannefors Glas AB ("Tannefors Glas"). The purchase price will partly be financed through payment in reverse, which will then be set off against 50,569 shares in Vestum through offset issues. This will result in a dilution of approximately 0.04%. During the last twelve months per September 2021, Tannefors Glas generated sales of SEK 47.9m with an EBITDA of SEK 5.8m and EBITA of SEK 3.8m, corresponding to an EBITDA margin of 12.0 percent and EBITA margin of 8.0 percent.


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 17 december 2021.

Med anledning av risken för fortsatt spridning av coronaviruset har styrelsen beslutat att den extra bolagsstämman ska genomföras utan fysisk närvaro av aktieägare, ombud eller utomstående och att utövandet av rösträtt endast kan ske genom att aktieägare poströstar i förhand i den ordning som föreskrivs nedan. Information om de av bolagsstämman fattade besluten offentliggörs fredagen den 17 december 2021 så snart utfallet av röstningen är slutligt sammanställt.


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 17 December 2021.

Due to the risk of further spread of the coronavirus, the Board of Directors has resolved that the EGM will be held without physical presence of shareholders, proxies or external parties and that shareholders only can exercise their voting rights by postal voting in accordance with the procedure prescribed below. Information on the resolutions passed at the EGM will be published on Friday 17 December 2021, as soon as the result of the voting has been finally confirmed.


Vestum växer i Västsverige genom förvärv av specialistbolag inom isolering med en omsättning om 82,8 MSEK, EBITDA om 13,8 MSEK och EBITA om 11,6 MSEK

2021-11-09
Vestum AB (publ) ("Vestum") har ingått avtal om förvärv av samtliga aktier i KWA Isolerteknik AB samt dotterbolaget JT Isolering AB ("KWA Isolerteknik"). Köpeskillingen kommer till viss del att finansieras genom betalning med revers som därefter avses kvittas mot 167 054 aktier i Vestum genom kvittningsemission, innebärande en utspädning om cirka 0,1 %. Under den rullande 12 månaders perioden per augusti 2021 genererade KWA Isolerteknik en omsättning om 82,8 MSEK med en EBITDA om 13,8 MSEK och EBITA om 11,6 MSEK, motsvarande en EBITDA-marginal om 16,7 procent och EBITA-marginal om 14,0 procent.


Vestum is growing in Western Sweden through acquisition of specialist company in insulation with sales of SEK 82.8m, EBITDA of SEK 13.8m and EBITA of SEK 11.6m

2021-11-09
Vestum AB (publ) ("Vestum") has agreed to acquire 100 percent of the shares in KWA Isolerteknik AB and its subsidiary JT Isolering AB ("KWA Isolerteknik"). The purchase price will partly be financed through payment in reverse, which will then be set off against 167,054 shares in Vestum through offset issues. This will result in a dilution of approximately 0.1%. During the last twelve months per August 2021, KWA Isolerteknik generated sales of SEK 82.8m with an EBITDA of SEK 13.8m and EBITA of SEK 11.6m, corresponding to an EBITDA margin of 16.7 percent and EBITA margin of 14.0 percent.


Kommuniké från extra bolagsstämma i Vestum AB (publ)

Den extra bolagsstämman i Vestum AB (publ) idag den 5 november 2021 har beslutat om följande. Med anledning av risken för fortsatt smittspridning av coronaviruset genomfördes stämman med poströstning, utan fysiskt deltagande.


Bulletin from EGM in Vestum AB (publ)

The Extraordinary General Meeting in Vestum AB (publ) held today on 5 November 2021 has resolved the following. Due to the risk of further spread of the coronavirus the Extraordinary General Meeting was conducted by postal voting only, without physical presences.


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