Ratos has today concluded an agreement to acquire 95% of the leading Swedish window manufacturer the Elitfönster Group. Ratos's investment amounts to SEK 473 million. The seller is the private equity firm Triton.
The Elitfönster Group develops, manufactures and sells windows to the building trade, construction companies and modular home manufacturers. The Group employs a total of 960 full-time equivalents. Sweden is the main market and sales amounted to approximately SEK 1,100 million in 2003. Profit before depreciation (EBITDA) amounted to SEK 134 million (118). The Group's sales have risen by 19% per year since 1998 - a trend that is partly explained by acquisitions.
The Elitfönster Group currently comprises six Swedish companies, each with a slightly different focus, as well as a number of foreign sales companies. In addition to Elitfönster, the Group's brands include Allmogefönster, Norsjöfönster, Överumfönster and Fönsterinstallatören. The Group also includes Elitdörren which manufactures and sells entrance doors, primarily to the construction consumer market.
Sales in the Swedish building materials market totalled SEK 84 billion last year, of which windows accounted for approximately 3%. Industry growth in recent years has mainly come from the Do-It-Yourself segment (DIY) and from new housing construction.
- "Elitfönster has showed strong growth in recent years while maintaining good profitability," says Ratos's CEO Arne Karlsson. "We have an optimistic view of development in the construction market in future years and look forward to further developing Elitfönster together with its dedicated and competent company management."
- "We are very positive that together with Ratos as our new principal owner we will strengthen Elitfönster's position in the Nordic region. I am convinced that this will benefit both our employees and our customers," says Elitfönster's CEO Sven-Gunnar Schough.
For additional information, please contact:
Arne Karlsson, CEO Ratos, +46 8 700 17 00
Clara Bolinder-Lundberg, IRO Ratos, +46 8 700 17 63
Björn Nilsson, Triton, +44 207 297 6153
Sven-Gunnar Schough, CEO Elitfönster Group, +46 706 02 34 78