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Share 2016-09-29 13:40 RATOS B 40.60 SEK

Inwido makes Norwegian acquisitions

2006-12-18

The Nordic region's leading door and window manufacturer, Inwido, is acquiring the Norwegian window producers Lyssand Treindustrier and Frekhaug Vinduet. The acquisitions will give Inwido access to domestic production capacity in Norway and a good market position.
 
- Inwido's CEO Sven-Gunnar Schough, comments: "The acquisition of Lyssand and Frekhaug will give Inwido the production platform and market position we regard as necessary for our future focus on the Norwegian market."
 
Lyssand Treindustrier and Frekhaug Vinduet have combined annual sales of NOK 260m, operate with what for the Norwegian market is a high and stable operating margin and have 230 employees. Inwido's Norwegian activities already include Diplomat and total sales on an annual basis of approximately SEK 600m. The foundations are therefore laid for a serious and expansive development within the doors and windows segment in the hot Norwegian construction market.
 
Ratos, with a 95% stake in Inwido, will provide approximately NOK 35m in conjunction with the planned acquisitions.
 
During autumn 2006, Inwido also acquired three Irish distribution companies in the windows and doors segment: Carlson & Company Ltd, Carlson Contracts Ltd and Dansk Window Systems Ltd. As a result, Inwido is today one of the largest players and total suppliers of windows and doors in Europe.
 
- Sven-Gunnar Schough: "Our size benefits our customers due to our ability to offer competitive prices as well as the capacity and skill to rapidly develop customised solutions."
 
Inwido's sales for 2006 are expected to amount to approximately SEK 4 billion pro forma, adjusted for add-on acquisitions during 2006. Operating profit (EBITA) for the first nine months of the year amounted to SEK 284m and after the planned Norwegian acquisitions the group will have some 3,100 employees.
 
Acquisition of the Norwegian companies is subject to approval from the Norwegian competition authorities.
 
Inwido has made 14 add-on acquisitions in 2006. These companies have a total annual sales of SEK 1,200m and an operating profit (EBITA) of approximately SEK 110m. The total proceeds payed by Inwido has amounted to SEK 715m (Enterprise Value based on 100 per cent ownership) during 2006.
 
For further information, please contact:
Leif Johansson, Senior Investment Manager Ratos, +46 705 20 40 25
Sven-Gunnar Schough, CEO Inwido, +46 706 02 34 78
Anna-Karin Celsing, Head of Corporate Communications Ratos, +46 703 99 62 39