The Nordic region's leading window and door manufacturer Inwido is to acquire the British company Allan Brothers for SEK 73m. The seller is Palgrave Brown Ltd where 200-year old Allan Brothers has been a division since 2000.
Allan Brothers, which has 250 employees, manufactures and markets customised timber windows and doors for the British market. The company's over 200 customers include some of the most well known timber kit and building companies in the UK. In 2006/07 the company's sales totalled SEK 149m with an operating profit (EBITA) of SEK10m.
"Allan Brothers have a strong position in the attractive timber kit sector and they complement Inwido UK's operations both geographically and in terms of product segment," says Sven-Gunnar Schough, CEO Inwido.
Sales for the entire Inwido group in 2006 amounted to approximately SEK 3.3 billion. The group's operating profit (EBITA) in 2006 was SEK 390m. After the acquisition of Allan Brothers the group will have 3,800 employees including 300 in the UK.
"Allan Brothers is a strong brand in the British window market," says Sven-Gunnar Schough. "The company has good profitability but we can see opportunities to further improve productivity based on our experience from our Nordic plants."
The acquisition of Allan Brothers is an asset deal and includes Allan Brothers' production plant, equipment and inventories, brand name and staff. The acquisition will be made by Inwido's British subsidiary Inwido UK. Ratos, which owns 95% of Inwido, will not provide any additional capital.
For further information, please contact:
Leif Johansson, Investment Director Ratos, +46 705 20 40 25
Sven-Gunnar Schough, CEO Inwido, +46 706 02 34 78
Clara Bolinder-Lundberg, Head of Corporate Communications Ratos, +46 707 19 84 43