Elit-gruppen (under change of name to Inwido) is taking a big step into the Nordic door market with the acquisition of the door company Diplomat Skandinavia. This acquisition will make Inwido a leading player in the Swedish and Norwegian door markets.
Diplomat Skandinavia, which sells exterior and interior doors under the Diplomat brand, had sales totalling NOK 305 million in 2004 with a profit after depreciation (EBITA) of NOK 26 million. In the Norwegian market, Diplomat doors are mainly sold directly to the major building chains where Elitfönster is not yet represented. In the Swedish market, Diplomat doors are in principle sold to the same retailers as Elitfönster.
Today, Diplomat Skandinavia is owned by the company's management and the Finnish door manufacturer Viitapuu which manufactures most of Diplomat's doors. Following today's investment of approximately NOK 32 million, Inwido will indirectly own 58%, and Viitapuu will own 28% of Diplomat Skandinavia. The remaining 14% will be owned by the company's management.
"Elitfönster's marketing director Börje Bellinger comments: "Our customers' purchasing habits are developing towards doors and windows being purchased together. In 2001 we acquired Elitdörren (formerly Bruksdörren) and today's deal will make us even better at meeting our customers' demands for collective distribution, product development and design."
After the acquisition, Inwido is expected to have approximately 1,300 employees and annual sales of about SEK 2 billion. Ratos owns 95% of Inwido with senior management owning the remaining 5%. The acquisition is subject to approval by the competition authorities.
For additional information, please contact:
Leif Johansson, Senior Investment Manager Ratos, +46 70 520 40 25
Anna-Karin Celsing, Head of Corporate Communications Ratos, +46 8 700 17 49
Börje Bellinger, Marketing Director Elitfönster, +46 383 76 34 00