Inwido AB is to acquire 60% of Denmark's fourth-largest window manufacturer- Storke Vinduer A.S. Earlier this year, INWIDO established itself in the Finnish window market through acquisition of 70% of Pilha OY. With the acquisition of a 58% stake in Diplomat Scandinavia earlier this summer, INWIDO took a further step into the Norwegian and Swedish door market, and last week the company acquired 100% of Lenhovda Fönster AB in order to increase production capacity in Sweden.
Including Storke, the companies acquired in 2005 have total sales of SEK 1,000 million and a total profit (EBITA) in 2004 of SEK 159 million. The total value of all four companies (the enterprise value) amounted to approximately SEK 1,050 million. In conjunction with these acquisitions Ratos has provided INWIDO with a capital contribution of approximately SEK 140 million.
Elitfönster was previously represented in Denmark with a small sales office. The acquisition of Storke will give the group its own local production base. It will also provide access to the wood/aluminium windows recently developed by Storke to meet rising demands for low energy consumption.
Storke, which is Denmark's fourth-largest window manufacturer, had sales of approximately DKK 190 million in the 2004/05 financial year and posted a profit after depreciation (EBITA) of approximately DKK 48 million. The company has grown substantially in recent years with retained profitability. Key explanations for Storke's success are the company's efficient production, fast deliveries and high product quality.
In conjunction with the acquisition, Ratos will make a capital contribution of approximately SEK 75 million to the Swedish parent company INWIDO which will acquire Storke via a Danish holding company. After today's deal, INWIDO will own 60% and the company's CEO and other key people 40% of INWIDO Denmark.
- Ratos CEO Arne Karlsson comments: "We are impressed by INWIDO'S strong development. It is positive that the company's organic growth - plus 19% in the first six months of this year - has contributed to this favourable development to such a high extent."
Following the acquisition, INWIDO will have have approximately 1,400 employees and sales in 2005 will exceed SEK 2.3 billion. Ratos owns 95% of INWIDO and senior management owns the remaining 5%.
For additional information, please contact:
Arne Karlsson, CEO Ratos, +46 8 700 17 00
Anna-Karin Celsing, Head of Corporate Communications Ratos, +46 8 700 17 00
Sven-Gunnar Schough, CEO INWIDO/Elitfönster, +46 383 76 34 00