Elitfönster Group's parent company Inwido is relocating its head office from Vetlanda to Malmö. The move is a consequence of the Group's Nordic offensive.
Just over one year ago Ratos acquired approximately 95% of the then Elitfönster Group. The acquisition plans included growth both organic and through acquisitions in Sweden and the other Nordic countries.
Inwido's CEO Sven-Gunnar Schough comments: "The industry has been well structured in Sweden for several years but in the other Nordic countries we can see major opportunities to consolidate the market via additional acquisitions. This provides us with excellent opportunities to continue to grow within both windows and doors."
Four acquisitions of window and door companies have been carried out so far this year. Total sales in the acquired companies exceed SEK 1,000m. At the same time, the number of employees in the Group has increased by 600. Acquisitions completed include the Finnish company Pihlavan Ikkuna, Danish Storke Vinduer and Diplomat Skandinavia in Norway. Through these acquisitions Inwido has established a Nordic organisation with a strong presence in each market.
In order to meet increased demands for an effective Nordic organisational structure a parent company for the entire Group - Inwido AB (International Windows and Doors) - has been set up. In addition to Sven-Gunnar Schough all country managers are members of the new group management. The move to Malmö will clarify the new organisation but no employees will be affected.
Sven-Gunnar Schough: "The choice of Malmö as a base for our Nordic expansion is natural, particularly in the building materials trade where most inspiration with regard to design, choice of materials and distribution comes from 'the south'."
The Inwido Group includes such well-known brands as Elitfönster, Allmogefönster, Storke Vinduer, Pihla and Diplomatdörren. In the first nine months of 2005 the Group's sales totalled SEK 1,517m (895) of which 19 % can be attributed to organic growth. Operating profit (EBITA) doubled during the same period to SEK 196m. Ratos, which owns 95% of Inwido AB, has invested a total of approximately SEK 610m in the Group.
For additional information, please contact:
Sven-Gunnar Schough, CEO Inwido, +46 70 602 34 78
Leif Johansson, Senior Investment Manager, Ratos, +46 70 520 40 25