Inwido completes acquisition of Värmelux in Finland
This information is such that Inwido AB (publ) is obliged to publish in accordance with the Swedish Securities Market Act and/or Financial Instruments Trading Act. The information was submitted for publication on Friday, 13 May 2016 at 7:45 a.m.
The Competition Authority has approved Inwido’s acquisition of the Finnish window and door company Värmelux Oy, which owns and operates the Lämpölux brand in Finland. With the approval, Inwido acquires 82.77 percent of the shares in Värmelux for EUR 20.5 million, corresponding to a value of EUR 43.5 million for 100 percent of the company on a debt-free basis. Inwido also has an option to gradually acquire the remaining 17 percent of shares, which are held by senior executives of Värmelux, by the first half 2019.
Värmelux Oy, which owns and operates the Lämpölux brand, sells and installs windows, doors and garage doors in wood and wood/aluminium through 18 sales offices across Finland. The company currently has some 200 employees and generated sales of slightly more than EUR 30 million in 2015. Värmelux has no proprietary production but is a customer of Inwido in Finland, among others, which provides opportunities for synergies. The acquisition is expected to strengthen Inwido’s position in the Finnish market.
The purchase consideration on exercising the option will be based on Värmelux’s financial performance up until 2019. The transaction will have a positive impact on Inwido’s earnings per share. The acquisition of Värmelux Oy is being financed by raising new loans and utilising existing liquidity.
For more information, please contact:
Håkan Jeppsson, President and CEO Tel.: 46 (0)10-451 45 51 or 46 (0)70-550 15 17
Peter Welin, CFO Tel.: 46 (0)10-451 45 52 or 46 (0)703 24 31 90
Inwido is Europe’s largest supplier of windows and doors. The company has operations in Denmark, Finland, Norway, Sweden, Austria, Estionia, Ireland, Lithuania, Poland and the UK, as well as exports to a large number of other countries. The Group markets some 20 strong local brands including Elitfönster, SnickarPer, Hajom, Hemmafönster, Outline, Tiivi, Pihla, Diplomat and Sokolka. Inwido has approximately 3,400 employees and generated sales of slightly more than SEK 5.2 billion in 2015. The Group's headquarters are located in Malmö, Sweden. For further information, please visit www.inwido.com