Inwido signs agreement to acquire CWG Choices in the UK
This information is information that Inwido AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.The information was submitted for publication, through the agency of the contact persons set below, at Friday, 15 July 2016 at 8:45 a.m.
Inwido, Europe’s largest supplier of windows and doors, has signed an agreement to acquire the British window and door company CWG Choices. CWG Choices is a leading manufacturer of double and triple glazed PVCu windows and doors covering the Midlands and South of England. Inwido acquires 100 percent of the shares in CWG Choices for GBP 11.6 million on a cash- and debt-free basis.
In the UK PVCu windows represent 80 percent of total market sales. With this acquisition Inwido complements the product offerings of Allan Bros. and Jack Brunsdon & Son by entering the market of PVCu windows and doors. The company has some 180 employees and generated sales of GBP 23 million in 2015.
“With the acquisition of CWG Choices we will strengthen our position in the UK and in the important and profitable installer channel”, says Håkan Jeppsson, President and CEO of Inwido. “CWG Choices sells mostly PVCu products but also offers products in aluminium. We see possibilities to extend the offer to the installers with timber windows in the future”, continues Håkan Jeppsson.
“Inwido is an active and credible company which has managed to take the lead within the European windows and doors business during the last couple of years,” says Jason Wilder, MD of CWG Choices. “The Group’s strategy of decentralized management has proven very profitable and fits us well. I feel confident that this will be a good match.”
The acquisition of CWG Choices is financed through available liquidity and by raising a new bank loan and will have a positive impact on Inwido’s earnings per share. The acquisition is expected to be completed on 29 July and is not subject to approval from relevant competition authorities.
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