Inwido signs agreement to acquire Lämpölux of 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 Tuesday, 12 April 2016 at 8:45 a.m.
Inwido, Europe’s largest supplier of windows and doors, has signed an agreement to aquire 83 percent of the shares in the Finnish window and door company Värmelux Oy that owns and runs the business under the brand name Lämpölux, with an option for the remaining 17 percent. The acquisition strengthens Inwido’s position in the Finnish market and is expected to generate significant opportunities for synergies with Inwido’s existing operations as well as for expansion.
At six years old, Lämpölux is a young brand that sells and installs windows, doors and garage doors in wood and wood/aluminium through 18 sales offices throughout Finland. The company, which was founded by the current management and is co-owned by its management and CapMan, has no proprietary production but is a customer of Inwido Finland, among others. Management retains 17% of the shares, which will gradually be acquired by Inwido by the first half of 2019.
“This is a very good acquisition for us,” says Håkan Jeppsson, President and CEO of Inwido. “Lämpölux brings expertise in sales, marketing and installation, providing an excellent complement to our existing operations in Finland.”
Today, Lämpölux has about 180 employees and annual sales of about EUR 29 million. The company is headquartered in Oulu, Finland. The acquisition is expected to result in significant synergies and to create good opportunities for growth.
“For several years, we have seen Inwido as a role model in our sector in that it is active, reliable and energetic,” says Pekka Koskelo, CEO of Lämpölux, who will remain in the company, together with the rest of the management team, to develop the business.
“Combined with the decentralized organization on which Inwido builds its business strategy, we find this very attractive. Both personally and on behalf of my colleagues, I feel Inwido is the right ‘home’ from which we can further build the strength of our brand,” says Pekka Koskelo.
The acquisition is subject to approval by 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