Delete Group has completed the divestment of Delete Special Demolition AB
DELETE GROUP OYJ, STOCK EXCHANGE RELEASE 13 MARCH 2020 AT 16:05 EET
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Delete Group ("Delete") has completed the divestment of Delete Special Demolition AB, a group company operating in the group's Demolition Services business area in Sweden. The transaction was completed by way of Delete Sweden AB selling all shares in Delete Special Demolition AB to Demox AB. In 2019, the turnover of Special Demolition business in Sweden was EUR 9.6 million and EBIT was EUR -3.4 million before asset impairment. At year end 2019, the net assets of Delete Special Demolition AB were valued at zero for Delete Group.
The divestment follows the recently completed divestment of Delete Heavy Demolition AB and will allow Delete to focus on the long-term development of the stable environmental services businesses with Industrial Cleaning Services as the backbone. After the completion of the divestment Delete no longer has Demolition Services in Sweden.
Delete is an environmental full-service provider in the Nordics with three business areas: Industrial Cleaning, Demolition Services and Recycling Services. As a result of Delete's strategic assessment initiated in 2018, Delete has investigated the potential sale of one or several of its business areas or sub-segments thereof, other than the Industrial Cleaning business area (together, the "Divestments").
On 27 November 2019, Delete successfully completed a consent solicitation from the noteholders of its outstanding EUR 110,000,000 senior secured floating rate notes due 2021 (ISIN FI4000252119) (the "Notes") to approve certain amendments to the terms and conditions of the Notes in order for Delete to be able to carry out one or more of the Divestments on the condition that the net proceeds received from such Divestments would be used towards early partial redemption of the Notes. In connection with this Divestment, the net proceeds to be applied in early partial redemption of the Notes in accordance with the terms and conditions of the Notes are EUR 244.461,13 and the Divestment Redemption Date (as defined in the terms and conditions of the Notes) will be 9 April 2020.
For more information:
Ville Mannola, CFO
phone: +358 400 357 767
DELETE GROUP IN BRIEF
Delete Group is a leading environmental full-service provider that offers specialist competences and specialized equipment through three business areas: Industrial Cleaning, Demolition Services and Recycling Services. Delete was formed in 2010 through the combination of Toivonen Yhtiöt and Tehoc and was acquired by private equity investor Axcel in 2013. Since 2011, Delete has made 34 acquisitions within the Industrial Cleaning and Demolition Services business areas.
The Group is headquartered in Helsinki and employs approx. 1,000 professionals at over 34 locations in Finland and Sweden.