Strategic acquisition in Finland
Inwido’s largest business unit in Finland, Pihla Group, acquires Artic-Kaihdin, one of Finland's leading manufacturers of sun protection solutions. The acquisition offers new commercial opportunities and a platform for future growth.
Artic-Kaihdin manufactures, designs, and installs sun protection solutions including venetian blinds, awnings, and roller blinds. The company has built a strong brand with a high-quality reputation and long-term relationships with industry leading customers in Finland during the past 40 years. The solutions are used in e.g., hospitals, offices, private homes, shopping malls, hotels and restaurants.
Artic-Kaihdin’s annual revenue has averaged approx. SEK 80 million over the past three years, with an estimated market share of five percent in the fragmented Finnish sun protection market. The company sells to a mix of customer segments; the window industry, construction projects and specialized sun protection stores. Pihla Group currently purchases approx. 15 percent of the company’s sales, and the intention is to increase sourcing of sun protection solutions after the acquisition.
“Artic-Kaihdin responds directly to the increased demand for sun protection solutions. The sizes of the glass openings in the windows have grown considerably, which makes sun protection an increasingly important part of the window”, says Antti Vuonokari, CEO of Pihla Group. “Artic's products seamlessly complement our current offering, with plenty of synergies and opportunities for growth”, continues Vuonokari.
The solar protection industry is growing rapidly as a result of new building standards and increased demands for energy efficiency in buildings. Earlier this year the European parliament revised and tightened the targets in the Energy Performance for Buildings Directive (EPBD). The member states now have until the end of 2025 to present plans for how to reach the targets.
Inwido acquires 60% of the shares in the first step and the purchase price is in line with Inwido's common multiples. The established and experienced management team will remain as minority shareholders for 3+ years. Phase 2 will be exercised through Put and Call options following completion of the accounts for FY 2026 and the price paid for the remaining 40% of the shares will depend on the future performance of Artic-Kaihdin.
For more information, please contact:
Fredrik Meuller, President and CEO
Tel. +46 (0) 734 22 70 11
Annika Falk, VP Communication & PR
Tel. +46 (0) 706 02 13 71
About Inwido:
Inwido improves people's lives indoors with windows and doors. As Europe's leading window group, Inwido's business concept is to develop and sell the market's best customized window and door solutions through a decentralized structure and with a focus on the consumer-driven market in order to create long-term sustainable growth, organically and through acquisitions. Inwido consists of 34 business units with approximately 4,200 employees in twelve countries. In 2023 group sales amounted to SEK 9 billion with an operating EBITA margin of 11.4 percent. Inwido has been listed on Nasdaq Stockholm since 2014. Follow Inwido on LinkedIn.
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