Kesko to acquire Volkswagen, Audi and SEAT businesses from Laakkonen
Kesko Group company K Caara Oy has agreed to acquire the Volkswagen, Audi and SEAT businesses of Laakkonen Group. The combined pro forma net sales of the businesses to be acquired totalled some €259 million in 2018 and operating profit €5.4 million. The 470 employees of the businesses to be acquired will transfer to Kesko.
The transaction comprises Autotalo Laakkonen’s Volkswagen, Audi and SEAT businesses in Hyvinkää, Hämeenlinna, Joensuu, Kuopio, Lahti and Tampere. Kesko will also assume ownership of Veljekset Laakkonen’s SEAT business in Joensuu, Kuopio and Lahti. The transaction includes new and used car sales and car servicing and after-sales services. The businesses will continue to lease their current premises. The parties do not disclose the transaction price.
Kesko’s objective is, in collaboration with the Volkswagen Group, to grow the sales of Volkswagen, Audi, SEAT, Porsche, MAN and – starting next autumn – Bentley in Finland. To achieve the objective, it is important that we establish an even more effective distribution and service network to serve both consumers and corporate customers.
“The car sector is consolidating fast both on a global scale and in Finland. We are very happy with our partnership with the world’s biggest car manufacturer the Volkswagen Group, and we will continue to execute our strategy in close collaboration with them. This transaction is a continuation to the acquisitions of the businesses of Huittisten Laatuauto and LänsiAuto earlier this year. We have collaborated with Laakkonen for many years, and I want to take this opportunity thank them for the good partnership spanning decades,” says Johan Friman, President of Kesko’s car trade division.
The acquisition is subject to approval by the Finnish Competition and Consumer Authority. The transaction is expected to be completed during the third quarter of 2019.
Johan Friman, President, Kesko’s car trade division, firstname.lastname@example.org, tel. +358 105 338 451
Martti Muona, Managing Director, K Caara Oy, email@example.com, tel. +358 105 333 310
Kia Aejmelaeus, Vice President, Investor Relations, tel. +358 105 322 533, firstname.lastname@example.org
K Group media desk, tel. +358 105 350 200, email@example.com
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K-Auto imports and markets Volkswagen, Audi, SEAT and Porsche passenger cars, Volkswagen Commercial Vehicles, MAN vans, trucks and buses, and NEOPLAN buses in Finland, and SEAT cars in Estonia and Latvia. K-Auto also develops car-related multichannel services. www.k-auto.fi
K-Auto’s retail company K-Caara is a major retailer of new and used vehicles and it offers servicing and after-sales services at its own outlets in the greater Helsinki area, Forssa, Huittinen, Kotka, Kouvola, Lappeenranta and Turku. K-Caara’s services also include online sales of used cars, a store for lower price range used cars, and leasing services for companies and private customers. www.k-caara.fi