This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act or demands made in the exchange rules.
Ratos has signed an agreement to acquire approximately 73% of the shares in the
Norwegian construction company HENT. The enterprise value for 100% of the
company amounts to approximately NOK 450m. Ratos will provide equity of
approximately NOK 310m. The sellers are the Norwegian company Heimdal Gruppen
and a number of financial investors.
HENT is Norway's fifth largest construction company with projects throughout the
country, primarily new construction of public and commercial properties. The
company focuses on project development, project management and procurement and
the projects are to a large extent carried out by a broad network of quality
assured sub-contractors. Today HENT is owned by the Norwegian housing developer
Heimdal Gruppen (36%), the company's management (22%) and a number of financial
investors (Bergan AS, Nordenfjeldske Management AS, Consensus Invest AS, and
Karpus AS). Ratos is acquiring approximately 73% of the company and management
will increase their holding to approximately 27% in conjunction with this
transaction.
The construction market in Norway has good structural growth and is driven by a
strong underlying private and public economy, demographic growth and the trend
towards urbanisation. HENT has grown fast with good profitability and has
continuously strengthened its market position in recent years. The company's
order book ahead of 2013-2015 totals NOK 7.9 billion. HENT has had an average
annual sales growth of 16% since 2007 and sales in 2012 totalled approximately
NOK 2.9 billion with an operating profit (EBITA) of NOK 98m. The company has
approximately 490 employees.
Ratos's CEO, Susanna Campbell, comments: "HENT has a focused business model with
a flexible cost structure and a strong position in the growing Norwegian
construction market. The company has successfully won many projects and today
has a record-size order book which provides good visibility for sales
development in the years ahead. The construction market is cyclical but the
business model gives the company good opportunities to adapt costs to demand and
manage fluctuations in the sector. Taken overall, this makes HENT a highly
attractive investment for Ratos. We look forward to continuing to develop the
company together with the experienced and dedicated management team."
Ratos is acquiring approximately 73% of HENT. The purchase price for 100% of the
shares amounts to approximately NOK 725m. Based on estimated net cash at
closing, enterprise value amounts to approximately NOK 450m. Ratos will provide
equity of approximately NOK 310m.
The acquisition is subject to approval from the relevant authorities and is
expected to be completed in the third quarter of 2013 at the latest.
For further information, please contact:
Susanna Campbell, CEO Ratos, +46 8 700 17 00
Emma Rheborg, Head of Corporate Communications and IR Ratos, +46 8 700 17 20
Financial calendar from Ratos:
Interim Report January - June 2013 15 August 2013
Interim Report January - September 2013 8 November 2013
Ratos is a private equity conglomerate. The company's mission is to maximise
shareholder value over time through the professional, active and responsible
exercise of its ownership role in primarily medium to large unlisted Nordic
companies. Ratos's holdings include AH Industries, Aibel, Arcus-Gruppen, Biolin
Scientific, Bisnode, DIAB, Euromaint, GS-Hydro, Hafa Bathroom Group, HL Display,
Inwido, Jøtul, KVD Kvarndammen, Mobile Climate Control, Nebula, Nordic Cinema
Group and SB Seating. Ratos is listed on Nasdaq OMX Stockholm and market
capitalisation amounts to approximately SEK 18 billion.
