Relais Group Plc Strengthens Its Position in Denmark by Acquiring S-E-T A/S

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Relais Group Plc
Stock Exchange Release 12 December 2022 at
12.35 EET

Relais Group Plc ("Company", "Relais Group"), a leading consolidator and acquisition platform on the vehicle aftermarket in the Nordic countries, has today signed an agreement ("Purchase Agreement") regarding the acquisition of the Danish company S-E-T A/S ("S-E-T", "Corporate Acquisition"). The seller is B&S Holding ApS ("Seller"), owned by Steen and Birgitte Hansen. The closing of the Corporate Acquisition takes place today. S-E-T will be consolidated into Relais Group from the beginning of December 2022.

S-E-T is a highly regarded importer and wholesaler of electrical equipment, such as rear-view and side-view cameras, inverters and battery chargers for heavy commercial vehicles and the marine sector. The company is located in Aarhus, Denmark. It was established in 2003 and employs 6 professionals.

S-E-T’s net sales for the year 2021 was approximately 29.7 MDKK and the EBIT was approximately 8.0 MDKK (figures in Danish GAAP). The purchase price for the shares of S-E-T is 41.6 MDKK, based on an enterprise value of 41.0 MDKK. Of the purchase price, 33.1 MDKK was paid at closing and 1.0 MDKK will be paid by end of May 2023. Additionally, 7.5 MDKK of the purchase price will be financed through a two-year vendor note issued by the Seller.

S-E-T A/S financial data

DKK millions
(Local GAAP)
1.1.-31.12.2020 1.1.-31.12.2021
Net sales 27.6 29.7
Adj. EBIT 6.3 8.0
EBIT 4.3 8.0
31.12.2020 31.12.2021
Equity 8.4 10.5
Balance sheet total 17.4 14.1

Key Benefits of the Corporate Acquisition:

  • Through the acquisition of S-E-T, Relais Group’s foothold in the Danish market is significantly strengthened. S-E-T complements the customer offering of SEC Scandinavia, Relais Group’s Danish subsidiary in an excellent way.
  • There is significant synergy potential in combining the operations of SEC Scandinavia and S-E-T.
  • The acquisition supports the realization of Relais Group's long-term strategic growth plans.

Arni Ekholm, CEO of Relais Group Plc:

"I am very pleased to welcome S-E-T A/S to join the growing Relais Group family. S-E-T is truly a solid and successful company which will perfectly complement our existing Danish subsidiary, SEC Scandinavia. By combining the forces of S-E-T and SEC we will form a modern and dynamic platform with broader shoulders, enabling us to serve our customers even better in the future. Steen and Brigitte have made an impressive journey in building such a strong company as S-E-T. I am confident that as a member in Relais Group the growth story of S-E-T will continue to the next level.”

Steen Hansen, co-owner, and Managing Director of S-E-T A/S:

“We at S-E-T are looking forward to being a part of Relais Group’s progress in the Nordic countries. Birgitte and I have driven the company for 19 years and S-E-T is now ready to be a part of something bigger. Together with SEC we will form a major player on the Danish market for both heavy and light commercial vehicles.”

Jeppe Ruseng Hansen, Managing Director of SEC Scandinavia A/S:

“S-E-T is the perfect match for us, as SEC Scandinavia and S-E-T complement each other with their own specific areas of strength in the vehicle aftermarket. In addition to sharing the same philosophy based on always offering superior support and high-quality products to our customers, we will by joining our forces become a company with the best know-how and offering of electrical equipment for all types of commercial vehicles in Denmark.”

Further information:

Arni Ekholm, CEO
Phone: +358 40 760 3323
E-mail: arni.ekholm@relais.fi

Relais Group:

Relais Group is a leading consolidator and acquisition platform on the vehicle aftermarket in the Nordic and Baltic countries. We have a sector focus in vehicle life cycle enhancement and related services. We also serve as a growth platform for the companies we own.

We are a profitable company seeking strong growth. We carry out targeted acquisitions in line with our growth strategy and want to be an active player in the consolidation of the aftermarket in our area of operation. Our acquisitions are targeted at companies having a good strategic fit with our group companies.

Our net sales in 2021 was EUR 237.8 (2020: 128.9) million. During 2021, we completed a total of six acquisitions. We employ approximately 1,000 professionals in six different countries. The Relais Group share is listed on the Main Market of Nasdaq Helsinki with the stock symbol RELAIS.

www.relais.fi

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