Wulff is growing its services business by acquiring Espoo-based Financial Management Company
WULFF GROUP PLC STOCK EXCHANGE RELEASE, INSIDER INFORMATION JANUARY 4, 2022 AT 2 P.M.
Wulff Group Plc and the owner of Carpentum Oy signed an agreement of sale on January 4, 2022, by which Wulff Group Plc acquired the share capital of Carpentum Oy. The transaction entered into force on the day of the agreement’s signing. The purchase price is EUR 0.9 million, EUR 0.4 million of which will be paid by transferring Wulff's own shares 82,448 to the owner of Carpentum Oy. The remaining EUR 0.5 million will be paid in cash.
Elina Pienimäki, CEO Wulff Group Plc: “In December, we reviewed Wulff’s strategy, and it’s now even more responsible and growth-oriented than before. We’re looking for growth especially in new service and product areas, as well as through acquisitions. Last year, financial management services were found to complement our service offering very well, and we’ve been investing in that industry by growing organically and through minor acquisitions. Carpentum, which is to become part of our Group, shares with us the same values, and a passion for local and personal customer service. After the acquisition, 24 top professionals will be working in our financial management operations. The annual net sales of these services are around EUR 2.2 million. Carpentum is a reputable, digitally capable and responsible financial management partner. I’m grateful that Wulff was chosen as the new owner. I believe that as an owner and working community, we can offer Carpentum employees the opportunity to enjoy work and wellbeing, and the support of a knowledgeable community of professionals, while driving profitable growth through Wulff’s strong sales and leadership culture.”
Kati Kettunen, CEO and owner of Carpentum Oy: “The success of a company providing financial management services depends on how well it succeeds in serving its clients, and how well we serve our clients depends on how well we know them. At Carpentum, we know our clients and their business, and we care about them and their success. Everyone at Carpentum does important specialist work. That’s why Wulff is the right new home for us: we’re part of a working community where people – personnel and customers – come first. Wulff’s financial management team is a great source of both support and opportunities for growth. I’m proud to be involved in writing new chapters in Wulff’s success story.”
Key figures for Carpentum Oy
Founded in 1997, Carpentum Oy’s net sales from July 1, 2020 to June 30, 2021, were approximately EUR 1.2 million and adjusted operating profit(*) was approximately EUR 0.2 million. Carpentum Oy’s balance sheet total to be transferred in the transaction is approximately EUR 250 thousand, equity EUR 120 thousand, and cash and cash equivalents EUR 108 thousand. The balance sheet does not include interest-bearing liabilities.
(*) Adjustments have been made to take account of changes in the company’s cost structure resulting from the change of ownership.
BOARD OF DIRECTORS OF WULFF GROUP PLC
Further information:
CEO Elina Pienimäki
tel. +358 40 647 1444
e-mail: elina.pienimaki@wulff.fi
DISTRIBUTION
NASDAQ OMX Helsinki Oy
Key media
www.wulff.fi/en
A better world - one workplace at a time. Wulff’s goal is a perfect workday! We enable better work environments and make a workplace wherever it is today. More responsible, more comfortable, healthier, safer, more pleasant, more efficient, more functional, more versatile? How do you want to improve your working day and environment? At Wulff, you will find a solution. Here you will find e.g. hygiene, protection and safety products, air purification, workplace products, coffee supplies, property and cleaning products, office and IT supplies, ergonomics, first aid and innovative products for construction sites. Customers can also obtain international trade fair services and solutions for remote encounters from us. As a clear domestic market leader, we are constantly developing our offering and, according to Taloustutkimus research, we offer the best customer service in the industry. In addition to Finland, the Wulff Group operates in Sweden, Norway and Denmark. Read more at wulff.fi/en.
