Acquisition targets leading technical trade and HVAC operators in Sweden, Norway, and Denmark, aligning with growth strategy and strengthening market position in the Nordics.
Target companies have strong brands and no overlapping business with the acquirer in the target countries, complementing existing operations and expanding product portfolio.
Megatrends such as renovation, urbanisation, green transition, and digitalisation support long-term growth.
Deal supports internationalization, with 71% of construction and technical trade revenue expected from outside Finland post-acquisition.
The acquisition marks the largest in company history, aiming to make technical trade the biggest division.
Debt-free transaction price is €1.2 billion (or €1.518 billion including lease commitments).
Combined 2025 net sales of acquired companies total €2.068 billion, EBITDA €146 million.
EV/EBITDA multiple based on 2025 EBITDA is approximately 10.4.
Acquisition to be financed initially with bridge financing, later refinanced with equity and debt; planned share issue of €500–700 million.
Transaction costs are estimated at €8 million.
Synergies expected mainly from higher purchase volumes, procurement, private labels, and IT systems, nearly tripling sales volumes in HPAC products.
Profit improvement anticipated in line with operating margin target of 6–8%.
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