Ratos: Inwido sells Home Improvement business area
This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act or demands made in the exchange rules.
Ratos's subsidiary Inwido has signed agreement to sell the business area Inwido Home Improvement AB to private equity fund Priveq Investment Fund IV for a purchase price of SEK 195m (enterprise value). The sale, which is subject to approval from the relevant authorities, is expected to be completed during summer 2012.
Home Improvement is a subsidiary of Inwido and sells a number of interior products for the home for floors, walls and storage. The business area is operated in two companies under the Lundbergs and Duri brands, both of which are market leaders within their main product segments in Sweden. The operations have approximately 80 employees and sales in 2011 amounted to SEK 274m with an operating profit (EBITA) of SEK 25.8m. The operations were acquired in 2007.
Håkan Jeppsson, President and CEO of Inwido, comments: "Home Improvement has a good position and development and has a good platform for continued Nordic expansion within its segment. Inwido's focus is to be the leader in Europe within windows and doors. We have therefore decided to sell this business area since it is a retail operation with a totally different business model and therefore offers no economies of scale with our other operations."
Inwido develops, manufactures and sells a full range of windows and exterior doors to consumers, construction companies and prefabricated home manufacturers. Operations are conducted in all the Nordic countries as well as in the UK, Ireland, Poland and Russia. The company's brands include Elitfönster, SnickarPer, Tiivi, KPK, Lyssand and Allan Brothers. Ratos's holding in Inwido amounts to 96%.
For further information, please contact: Susanna Campbell, CEO Ratos, +46 8 700 17 00 Håkan Jeppsson, President and CEO Inwido, +46 10 451 45 51 or +46 705 50 15 17 Emma Rheborg, Head of Corporate Communications and IR Ratos, +46 733 80 22 63
Financial calendar from Ratos:
Interim Report January - June 2012 17 August 2012
Interim Report January - September 2012 9 November 2012
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, Anticimex, Arcus-Gruppen, Biolin Scientific, Bisnode, Contex, DIAB, Euromaint, Finnkino, GS-Hydro, Hafa Bathroom Group, HL Display, Inwido, Jøtul, KVD Kvarndammen, Lindab, Mobile Climate Control, SB Seating and Stofa. Ratos is listed on Nasdaq OMX Stockholm and market capitalisation amounts to approximately SEK 22 billion.