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Vestum strengthens its position in infrastructure through acquisition of specialist group with sales of SEK 238m, EBITDA of SEK 25m and EBITA of SEK 22m

2022-02-14

Vestum AB (publ) ("Vestum") has agreed to acquire 100% of the shares in Marbit AB including subsidiaries ("Marbit"). The purchase price will partly be financed through payment in reverse, which will then be set off against 1,227,161 shares in Vestum through offset issues. This will result in a dilution of approximately 0.3%. Marbit will be included in Vestum's Infrastructure segment. In the fiscal year of 2020/2021, Marbit generated sales of SEK 238m with an EBITDA of SEK 25m and EBITA of SEK 22m, corresponding to an EBITDA margin of 10 percent and EBITA margin of 9 percent.

VESTUM STRENGTHENS ITS POSITION IN INFRASTRUCTURE THROUGH ACQUISITION OF SPECIALIST GROUP WITH SALES OF SEK 238M, EBITDA OF SEK 25M AND EBITA OF SEK 22M

2022-02-14

Vestum AB (publ) ("Vestum") has agreed to acquire 100% of the shares in Marbit AB including subsidiaries ("Marbit"). The purchase price will partly be financed through payment in reverse, which will then be set off against 1,227,161 shares in Vestum through offset issues. This will result in a dilution of approximately 0.3%. Marbit will be included in Vestum's Infrastructure segment. In the fiscal year of 2020/2021, Marbit generated sales of SEK 238m with an EBITDA of SEK 25m and EBITA of SEK 22m, corresponding to an EBITDA margin of 10 percent and EBITA margin of 9 percent.

About Marbit

Marbit was founded in 1986 and performs work in land and facility as well as outdoor environments. The Group has successfully established itself by developing, maintaining and improving Stockholm's parks, streets and squares. Customers mainly consist of state customers and municipalities where framework agreements make up the majority of the volume.

In the fiscal year of 2020/2021, Marbit generated sales of SEK 238m with an EBITDA of SEK 25m and EBITA of SEK 22m, corresponding to an EBITDA margin of 10 percent and EBITA margin of 9 percent.

The Group has 49 employees and is headquartered in Sundbyberg.

All figures referenced are, where applicable, rounded.

Marbit's financials are expected to be consolidated into Vestum from Q1 2022, provided that the indicative timetable for the completion of the acquisition can be followed.

Comments from Conny Ryk, CEO of Vestum:

We are today happy to welcome Marbit to the Vestum family! Marbit has been on the market for over 35 years and is a successful player that performs work in both complex water and sewerage facilities and award-winning parks in outdoor environments. The Group fits very well into our Infrastructure segment and it's great to see that we continue to succeed in connecting driven and talented entrepreneurs to the Vestum family, says Conny Ryk, CEO of Vestum.

About the transaction

The purchase price will partly be financed through payment in reverse, which will then be set off against 1,227,161 shares in Vestum through offset issues. This will result in a dilution of approximately 0.3%. The subscription price has been determined via a ten-day volume-weighted average price ("VWAP") in Vestum's share during the period 28 January 2022 up to and including 10 February 2022. The seller has undertaken not to sell the subscribed shares for a period of 24 months ("lock-up").

The number of outstanding shares would increase in connection with the Transaction from the existing 358,529,046 to 359,756,207 shares.

The above information on dilution and number of shares is based on previously announced offset issues.

Completion of the acquisition

The transaction is expected to be completed within approximately six weeks. In connection with the completion of the transaction, the Board, backed by an authorization of the Annual General Meeting, will make a formal decision to issue the shares in the offset issue.

The acquisition is subject to customary closing conditions, including merger control clearance.

Adviser

Svalner provides financial advice and Cirio acts as legal adviser to Vestum in connection with the acquisition.

For additional information, please contact:

Conny Ryk, CEO of Vestum AB (publ)

Phone: +46 70 775 53 10

E-mail: conny.ryk@vestum.se

The following documents can be retrieved from beQuoted
Press-release-20220214.pdf

About Vestum

Vestum is a Swedish acquisition-driven company focused on acquiring and developing specialist companies within the segments Water, Services and Infrastructure. Vestum is actively looking for high-quality companies with proven business models, strong market positions and predictable cash flows where Vestum can be involved and contribute to continued positive development.

For additional information, please visit: www.vestum.se

Vestum's share is traded under the short name VESTUM on Nasdaq First North Growth Market and the company's Certified Adviser is G&W Fondkommission: phone: +46 (0)8 503 000 50, e-mail: ca@gwkapital.se.

Source: beQuoted
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