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Annons
Vestum is growing in Western Sweden through acquisition of specialist company in insulation with sales of SEK 82.8m, EBITDA of SEK 13.8m and EBITA of SEK 11.6m

2021-11-09
Vestum AB (publ) ("Vestum") has agreed to acquire 100 percent of the shares in KWA Isolerteknik AB and its subsidiary JT Isolering AB ("KWA Isolerteknik"). The purchase price will partly be financed through payment in reverse, which will then be set off against 167,054 shares in Vestum through offset issues. This will result in a dilution of approximately 0.1%. During the last twelve months per August 2021, KWA Isolerteknik generated sales of SEK 82.8m with an EBITDA of SEK 13.8m and EBITA of SEK 11.6m, corresponding to an EBITDA margin of 16.7 percent and EBITA margin of 14.0 percent.

VESTUM IS GROWING IN WESTERN SWEDEN THROUGH ACQUISITION OF SPECIALIST COMPANY IN INSULATION WITH SALES OF SEK 82.8M, EBITDA OF SEK 13.8M AND EBITA OF SEK 11.6M

2021-11-09
Vestum AB (publ) ("Vestum") has agreed to acquire 100 percent of the shares in KWA Isolerteknik AB and its subsidiary JT Isolering AB ("KWA Isolerteknik"). The purchase price will partly be financed through payment in reverse, which will then be set off against 167,054 shares in Vestum through offset issues. This will result in a dilution of approximately 0.1%. During the last twelve months per August 2021, KWA Isolerteknik generated sales of SEK 82.8m with an EBITDA of SEK 13.8m and EBITA of SEK 11.6m, corresponding to an EBITDA margin of 16.7 percent and EBITA margin of 14.0 percent.

About KWA Isolerteknik
KWA Isolerteknik was founded in 2014 and performs insulation services for pipe companies, ventilation companies, property owners and the shipbuilding and manufacturing industries. The company is a complete partner in industrial insulation, sheet metal insulation, marine insulation, fire insulation, fire sealing, ventilation insulation, pipe insulation and sound insulation.

The company is mainly active in Western Sweden and among the customers are Assemblin, Bravida, Sandbäckens Rör, Göteborg Energi, Tingstad, and more.

During the last twelve months per August 2021, KWA Isolerteknik generated sales of SEK 82.8m with an EBITDA of SEK 13.8m and EBITA of SEK 11.6m, corresponding to an EBITDA margin of 16.7 percent and EBITA margin of 14.0 percent.

KWA Isolerteknik has 47 employees and is headquartered in Kungälv.

All figures referenced are in accordance with the IFRS standards applied by Vestum and are unaudited.

KWA Isolerteknik's financials are expected to be consolidated into Vestum from Q4 2021, provided that the indicative timetable for the completion of the acquisition can be followed

Comments from Vestum's CEO Conny Ryk:

Today we welcome KWA Isolerteknik to Vestum! KWA Isolerteknik together with the subsidiary JT Isolering have demonstrated an impressive ability to deliver quality services in HVAC insulation, fire and ventilation insulation as well as industrial, sheet metal and marine insulation. The companies are run by skilled entrepreneurs who will remain in their operational roles. Vestum has now successfully completed acquisitions on the insulation side in both Stockholm and Gothenburg, says Conny Ryk, CEO of Vestum.

About the acquisition
The purchase price will partly be financed through payment in reverse, which will then be set off against 167 054 shares in Vestum through offset issues. This will result in a dilution of approximately 0.1%. The subscription price has been determined via a ten-day volume-weighted average price ("VWAP") in Vestum's share during the period 26 October 2021 up to and including 8 November 2021. The sellers have 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 acquisition from the existing 117,084,881 to 117,251,935 shares.

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

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

Adviser
Svalner provides financial advice and Cirio Advokatbyrå 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-20211108.pdf

About Vestum
Vestum is a Swedish acquisition-driven company focused on acquiring and developing specialist companies within the construction services and infrastructure industries. 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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