Meko AB (OM : MEKO) completed the acquisition of Koivunen Oy.
July 30, 2022
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Meko AB (OM : MEKO) entered into an agreement to acquire Koivunen Oy for enterprise value of SEK 1.4 billion on June 14, 2022. The enterprise value is SEK 1,280 million on a cash and debt free basis. The acquisition will be financed in cash through existing liquidity and bank facilities. Koivunen will continue to operate as a stand-alone business. Koivunen had net sales of approximately SEK 1,740 million and an EBIT of approximately SEK 98 million during the financial year 2021. The acquisition is expected to be completed during the third quarter of 2022. The acquisition is expected to have a positive effect on MEKO's earnings per share of SEK 1.50 - 2.00 and generate yearly recurring synergies of SEK 40 million with full effect expected during 2024. For Finland, Meko increased by around 150 branches and 240 workshops with the acquisition of Koivunen. SEB Corporate Finance acted as financial advisor to MEKO in relation to the acquisition. Hannes Snellman acted as legal advisor in relation to the acquisition.
Meko AB (OM : MEKO) completed the acquisition of Koivunen Oy on July 1, 2022.
Meko AB, formerly Mekonomen Aktiebolag is a Sweden-based corporate Group that operates and develops business in the automotive aftermarket. The Company is a spare parts distributor with concepts and brands in Northern Europe Denmark, Norway, and Sweden, and Polish market with exports to Germany, the Czech Republic and the Baltics, among others. Meklo operates within four business areas: FTZ, Inter-Team, MECA/Mekonomen and Soerensen og Balchen. The FTZ business area primarily includes wholesale and branch operations in Denmark. The Inter-Team business area primarily includes wholesaling and shop operations in Poland and export operations. The MECA/Mekonomen business area primarily includes wholesale, branch, workshop and fleet operations in Sweden, Norway and Finland. The business area consists of the operations MECA, Mekonomen and a number of smaller operations. The Soerensen og Balchen business area primarily includes wholesale and shop operations in Norway.