Brief: Harvia Acquires Majority Stake In EOS Group

Harvia Oyj

18/03/2020 06:36

March 18 (Reuters) - Harvia Oyj  HARVIA.HE :
    * REG-HARVIA STRENGTHENS ITS POSITION IN THE PROFESSIONAL
AND
PREMIUM SAUNA SOLUTIONS BY ACQUIRING A MAJORITY STAKE IN EOS
GROUP
    * ACQUISITION IS EXPECTED TO CREATE ANNUAL SYNERGIES OF AT
LEAST
EUR 2.2 MILLION.
    * HAS SIGNED AN AGREEMENT TO ACQUIRE MAJORITY OF GERMAN EOS
GROUP
    * IN 2019, EOS HAD A REVENUE OF EUR 17.3 MILLION, ADJUSTED
EBITDA
OF EUR 3.2 MILLION
    * PURCHASE PRICE IS EUR 19.7 MILLION
    * PURCHASE PRICE IS EUR 19.7 MILLION AND IT IS BASED ON
DEBT-FREE
VALUATION OF EUR 25.5 MILLION FOR ENTIRE EOS GROUP
    * TRANSACTION WILL NOT HAVE AN IMPACT ON HARVIA'S LONG-TERM
TARGETS RELATED TO GROWTH
    * AFTER CLOSING OF TRANSACTION, HARVIA WILL OWN 78.6% OF
GROUP'S
GERMAN OPERATIONS AND 80.0% OF RUSSIAN OPERATIONS
    * ACQUISITION IS EXPECTED TO CREATE ANNUAL SYNERGIES OF AT
LEAST
EUR 2.2 MILLION, WHICH ARE EXPECTED TO BE REALIZED IN FULL BY
2024
    * ONE-OFF INTEGRATION AND POST-CLOSING COSTS ARE ESTIMATED
TO
TOTAL EUR 1.4 MILLION OVER YEARS 2020 AND 2021.

Source text for Eikon:  ID:nGNE7HqBjf 
Further company coverage:  HARVIA.HE 

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