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2022-07-01

Mekonomen: MEKO completes the acquisition of Koivunen

Today MEKO (previously Mekonomen Group) has completed the acquisition of Koivunen, the leading provider of automotive spare parts and related services in Finland and Estonia, for an enterprise value of EUR 122 million (SEK 1,280 million) on a cash and debt free basis, in accordance with the previously announced agreement dated 14 June 2022. The acquisition is financed in cash through existing liquidity and bank facilities. Koivunen will be consolidated into MEKO from 1 July 2022.

Through the acquisition, MEKO expands its geographical presence in Finland and establishes itself in the Baltics. 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 generate annual synergies of SEK 40m with full effect during 2024. Transaction costs for the acquisition are estimated at SEK 25 million.

"I am very pleased that we have managed to complete the aquisition this early and we will now start working with extracting the synergies and efficiency projects. The acquisition of Koivunen is in line with our well-proven strategy to create value through carefully selected acquisitions, as we have previously done in Sweden, Norway, Denmark and Poland. Koivunen is a prosperous company with strong brands that will continue to develop in its existing company structure as its own business area. With Koivunen in MEKO, we take a clear step towards the goal of being the best and most comprehensive partner for everyone who owns and services vehicles in Northern Europe", says Pehr Oscarson, President and CEO at MEKO AB.

MEKO operates in the car aftermarket in Sweden, Norway, Denmark, Poland and Finland under strong brands and concepts in each market, among others; Mekonomen, MECA, AutoMester, Carpeople, Fixus and BilXtra. The business focuses on growth, collaboration, synergy extraction and on driving sustainable and digital development. Sales is conducted through efficient logistic chains and an extensive distribution network consisting of more than 600 branches and 4,100 workshops. MEKO's business concept is timeless with stable demand and is based on enabling mobility - today, tomorrow and in the future - as technology develops and vehicles are used in new ways.

For further information, please contact:

Pehr Oscarson, President and CEO of MEKO AB,
Telephone +46 (0)8-464 00 00, E-mail: pehr.oscarson@meko.com

Åsa Källenius, CFO of MEKO AB
Telephone +46 (0)8-464 00 00, E-mail: asa.kallenius@meko.com

Fredrik Sätterström, IRO of MEKO AB
Telephone +46 (0)8-464 00 00, E-mail: fredrik.satterstrom@meko.com

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