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2021-10-14

Relais Group Oyj: Relais Group Plc acquires Sweden's largest independent commercial vehicle repair and maintenance chain, STS Sydhamnens Trailer Service AB

Relais Group Plc, Inside Information 14.10.2021 at 12.50 EET

Relais Group Plc ("Company", "Relais"), the leading consolidator in the Nordic vehicle aftermarket, has signed an agreement ("Purchase Agreement") regarding the acquisition of the Swedish company STS Sydhamnens Trailer Service AB ("STS", "Corporate Acquisition"). The seller is Sydhamnens Trailer Service Holding AB (Fairford Holdings Private AB and Marinus Företagskapital i Bromma AB) ("Seller"). The closing of the Corporate Acquisition is estimated to take place during November 2021, provided that certain customary conditions for the closing of the Corporate Acquisition are met and that the transaction is approved by the Swedish Competition Authority.

STS is the largest independent nationwide repair and maintenance workshop chain for heavy and light commercial vehicles in Sweden. With a nationwide coverage from Malmö in the south to Luleå in the north STS supports its customers with 15 full-service workshops. The acquisition is an important strategic step in the expansion of Relais' commercial vehicle maintenance and repair business in the Nordic region.

STS Net Sales for the year 2021 is estimated to be approximately 23 MEUR and the EBITDA is estimated to be approximately 1.2 MEUR. The company is headquartered in Helsingborg, Sweden and it employs 140 professionals. The purchase price for the shares of STS is estimated to be 9.2 MEUR and it will be paid in cash. The Purchase Agreement also includes the Sellers' right to an additional purchase price of a maximum of 2.2 MEUR depending on the financial results of STS for the financial year 2021. The Corporate Acquisition is expected to create a synergy benefit of 0.5 - 1.0 MEUR for Relais, fully effective by the end of 2023.

STS Sydhamnens Trailer Service

SEK 1.000.000 1.1.-31.12.2019 1.1.-31.12.2020
Net Sales 221.4 207.3
EBITDA 4.3 1.8
EBITA 1.6 -0.9

31.12.2019 31.12.2020
Equity ratio, % 23% 20%
Equity 17.5 15.4
Balance sheet total 75.0 76.6

Key Benefits of the Corporate Acquisition:

  • The acquisition further strengthens the position of Relais within the strategically important commercial vehicle aftermarket in the Nordic region.
  • The acquisition enables significant synergy benefits especially in spare parts procurement and creates cross sales opportunities for Relais' own lighting and equipment products in Sweden.
  • The acquisition supports the realization of Relais' long term strategic growth plans.

Arni Ekholm, CEO of Relais Group Plc:

"The commercial vehicle aftermarket is a strong growth pillar for Relais Group in the Nordic region and the strategic fit of STS for us is excellent.  STS is a very well established and managed company that has recently made several operational improvements. STS has demonstrated a solid potential for further increase of sales and profitability in the Swedish market. Expanding our commercial vehicle maintenance and repair business operations to Sweden is a logical step after the acquisition of Raskone Oy earlier this year. Relais Group will become an even more important strategic partner for the transport sector within the Nordic countries."

"As the largest independent commercial vehicle maintenance and repair workshop chain in Sweden, STS is an important purchaser of spare parts which enables considerable synergy benefits in spare parts procurement and cross sales. STS will also act as an important contributor to the development of our entire commercial vehicle maintenance and repair business. I am very happy to welcome the professional team of STS to join the fast-growing Relais-family. As an industrial owner we will be able to create a strong growth platform for STS. I also firmly believe that we can together serve our customers even better in the future."

Stefan Klingberg, CEO of STS Sydhamnens Trailer Service AB:

"I am very happy to become a part of the Relais Group and to get the opportunity to develop the business further together with Relais and our new sister companies. I see a strong industry logic behind the acquisition, and I am very excited to be part of the journey ahead. STS will contribute with our extensive knowledge about the Swedish aftermarket business for light and heavy transport equipment and the industry challenges ahead driving the shift towards sustainable transports." 

Robert Jonsrud, Fairford Business Development and STS Board Director:

"We are happy to hand over the ownership of STS to Relais, a company positioned to be an excellent owner of STS going forward. After several years of operational improvements and an improved market position for STS, we believe that Relais is the best possible partner to further develop the company. By leveraging the sector focus and the value chain position, we truly believe that this provides a lot of future potential. We wish STS and Relais great success in their future endeavors and will follow their development with great interest."

Relais Group Plc

Board of Directors

For further information, please contact:
CEO Arni Ekholm
Email: arni.ekholm@relais.fi
Telephone: +358 40 760 3323 

Certified adviser:
Evli Bank Plc
Telephone: +358 40 579 6210 

Distribution:
Nasdaq Helsinki Ltd
Financial Supervisory Authority
Main media
www.relais.fi

About Relais Group Plc:

Relais Group is the leading consolidator and acquisition platform on the vehicle aftermarket in the Nordic and Baltic countries. We are an industrial operator with a sector focus in vehicle life cycle enhancement and related services. We also serve as a growth platform for the companies we own. We are a profitable company seeking strong growth. We carry out targeted acquisitions in line with our growth strategy and want to be an active player in the consolidation of the aftermarket in our area of operation. Our acquisitions are targeted at companies having a good strategic fit with our group companies. Our net sales in 2020 was EUR 128.9 (2019: 98.9) million and we employed almost 300 professionals in six different countries. During 2021, we have already made three acquisitions. The combined net sales of the acquired companies total to almost EUR 92 million. Following the acquisitions, we employ more than 800 professionals. Our share is listed on Nasdaq Helsinki Ltd.'s Nasdaq First North Growth Market Finland with the stock symbol RELAIS.

www.relais.fi

About STS Sydhamnens Trailer Service AB:

STS is Sweden's largest independent service network for repair and maintenance services on light and heavy transport equipment. With a nationwide coverage, from Malmö in the south to Luleå in the north, STS supports its customers wherever and whenever they need via 15 full-service workshops. If the customer is unable to come to the workshop, STS can always come to the customer with one of its 15 fully equipped service vans, available 24/7/365.

www.ststrailerservice.se

About Fairford:

Fairford is an active and value-adding investor seeking to invest in privately owned companies in Sweden and the UK. Through long term engagement, sustainable operational improvements and clear strategic positioning Fairford aims to create a portfolio of leading companies in their respective markets. Headquartered in Östersund, Sweden with offices in Stockholm and London, Fairford is a private investment company owned by the Osseiran Family Trust.

www.fairfordholdings.com

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