Nordic Waterproofing Group has signed an agreement to acquire the Finnish company Seikat Oy ("Seikat"). The company is headquartered in Ylistaro and designs, manufactures, markets and installs long-span (15 - 24 meters) wooden prefabricated roof panels to industrial buildings, warehouses, public and commercial buildings. Seikat has 21 employees and an annual turnover of ca EUR 4 m. This acquisition is part of NW's strategy of promoting sustainable, wood-based building solutions. Entering the Finnish market in this field is an important step in extending our relevant footprint beyond Denmark and Norway.
Seikat was established 2013 in Ylistaro, Finland, and has since been able to offer high quality services and products, all from designing to installation, of long-span wooden prefabricated elements. Seikat has a good position in the market with effective and well-controlled operations and gives us a strategic position for further growth within this segment in Finland.
"The acquisition of Seikat is an important part of our strategy to strengthen our position in the Finnish market with a broader offering of products and services to the Finnish customers." says Esa Mäki, Head of Nordic Waterproofing Finland. "Prefabrication is a growing market also in the waterproofing industry. Through the acquisition of Seikat we can now offer our customers complete solutions with prefabricated elements, waterproofing and solar panels.".
"Seikat has had a good growth of our business for several years and this is a natural step to increase the speed of our development," says Arja Suomalainen, CEO of Seikat. "We are pleased to have a strong owner with a large footprint in Finland and good understanding of our business. We see a good potential for continued growth." Arja continues.
Nordic Waterproofing Holding AB's Finnish subsidiary Nordic Waterproofing Oy signed the agreement to acquire the shares in Seikat Oy. Closing is scheduled to take place on 1 April 2021 when 84% of the shares will be acquired. The remaining 16% of the shares can be acquired in 2023. The acquisition is financed through Nordic Waterproofing's existing credit facilities. The acquisition is expected to have a minor positive effect on Nordic Waterproofing's earnings per share in 2021 within the segment Products & Solutions.
"Nordic Waterproofing's strategy is to promote sustainable building solutions, and to broaden our product and services offering. I am very pleased that with Seikat joining our Group we are able to increase our contribution to sustainability in construction in Finland. We appreciate that Seikat's management continue as minority shareholders and we welcome our new colleagues in Finland to Nordic Waterproofing" says Martin Ellis, President and CEO of the Nordic Waterproofing Group.
The information was submitted, through the agency of the contact person below, for publication on 10 March 2021 at 13:00 CET.
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