Nordic Waterproofing Group has acquired 80 percent of the Finnish company E. Voutilainen Oy ("Voutilainen"). The company is headquartered in Imatra and performs installation and maintenance of liquid floor coating in mainly Eastern Finland. Voutilainen has ca 15 employees and an annual turnover of ca EUR 1.9 m. The acquisition will, together with our SPT Painting Oy, strengthen our position in the Finnish market.
Voutilainen was established 1959 and is headquartered in Imatra, Finland. The company designs, manufactures, markets and applies a wide range of painting and coating works to industrial customers. Voutilainen has ca 15 employees and an annual turnover of ca EUR 1.9 m. This acquisition is part of Nordic Waterproofing's strategy of enhancing our product and service offering. Through the acquisition of Voutilainen we get a good complement to our existing SPT Painting Oy in terms of applications and geographical presence.
Nordic Waterproofing Holding AB's Finnish subsidiary Nordic Waterproofing Oy has today acquired 80 percent of the shares in E. Voutilainen Oy. The remaining 20 percent 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 Installation Services.
"Nordic Waterproofing's strategy is to grow both organically and through acquisitions. With the acquisition of Voutilainen we broaden our solution offering and increase our geographical footprint in Finland. We appreciate that Voutilainen'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 20 May 2021 at 13:00 CEST.
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