Regulatory Filings • Mar 13, 2019
Regulatory Filings
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Caverion Corporation Stock exchange release 13 March 2019 at 10.00 a.m. EET
Supplement to Caverion's stock exchange release published on 12 March 2019 at 5.00 p.m. EET: Caverion acquires Maintpartner's operations in Finland, Estonia and Poland
Caverion supplements the stock exchange release that waspublished on 12 March 2019 at 5.00 p.m. EET with regard to the transaction details and financial information on the target'sprior profit development and financial position.
The supplemented information is presented below.
The transaction is subject to approval by the competition authorities. More detailed information on the transaction valuation will be published at the closing of the transaction. The purchase price will be paid by cash.
According to the FinnishAccounting Standard (FAS), the revenue of the business to be acquired was approximately EUR137 million in 2018 (EUR137 million in 2017), with most of the revenue generated in Finland. The business employed approximately 1,500 people in 2018. According to the Finnish Accounting Standard (FAS), EBITDA of the business to be acquired was EUR6.1 million in 2018 (EUR4.6 million in 2017). According to the preliminary valuation, the IFRS adjusted net value of the assets to be purchased amounted to EUR6.4 million in 2018.
The original stock exchange release with the supplement is included below.
Caverion has signed an agreement with Maintpartner Holding Oy to acquire all of the shares in Maintpartner Group Oy including its subsidiaries in Finland, Poland and Estonia. The acquisition excludes Maintpartner Group Oy's subsidiary in Sweden. Maintpartner Holding Oy is owned by the funds managed by the Finnish private equity company CapMan Buyout.
The transaction is subject to approval by the competition authorities. More detailed information on the transaction valuation will be published at the closing of the transaction. The purchase price will be paid by cash.
Maintpartner is an industrial maintenance and service provider operating in sectors such as energy, chemicals, metal, food and manufacturing industries. According to the FinnishAccounting Standard (FAS), the revenue of the business to be acquired was approximately EUR137 million in 2018 (EUR137 million in 2017), with most of the revenue generated in Finland. The business employed approximately 1,500 people in 2018. According to the Finnish Accounting Standard (FAS), EBITDA of the business to be acquired was EUR6.1 million in 2018 (EUR4.6 million in 2017). According to the preliminary valuation, the IFRS adjusted net value of the assets to be purchased amounted to EUR6.4 million in 2018.
After the completion of the acquisition, the revenue of Caverion's Industrial Solutions division will be approximately EUR320 million and it will employ approximately 3,100 people.
The acquisition complements Caverion's knowledge in industrial maintenance and services as well as development of digital solutions. It also supplements Caverion's geographical coverage and customer base in various industrial segments.
"The acquisition is in line with our Fit for Growth strategy and strengthens our Services business. Our Industrial Solutions division is now fit for growth and we are therefore entering the Growth phase in the division. The acquisition will focus our industrial operations more towards Services business and create a strong player in the Finnish market," says Ari Lehtoranta, CEOand President of Caverion Corporation.
The contemplated acquisition will not change Caverion Group's guidance for 2019 after its completion.
CAVERION CORPORATION
Distribution: NASDAQ Helsinki, principal media, www.caverion.com
Martti Ala-Härkönen, Chief Financial Officer, Caverion Corporation, tel. +358 40 737 6633, [email protected]
Sakari Toikkanen, Head of Caverion Division Industrial Solutions, tel. +358 40 532 2174, [email protected]
Milena Hæggström, Head of Investor Relations, tel. +358 40 5581 328, [email protected]
Caverion provides smart technical solutions and services for buildings, industrial processes and infrastructure. Our unique service offering covers the entire life cycle: design, build and maintenance. Our vision is to be the first choice in digitalising environments for customers, employees, partners and investors. Our revenue in 2018was approximatelyEUR2.2 billion. Caverion has about 15,000 employees in 10 countries in Northern, Central and Eastern Europe. Caverion's shares are listed on Nasdaq Helsinki. www.caverion.comTwitter: @CaverionGroup
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