Skånska Byggvaror

Sale of Skånska Byggvaror Group AB (SE) to Byggmax AB (SE) — SEK 847 million

On 4 November 2015, Byggmax AB (“Byggmax”) announced the acquisition of Skånska Byggvaror Group AB (“Skånska Byggvaror” or “the Company”). Skånska Byggvaror is an online based retailer in the do-it-yourself market for refined building material. The Company has operations in Sweden and Norway with an assortment focused on the building’s interior and exterior environments, ranging from windows and doors to storage and conservatories. Over the last 12 months Skånska Byggvaror had net sales of SEK 690 million, growing by approximately 20 per cent year-on-year, EBITA of SEK 47 million and EBITDA of SEK 53 million (both before non-recurring items). 

Byggmax acquires all outstanding shares in Skånska Byggvaror for SEK 741 million initially, corresponding to an enterprise value of SEK 847 million on a cash and debt free basis. In addition to the initial purchase price there is a possibility for the shareholders of Skånska Byggvaror to get an additional payment of SEK 110 million, if the EBITDA in 2016 exceeds SEK 67 million, with a maximum pay-out at an EBITDA of SEK 79 million or above. 

The transaction is subject to approval by the Competition Authority. Byggmax expects the transaction to be completed in the fourth quarter 2015. The transaction will have a positive impact on Byggmax’s earnings per share. The acquisition of Skånska Byggvaror is financed through increased debt. Skånska Byggvaror’s net debt and enterprise value as per 30 September 2015.

Carnegie acted as sole financial adviser to Polaris Private Equity and the minority shareholders in the transaction.