Elektroimportøren Holding to acquire Elbutik.se for upto SEK 292.5 million

OSLO, NORWAY: Elektroimportøren Holding AS has signed a Share Purchase Agreement (SPA) to acquire 100% of the shares of Elbutik Scandinavia AB and its sister companies (Elbutik.se) from Lades AB in a deal that may bring the aggregate purchase price up to SEK 292.5 million.

Elbutik.se is Sweden’s largest online player in the market for electric installation material and related products to private consumers.

The purchase price to be paid at completion of the transaction is expected to be approximately SEK 235 million, subject to the audited consolidated EBITDA of Elbutik.se for 2021 and the net debt and working capital of Elbutik.se at closing.

SEK 182.5 million of the purchase price will be settled in cash and the remaining part to be paid at closing will be settled with shares in Elektroimportøren AS. The subscription price for the consideration shares will be determined on the basis of the volume weighted average price of the share of Elektroimportøren AS over the last five days of trading prior to closing. The consideration shares will further be subject to a 24-month lock-up period.

Lades AB will also be entitled to a potential earn-out based on Elbutik.se’s EBITDA for 2022 to 2025, which may bring the aggregate purchase price up to SEK 292.5 million.

Completion of the transaction is subject to (i) that the extraordinary general meeting of the Company authorizes the Company’s Board of Directors to issue the consideration shares and (ii) certain other customary closing conditions. The Company expects to give notice to an extraordinary general meeting during the course of next week.

The agreement is expected to be completed primo Q2 2022.

This acquisition opens up the Swedish market of SEK 15 billion for Elektroimportøren’s concept and provides a solid base for a roll-out of physical stores.

Elbutik.se is a dominant online player offering almost 30,000 products to customers online. They have shown a great development in sales and profits over the last 10 years. It achieved a total revenue of SEK 141 million and EBITDA of SEK 14.3 million in 2020 and are growing sales and profits in 2021.

Andreas Niss CEO of Elektroimportøren comments: “We are excited about the opportunities that this brings us. Elbutik.se reminds us of Elektroimportøren in 2014. How they are challenging their market by offering a wide range of products at reasonable prices to everyone.

We see Elbutik.se as a great platform to start the roll-out of a Swedish omnichannel player. We believe that by using our retail knowledge and experience from Norway together with the market and product expertise from Elbutik we have a good starting point for another successful adventure. We really look forward to start working together with our new colleagues.”


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