TCM Group A/S: TCM Group A/S acquires 100% of the shares in Aubo Production A/S
19 Junio 2023 - 7:01AM
TCM Group A/S: TCM Group A/S acquires 100% of the shares in Aubo
Production A/S
COMPANY ANNOUNCEMENT
No. 167/2023
Tvis, 19 June 2023
TCM Group A/S acquires 100% of the shares in Aubo
Production A/S
TCM Group A/S has today entered into an agreement to acquire 100
% of the shares in Aubo Production A/S. The transaction is expected
to close shortly.
Aubo Production A/S is a well-established manufacturer of
primarily kitchens, but also bathroom interiors and wardrobes
located in Aulum, Denmark. Aubo Production A/S distributes the
products through 22 independent retailers in Denmark and through 55
shop-in-shops in the leading Norwegian building material
distributor, Optimera. Net sales in 2022 were DKK 292 million and
the business has grown sales consistently over a number of
years.
The acquisition supports TCM Group´s strategy of strengthening
the market position of TCM in the core markets and grow the
presence of TCM in Norway. With the acquisition TCM substantially
improves its foothold in the Norwegian market and does so without
creating a conflict with TCM Group's distribution of Svane Køkkenet
and Nettoline in Norway.
The management of Aubo Production A/S will remain in place after
the transaction, and the production in the facilities in Aulum will
continue in full operation.
CEO Torben Paulin:“We are happy that we have succeeded in
reaching an agreement with the current owners of Aubo, the family
behind the brand and the management of Aubo. We have for many years
enjoyed good relations with our neighbours in Aulum and have been
impressed by the development of the brand. We believe that going
forward the TCM position in Norway will be considerably
strengthened by the combination of the Aubo distribution through
Montér/Optimera and the growing presence of Svane Køkkenet and
Nettoline as more dealers are added to the present network.”
The purchase price for the shares in Aubo will, on a debt free
basis, amount to DKK 165 million plus potential earn-out payments
linked to the performance of the company going forward. Assuming
all targets in the earn-out agreements are met, the total purchase
price will amount to in total DKK 225 million.
As part of the acquisition agreement the sellers of the company
will issue a vendor note for a part of the sales price as well as
accept payment in form of shares in TCM Group amounting to DKK 10
million. The shares will be issued in connection with the closing
of the transaction. The remaining cash payment will be financed by
a bank credit facility.
As a result of the transaction the full year outlook for TCM
Group A/S is revised. Full year revenue is expected to be in the
range of DKK 1,050-1,175 million (previously DKK 950-1,050
million), and the guidance for the full year adjusted EBIT is now
expected to be in the range of DKK 68-102 million (previously DKK
60-90 million).
For further information
please contact:Torben Paulin,
CEO, TCM Group A/S, +45 21 21 04 64Thomas Hjannung, CFO, TCM Group
A/S, +45 97 43 52 00IR Contact – ir@tcmgroup.dk
About TCM Group
TCM Group is Scandinavia’s third largest manufacturer of
kitchens and furniture for bathrooms and storage. The products are
designed and produced in Denmark and rooted in a proud tradition of
good quality and good craftsmanship. TCM Group pursues a
multi-brand strategy, under which the main brand is Svane Køkkenet
and the other brands are Tvis Køkken and Nettoline. Combined, the
brands cater for the entire price spectrum, and are sold through c.
140 dealers in Denmark and the rest of the Scandinavia. TCM Group
sells private label kitchens through DIY stores in Denmark and
independent kitchen stores in Norway. TCM Group is supplier to the
45% owned e-commerce kitchen business Celebert, which operates
under the brands kitchn.dk, billigskabe.dk, Celebert and Just Wood.
See www.tcmgroup.dk for more information.
- 167. TCM Group acquires 100% of the shares in Aubo
Production
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