Scandinavian Tobacco Group A/S to acquire Mac Baren Tobacco Company A/S
27 Junio 2024 - 2:39AM
Scandinavian Tobacco Group A/S to acquire Mac Baren Tobacco Company
A/S
Company
Announcement No. 35/2024 |
Copenhagen, 27 June 2024
Scandinavian Tobacco Group A/S to acquire Mac Baren
Tobacco Company A/S
Scandinavian Tobacco Group has today agreed on
the terms and conditions for the acquisition of all the shares of
Mac Baren Tobacco Company A/S (“Mac Baren”) from Halberg A/S. On a
debt and cash free basis (the enterprise value), the transaction is
valued at DKK 535 million. The acquisition will be financed by cash
at hand and debt. Closing of the transaction is expected
shortly.
Mac Baren is a family-owned business founded in
1826 and is a leading global smoking tobacco company, which
includes a strong portfolio of pipe tobacco brands such as Mac
Baren, Amphora and Holger Danske as well as fine-cut tobacco brands
like Amsterdamer, Choice and Opal. The company also produces and
sells nicotine pouches with the brands ACE and GRITT.
Mac Baren’s products are sold in 74 countries
with the majority of net sales generated in the US, Denmark and
Germany. Other key markets include the UK, France, Spain and Italy.
The company is based in Svendborg, Denmark with production
facilities in Denmark and in Richmond, Virginia in the US. The
company has approximately 200 full-time employees.
Mac Baren’s reported annual net sales
(April/2024) were DKK 723 million with a reported EBITDA of DKK 85
million. Nicotine pouches accounted for close to 20% of net sales
with a small negative contribution to EBITDA.
CEO of Scandinavian Tobacco Group, Niels
Frederiksen says: “I am very pleased that we have taken this
important step to strengthen our smoking tobacco business with the
acquisition of Mac Baren. The acquisition will contribute to our
already well-established position on the global market for pipe
tobacco and will expand our attractive range of brands of the
highest standards to our consumers. The combination with our
existing business is expected to deliver meaningful synergies when
fully integrated and good value for our shareholders.”
Chairman of the Board of Halberg A/S, Torben
Sørensen says: "Scandinavian Tobacco Group is acquiring a strong
company with a lot of know-how, loved brands and skilled employees.
Since its inception in 1826, a central part of Mac Baren's DNA has
been its focus on new opportunities and ensuring optimal
competitiveness. In light of this, it is timely prudence to now let
the company become part of a stronger constellation. It is a
particular pleasure that ownership has been retained in Danish
hands. This is the best possible solution for both Mac Baren and
Halberg."
Scandinavian Tobacco Group’s full-year financial
guidance for 2024, excluding the impact from the acquisition of Mac
Baren Tobacco Company, remains unchanged. The financial impact of
the acquisition will be communicated as soon as the integration
planning period has been completed. The integration planning period
is expected to take up to 120 days.
When fully integrated, the transaction is
expected to be accretive to Group margin, EPS and ROIC. The Group
leverage ratio (net interest-bearing debt/EBITDA) will, if the
transaction proceeds to completion, temporarily exceed the target
leverage ratio of 2.5x. The transaction will not impact the pending
up to DKK 850 million share buy-back programme.
For further
information, please contact:Torben Sand, Director of IR
& Communication, phone +45 5084 7222 or
torben.sand@st-group.com
- Company Announcement 35 2024
Scandinavian Tobacco Gro... (TG:8ZI)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Scandinavian Tobacco Gro... (TG:8ZI)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024