Svedbergs Group AB (publ) has entered into an agreement to acquire the Dutch company Thebalux Holding B.V. and its subsidiaries, a well-established Dutch designer, producer and supplier of bathroom furniture and bathroom products. The purchase price amounts to, on a cash and debt free basis, a maximum of EUR 44.5 million. In addition, an earn-out of a maximum of EUR 2.7 million has been agreed upon. The acquisition is subject to approval by the relevant competition authorities and completion of the acquisition is expected to take place in December 2023.
Through the acquisition, Svedbergs Group takes an important step towards the goal of becoming the leading bathroom group in northern Europe. In line with Svedbergs’ previous acquisitions, the management of Thebalux will continue to be active in the business after the acquisition.
The acquisition is financed through expanded credit facilities. In order to partially amortise the credit facilities and to strengthen its capital structure after the acquisition of Thebalux, Svedbergs intends to carry out a rights issue with preferential rights for existing shareholders of a maximum of approximately SEK 400 million during the first quarter of 2024.
Svedbergs was advised by Mannheimer Swartling in the transaction.