Clas Ohlson AB (OM:CLAS B) acquired 91% of the shares in Spares Nordic AB from Verdane.
November 07, 2023
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Clas Ohlson AB (publ) (OM:CLAS B) entered into an agreement to acquire 91% of the shares in Spares Nordic AB from Verdane for approximately SEK 500 million on October 2, 2023.The initial purchase price for 91% of the shares in Spares corresponds to SEK 430 million. There is an additional purchase price of up to SEK 225 million subject to the fulfilment of certain growth and profitability targets during a period that ends at the earliest on May 31, 2024, and at the latest on July 31, 2024. At full additional purchase price, the multiple can amount to a maximum of 10.5x Spares? EBITA. The deal is financed through bank facilities and cash. Verdane, which has been the main owner of the company since 2018, as well as certain minor shareholders including Spares management. In conjunction with the transaction, the company's CEO Talal Alshammari and several key employees are reinvesting a significant part of their shareholdings. Spares will continue to run operations as a separate company under a decentralised structure and will be consolidated into the Clas Ohlson Group. The transaction is subject to customary regulatory approvals and closing conditions. The initial purchase price shall be paid upon closing, which is expected to take place in November 2023. Carnegie Investment Bank AB (publ) acted as financial advisor, Advokatfirman Lindahl acted as legal advisor, ARC provided commercial and digital assistance , PricewaterhouseCoopers Sweden acted as accountant to Clas Ohlson AB (publ) (OM:CLAS B). John Hamilton and Alex Masters of Lincoln International LLC acted as financial advisor to Spares Nordic and Verdane.
Clas Ohlson AB (publ) (OM:CLAS B) acquired 91% of the shares in Spares Nordic AB from Verdane on November 8, 2023.
Clas Ohlson AB is a Sweden-based company active in the retail sector. The Companyâs product portfolio comprises five categories: Hardware, offering tools and material to renovate, build, paint and repair; Home, including products for kitchen and bathroom, cleaning, laundry and storage, hygiene and health, school work and leisure; Multimedia, which provides computer and telephone accessories, as well as music equipment; Electrical, such as chargers, cable, clocks and lamps; and Leisure, which supplies products for outdoor and indoor activities. Its distribution channels include retail and online stores, as well as catalogue and telephone sales. Furthermore, It owns a range of brands: Asaklitt, Cocraft, Gavia, Exibel, Coline, and Prologue, among others. The Company operates worldwide through a number of wholly owned subsidiaries, such as Clas Ohlson AS, Clas Ohlson OY, Clas Ohlson Ltd, Clas Ohlson GmbH and Clas Ohlson Ltd.