Ratos's subsidiary Inwido has signed agreement to sell the business area Inwido Home Improvement AB to private equity fund Priveq Investment Fund IV for a purchase price of SEK 195m (enterprise value). The sale, which is subject to approval from the relevant authorities, is expected to be completed during summer 2012.
Home Improvement is a subsidiary of Inwido and sells a number of interior products for the home for floors, walls and storage. The business area is operated in two companies under the Lundbergs and Duri brands, both of which are market leaders within their main product segments in Sweden. The operations have approximately 80 employees and sales in 2011 amounted to SEK 274m with an operating profit (EBITA) of SEK 25.8m. The operations were acquired in 2007.
Håkan Jeppsson, President and CEO of Inwido, comments: "Home Improvement has a good position and development and has a good platform for continued Nordic expansion within its segment. Inwido's focus is to be the leader in Europe within windows and doors. We have therefore decided to sell this business area since it is a retail operation with a totally different business model and therefore offers no economies of scale with our other operations."
Inwido develops, manufactures and sells a full range of windows and exterior doors to consumers, construction companies and prefabricated home manufacturers. Operations are conducted in all the Nordic countries as well as in the UK, Ireland, Poland and Russia. The company's brands include Elitfönster, SnickarPer, Tiivi, KPK, Lyssand and Allan Brothers. Ratos's holding in Inwido amounts to 96%.
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