Investment AB Latour (publ) has, through its business area Latour Industries, signed an agreement to acquire Aritco Group, a leading Swedish manufacturer of platform lifts. The sellers are a group of private investors through Credelity Capital. The acquisition is in line with Latour’s ambition to invest in high-performing companies with proprietary products and significant international growth potential. Closing is expected in the end of May or beginning of June, 2016.
Aritco’s headquarters and manufacturing are based in Kungsängen, Sweden. The products are sold through partners and distributors, primarily in Europe, Middle East and Asia, but also through a subsidiary in the UK. The company has 157 employees and the net sales in 2015 were SEK 369 million, with an EBITDA margin of 19 percent. Aritco has grown by more than 10 percent per annum during the last three years with stable profitability.
“I am very pleased to welcome Latour as our new owners. They are a long-term industrial owner that can support Aritco’s growth plan in both new products and new geographies. I would also like to thank Credelity Capital for their significant contribution in our journey”, says Tommy Löwbäck, CEO of Aritco Group.
“Aritco is a high-performing company that supplies lifts for people transport, both for the public market and private homes. We see a growing interest and a long-term need for lift solutions in homes, which improve the quality of life through increased flexibility and comfort. Aritco’s products are relatively easy to install in an existing building and have a significant growth potential, especially on an international level. We are looking forward to be part of their continued international expansion”, says Björn Lenander, CEO of Latour Industries. “We will continue to run Aritco as an independent company and we see that the company can leverage Latour’s broad experience from international expansion.”
The acquisition will from the very beginning have a positive impact on the Latour Group’s earnings per share. The acquisition will increase the net debt in the Latour Group with about SEK 750 million.
Göteborg, May 23, 2016
INVESTMENT AB LATOUR (PUBL)
Jan Svensson, CEO
For further information, please contact:
Björn Lenander, CEO Latour Industries AB, +46 70 819 47 36
Pär Arvidsson, Director of Business Development, Investment AB Latour, +46 70 324 72 53
Investment AB Latour is a mixed investment company consisting primarily of wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 36.5 billion. The wholly-owned industrial operations generated a turnover of approximately SEK 7.2 billion in 2015.