Inwido completes acquisition of Outrup Vinduer & Døre in Denmark
July 4, 2016
This information is such that Inwido AB (publ) is obliged to publish in accordance with the Swedish Securities Market Act and/or Financial Instruments Trading Act. The information was submitted for publication on Monday, 4 July 2016 at 11:30 a.m.
The Competition Authority has approved Inwido’s acquisition of the Danish window and door company Outrup Vinduer & Døre in Denmark. Inwido acquires 25 percent of the shares for DKK 63 million on a debt-free basis from 16 August 2016. The acqusition of 25 percent of the shares will be financed by utilizing existing liqudity and by raising new loans. The parties have also agreed that the remaining shares will be acquired in early 2018 (65%) and 2019 (10%). The purchase price for the remaining shares will be based on future financial performance of Outrup Vinduer & Døre. The approval is related to 100 percent of the shares.
Outrup was founded in 1968 by Harry Ringgaard whose son Mogens now manages the company and is its principal owner. The company sells and produces windows and doors in wood and wood/aluminium for the Danish market. The company has a strong position, particularly among carpenters, and is focused on energy-efficient and modern window and door solutions.
The acquisition strengthens Inwido’s position in the Danish market and is expected to generate significant opportunities for expansion and synergies with Inwido’s existing operations. Outrup has some 150 employees and generated sales of slightly more than DKK 180 million in 2015.
