Panostaja Oyj Stock Exchange Bulletin, Inside Information February 18, 2021 at 3:30 p.m.
Panostaja sells Suomen Helakeskus to HTF Group Oy
Panostaja has signed an agreement to sell the entire share capital of Suomen Helakeskus Oy to HTF Group Oy. This also implies that Panostaja divests all its business activities specializing in the import of accessories and the provision of related services. Suomen Helakeskus Oy is a subsidiary of Suomen Helasto Oy, which is 100% owned by Panostaja.
The trade implies that Panostaja completely relinquishes his ownership in the company. The total purchase price without debt is 2.5 MEUR, to which is added an IFRS 16 debt of 0.9 MEUR has been recorded in the sector balance sheet. This debt will be removed from the balance sheet once the transaction is concluded. Once the transaction is concluded, Panostaja Group will record a capital loss of around 1.2 MEUR, taking into account the tax effects.
Suomen Helakeskus will continue to operate as an independent company. After the transition phase, Ari Plkky of HTF Group will take over as CEO of the company. Suomen Helakeskus has belonged to Panostaja since 2007.
We have owned Suomen Helakeskus for a long time, so we know each other quite well from our shared history. As bittersweet it is that our journey together is drawing to a close, now is the time to step aside and help the company move to the next phase with a new owner. Divestment is part of our strategy and supports our goal of actively developing our own portfolio. I want to thank the entire Suomen Helakeskus staff for our shared journey through the thick and the thin, says Panostajas CEO. Tapio Tommila.
This agreement is a logical strategic step for us. Suomen Helakeskus is a strong company with a long history, which is known for its logistics expertise, high quality services and competence in international purchasing. The agreement will provide HTF Group with the best customers in the business as well as loyal, long-term customer relationships. We are very pleased with this opportunity to integrate the company within the HTF group in order to further enhance our service capabilities. The committed staff at the company have done a great job and we look forward to working more closely with them, says the CEO of HTF Groups. Ari plkky.
Once the transaction is concluded, Suomen Helakeskus will be fully removed from the net result of continuing operations of Panostaja Group for the period under review and the reference period. Without Suomen Helakeskus, comparable sales of the Panostaja group and EBIT from continuing operations for fiscal year 2020 amounted to 151.4 MEUR and 0.3 MEUR respectively.
During the financial years from November 1, 2019 to October 31, 2020 and from November 1, 2018 to October 31, 2019, Suomen Helakeskus’ revenue and EBIT were as follows (FAS):
|(in thousands of euros)||November 1, 2019 – October 31, 2020||November 1, 2018 to October 31, 2019|
Suomen Helakeskus Oys sales as of October 31, 2020 and October 31, 2019 were as follows:
|(in thousands of euros)||October 31, 2020||October 31, 2019|
|Receivables and cash||1,557||1,412|
Tapio Tommila, CEO, Panostaja Oyj, +358 (0) 40 527 6311, [email protected]
Martti Niemi, CEO, Suomen Helakeskus Oy, +358 (0) 40512 8721, [email protected]
Ari Plkky, Managing Director, HTF Group Oy, +358 (0) 400 875226, [email protected]
Panostaja is an investment company developing Finnish SMEs in the role of an active shareholder. The company aims to be the most sought-after partner of business leaders selling their business as well as top managers and investors. Together with its partners, Panostaja strives to increase shareholder value and create Finnish success stories. Panostaja has a majority stake in seven investment objectives. Panostajas shares (PNA1V) are listed on the Nasdaq Stock Exchange in Helsinki. In fiscal year 2020, the Group’s revenue amounted to EUR 159 million. www.panostaja.fi
Founded in 1971, Suomen Helakeskus is a company specializing in the import of accessories and the provision of related services, particularly for the furniture industry. The company, based in Seinjoki, works closely with leading manufacturers in the field. The CEO of the company is Martti Niemi. In 2020, the company’s turnover was EUR 7.6 million and the company employed 18 people. https://www.helakeskus.fi/
HTF Group was born in 1982. HTF Group and its subsidiaries Helatukku Finland Oy and KVS Oy, specializing in lighting and electricity, are at the service of kitchen and accessory manufacturers, carpenters, the furniture industry , builders, electricians and DIY and home decor stores. MP Tietosovellukset Oy, which was integrated into the group in 2019, offers ERP system solutions for wholesale and retail purposes. In 2020, the group’s turnover amounted to nearly EUR 11 million and had 40 employees. https://www.htfgroup.fi/
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