Supplement to Caverion's stock exchange release published on 12 March 2019 at 5.00 p.m. EET: Caverion acquires Maintpartner’s operations in Finland, Estonia and Poland

Supplement to Caverion's stock exchange release published on 12 March 2019 at 5.00 p.m. EET: Caverion acquires Maintpartner’s operations in Finland, Estonia and Poland

Caverion supplements the stock exchange release that was published on 12 March 2019 at 5.00 p.m. EET with regard to the transaction details and financial information on the target’s prior profit development and financial position.

The supplemented information is presented below.

The transaction is subject to approval by the competition authorities. More detailed information on the transaction valuation will be published at the closing of the transaction. The purchase price will be paid by cash.

According to the Finnish Accounting Standard (FAS), the revenue of the business to be acquired was approximately EUR 137 million in 2018 (EUR 137 million in 2017), with most of the revenue generated in Finland. The business employed approximately 1,500 people in 2018. According to the Finnish Accounting Standard (FAS), EBITDA of the business to be acquired was EUR 6.1 million in 2018 (EUR 4.6 million in 2017). According to the preliminary valuation, the IFRS adjusted net value of the assets to be purchased amounted to EUR 6.4 million in 2018.

The original stock exchange release with the supplement is included below.

Caverion acquires Maintpartner’s operations in Finland, Estonia and Poland to boost its growth in industrial services  

Caverion has signed an agreement with Maintpartner Holding Oy to acquire all of the shares in Maintpartner Group Oy including its subsidiaries in Finland, Poland and Estonia. The acquisition excludes Maintpartner Group Oy’s subsidiary in Sweden. Maintpartner Holding Oy is owned by the funds managed by the Finnish private equity company CapMan Buyout.

The transaction is subject to approval by the competition authorities. More detailed information on the transaction valuation will be published at the closing of the transaction. The purchase price will be paid by cash.

Maintpartner is an industrial maintenance and service provider operating in sectors such as energy, chemicals, metal, food and manufacturing industries. According to the Finnish Accounting Standard (FAS), the revenue of the business to be acquired was approximately EUR 137 million in 2018 (EUR 137 million in 2017), with most of the revenue generated in Finland. The business employed approximately 1,500 people in 2018. According to the Finnish Accounting Standard (FAS), EBITDA of the business to be acquired was EUR 6.1 million in 2018 (EUR 4.6 million in 2017). According to the preliminary valuation, the IFRS adjusted net value of the assets to be purchased amounted to EUR 6.4 million in 2018.

After the completion of the acquisition, the revenue of Caverion’s Industrial Solutions division will be approximately EUR 320 million and it will employ approximately 3,100 people. 

The acquisition complements Caverion’s knowledge in industrial maintenance and services as well as development of digital solutions. It also supplements Caverion’s geographical coverage and customer base in various industrial segments.

“The acquisition is in line with our Fit for Growth strategy and strengthens our Services business. Our Industrial Solutions division is now fit for growth and we are therefore entering the Growth phase in the division. The acquisition will focus our industrial operations more towards Services business and create a strong player in the Finnish market,” says Ari Lehtoranta, CEO and President of Caverion Corporation.

Guidance unchanged

The contemplated acquisition will not change Caverion Group's guidance for 2019 after its completion.

CAVERION CORPORATION

Distribution: NASDAQ Helsinki, principal media, www.caverion.com

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