Relais makes complementary acquisition in Sweden
Summary
- Relais announced the acquisition of 70% of Tershine AB, a Swedish vehicle care products company, to strengthen its Products and Solutions business area.
- Tershine, with a strong brand presence in Sweden, reported a preliminary revenue of 155 MSEK (~13.5 MEUR) and an EBIT of 29 MSEK (~2.5 MEUR) for the financial year ending in June 2026, reflecting an EBIT margin of nearly 19%.
- The transaction price was not fully disclosed, but Relais will pay SEK 20.0 million (~1.7 MEUR) through a directed share issue, with Tershine's founder retaining a 30% stake and continuing as CEO.
- Tershine will be consolidated into Relais' financials from August 2026, expected to support earnings growth in the second half of the current year.
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Translation: Original published in Finnish on 7/28/2026 at 9:14 am EEST.
Relais announced this morning that it will acquire 70% of Tershine AB, a Swedish company selling vehicle care products. The acquisition strengthens Relais' Products and Solutions business area, and we consider the small bolt-on acquisition to be well in line with Relais' acquisition strategy.
Highly profitable brand company complements portfolio
Tershine, founded in 2017, sells professional-grade vehicle care products, and we believe the company's brand awareness is strong, especially in the Swedish market. For the financial year ending in June 2026, the company's revenue was preliminarily 155 MSEK (~13.5 MEUR) and its EBIT was around 29 MSEK (~2.5 MEUR). This corresponds to an excellent EBIT margin of almost 19%. The acquisition is relatively small by Relais' standards, as the acquired business's revenue for the previous financial year represented only about 3% of our current year revenue forecast for Relais and about 5% at the EBIT level.
Transaction price was not disclosed
We believe Relais can provide Tershine with broader shoulders for international growth, which we expect will improve the growth opportunities of the acquired business as part of a larger group. Thus, in our view, the strategic logic of the arrangement is quite clear. We believe that the continued tenure of the company's founder, Tobias Ericson, as CEO and his 30% ownership stake align interests well with Relais' creation of shareholder value.
Relais did not disclose the total purchase price of the transaction but stated that it would pay SEK 20.0 million (~1.7 MEUR) of the purchase price through a directed share issue. Thus, a more precise assessment of the acquisition's valuation is not possible at this stage. Historically, Relais has been disciplined in the valuation levels of its acquisitions, and we do not believe the company has deviated from this principle now. Tershine will be consolidated into Relais' financials starting from August 2026, which will support earnings growth in the second half of the current year. We will include the acquisition in our forecasts in the near future.
Relais Group is an importer and wholesaler for the automotive industry. The group focuses mainly on the development of automotive electronic equipment for trucks. Examples of products that the company supplies include lighting products, applications for warning lights, camera systems, and other spare parts for heavy vehicles. The largest operations are found in the Nordic and Baltic markets, with customers in the aftermarket industry.
Read more on company pageKey Estimate Figures13/05
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 383.4 | 454.9 | 466.6 |
| growth-% | 18.8 % | 18.6 % | 2.6 % |
| EBIT (adj.) | 38.4 | 47.5 | 48.0 |
| EBIT-% (adj.) | 10.0 % | 10.4 % | 10.3 % |
| EPS (adj.) | 1.48 | 1.37 | 1.42 |
| Dividend | 0.30 | 0.38 | 0.40 |
| Dividend % | 1.8 % | 2.6 % | 2.8 % |
| P/E (adj.) | 11.3 | 10.6 | 10.2 |
| EV/EBITDA | 10.5 | 7.4 | 7.0 |
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