Vestum AB (publ) (”Vestum”) has – through Vestum Sweden AB – agreed to acquire 100% of the shares in Spännbalkkonsult SBK AB (”SBK”). The purchase price will partly be financed through payment in reverse, which will then be set off against 958,904 shares in Vestum through offset issues. This will result in a dilution of approximately 0.3%. SBK will be included in Vestum’s Infrastructure segment. In the fiscal year of 2021, SBK generated sales of SEK 91 million. SBK has an EBITA margin that is higher than the Vestum Group’s adjusted EBITA margin.
About SBK
SBK was founded in 1972 and performs design of concrete beams and renovation of concrete structures. SBK operates throughout Sweden and its customers include real estate companies, construction companies and housing co-operatives.
SBK has 24 employees and is headquartered in Gothenburg.
SBK’s financials are expected to be consolidated into Vestum from April 2022, provided that the indicative timetable for the completion of the acquisition can be followed.
Comments from Conny Ryk, CEO of Vestum:
Today we welcome SBK – a well-established niche company within concrete renovations – to Vestum! SBK has decades of experience when it comes to designing concrete beams and renovating concrete structures. The technical knowledge within SBK is very high and the methods used by SBK – the “Spännbalksystem” and the “Redurite-method” – provide unique advantages. It is very satisfying that Vestum attracts niche companies such as SBK and that SBK and its experienced management want to be part of Vestum´s continued journey, says Conny Ryk, CEO of Vestum.
About the transaction
The purchase price will partly be financed through payment in reverse, which will then be set off against 958,904 shares in Vestum through offset issues. This will result in a dilution of approximately 0.3%. The subscription price has been determined via a ten-day volume-weighted average price ("VWAP") in Vestum's share during the period 10 March 2022 up to and including 23 March 2022. The seller has undertaken not to sell the subscribed shares for a period of 24 months (“lock-up”).
The number of outstanding shares would increase in connection with the transaction from the existing 362,069,952 to 363,028,856 shares.
The above information on dilution and number of shares is based on previously announced offset issues.
Completion of the acquisition
The transaction is expected to be completed within approximately two weeks. In connection with the completion of the transaction, the Board, backed by an authorization of the Annual General Meeting, will make a formal decision to issue the shares in the offset issue.
Adviser
Svalner provides financial advice and Cirio acts as legal adviser to Vestum in connection with the acquisition.