Panostaja Sells Suomen Helakeskus to HTF Group Oy
Panostaja Oyj Stock Exchange Bulletin, Inside Information February 18, 2021 at 15:30
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 entails Panostaja divesting all of its business operations specializing in the import of fittings and the provision of related services. Suomen Helakeskus Oy is a subsidiary of Suomen Helasto Oy, which is fully owned by Panostaja.
The trade involves Panostaja relinquishing its ownership in the company entirely. The debt-free total purchase price is MEUR 2.5, in addition to which an IFRS 16 debt of MEUR 0.9 has been recorded in the segment’s balance sheet. This debt will be removed from the balance sheet once the deal is complete. Once the deal has been completed, Panostaja Group will record a capital loss of approximately MEUR 1.2, taking the tax effects into account.
Suomen Helakeskus will continue operating as an independent company. After the transition phase, Ari Pölkky of HTF Group will take over as the company’s CEO. Suomen Helakeskus has been owned by Panostaja since 2007.
“We have owned Suomen Helakeskus for a long time, so we know each other quite well thanks to our shared history. Even though it is bittersweet that our journey together is coming to an end, now is the time to divest and help the company reach the next phase with a new owner. The divestment is in keeping with our strategy and supports our objective of actively developing our own portfolio. I would like to thank the entire staff of Suomen Helakeskus for our shared journey through thick and thin,” says Panostaja’s CEO Tapio Tommila.
“This deal is a logical strategic step forward for us. Suomen Helakeskus is a strong company with a long history, which is known for logistical expertise, high-quality services and competence in international procurements. The deal will provide HTF Group with the best clients in the field as well as loyal long-term customer relationships. We are very excited about this opportunity to incorporate the company as part of HTF Group to improve our service capabilities even further. The company’s committed staff has done excellent work, and we look forward to working more closely with them,” says HTF Group’s CEO Ari Pölkky.
Once the deal has been completed, Suomen Helakeskus will be fully removed from Panostaja Group’s profit/loss from continuing operations for the review period and reference period. Without Suomen Helakeskus, Panostaja Group’s comparable net sales and EBIT from continuing business operations for the 2020 financial period stood at MEUR 151.4 and MEUR 0.3, respectively.
During the financial periods of November 1, 2019-October 31, 2020 and November 1, 2018-October 31, 2019, Suomen Helakeskus’ net sales and EBIT were as follows (FAS):
|(in thousands of euros)||November 1, 2019-October 31, 2020||November 1, 2018-October 31, 2019|
Suomen Helakeskus Oy’s balances on October 31, 2020 and October 31, 2019 were as follows:
|(in thousands of euros)||October 31, 2020||October 31, 2019|
|Receivables and Liquid assets||1,557||1,412|
Tapio Tommila, CEO, Panostaja Oyj, +358 (0)40 527 6311, firstname.lastname@example.org
Martti Niemi, CEO, Suomen Helakeskus Oy, +358 (0)40 512 8721, email@example.com
Ari Pölkky, Managing Director, HTF Group Oy, +358 (0)400 875 226, firstname.lastname@example.org
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 for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja strives to increase shareholder value and create Finnish success stories. Panostaja has a majority holding in seven investment targets. Panostaja’s shares (PNA1V) are quoted on the Nasdaq Helsinki Stock Exchange. In the 2020 financial year, the Group’s net sales totaled MEUR 159. www.panostaja.fi
Established in 1971, Suomen Helakeskus is a company specializing in the import of fittings and the provision of related services, particularly for the furniture industry. The company, which is based in Seinäjoki, engages in close cooperation with the leading manufacturers in the field. The company’s CEO is Martti Niemi. In 2020, the company’s net sales stood at MEUR 7.6, and the company employed 18 people. https://www.helakeskus.fi/
HTF Group laid down its roots in 1982. HTF Group and its subsidiaries Helatukku Finland Oy and KVS Oy, which specializes in lighting and electricity, serve kitchen and fixture manufacturers, carpenters, the furniture industry, builders, electricians, and DIY and interior decoration outlets. MP Tietosovellukset Oy, which was included in the group in 2019, offers ERP system solutions for the purposes of wholesale and retail. In 2020, the group’s net sales stood at almost MEUR 11 and it had 40 employees. https://www.htfgroup.fi/