ITAB, one of Europe's largest suppliers of shop fitting concepts, checkouts and lighting systems, has signed an agreement to acquire Pikval Group in Finland, with subsidiaries in Finland, Sweden and Norway.
The takeover will be realized with immediate effect and the consideration for the shares amounts to EUR 6.5 million on a cash and debt free basis. In 2015 the company's turnover was EUR 17 million and the number of employees is approx. 100. The acquisition is expected to have a positive effect of SEK 0.25 earnings per share in 2016.
Pikval Group has production in wood and metal, store-keeping, sales and project management of shop fitting concepts to the retail chain stores in mainly the Finnish market but also in the Scandinavian market, through the subsidiaries in Sweden and Norway. In Jyväskylä, Finland, the company has a larger production facility.
Through the acquisition ITAB strengthens its expertise and market position within shop concept sales primarily on the Finnish market where Pikval has several major customers. Pikval can through the acquisition offer customers a broader portfolio of products in the check-out arena and professional lighting systems. The acquisition is in consistent with the Group's continued focus on the sale of the all-inclusive offer to the retail sector.
The information is such information that ITAB Shop Concept AB (publ) shall publish in accordance with the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was published in Swedish at 12 p.m. 18th of May 2016.
For further information, please contact:
CEO, Ulf Rostedt Tel: +46 36 31 73 00
Cellphone: +46 70 694 86 82
ITAB Shop Concept AB is listed on the Nasdaq OMX Stockholm and sells, develops, manufactures and installs complete shop fitting concepts for retail chain stores. The all-inclusive offer includes custom-made fitting concepts, checkouts, self-checkout systems and professional lighting systems. Customers include the major players throughout most parts of Europe. ITAB is the market leader at checkout to retailers in Europe, and one of Europe's largest suppliers of shop fitting concepts and lighting systems. The group has after the acquisition approximately 3,000 employees and a turnover of SEK 5,193 million in 2015.