WULFF-GROUP PLC STOCK EXCHANGE RELEASE 2 July 2009, 9:15 a.m.
WULFF-GROUP PLC TO EXPERIENCE SUBSTANTIAL GROWTH IN NORDIC COUNTRIES BY
ACQUIRING STRÅLFORS SUPPLIES AB
Wulff-Group Plc acquires a majority interest in the Nordic company Strålfors
Supplies AB. The company’s pro forma net sales in the accounting period ended on
31 December 2008 totalled SEK 356.9 million (EUR 32.5 million) and its pro forma
operating profit was SEK 12.3 million (EUR 1.1 million). Strålfors Supplies AB,
which sells office and computer supplies based on the contract customer concept,
operates in Sweden, Norway and Denmark. The company has a staff of 43 people and
employs 60 people in total.
Following the transaction, Wulff-Group Plc will hold 68 per cent of the shares
and votes of Strålfors Supplies AB, while Strålfors Supplies AB’s five key
employees command 12 per cent and Strålfors AB 20 per cent. Closing of the
transaction will take place by end of August. The price of the shares acquired
from Strålfors AB is SEK 40 million (EUR 3.6 million), which will be financed
partly with Wulff-Group Plc’s liquid assets and partly with long-term debt.
Wulff-Group Plc acquires the remaining shares owned by Strålfors AB in 2011.
Strålfors Supplies AB will boost Wulff-Group Plc’s business in Scandinavia
substantially. Wulff-Group Plc is the Finnish market leader in office supplies.
This acquisition will make it also the biggest Nordic player in the field.
Strålfors Supplies AB will continue to operate as an independent unit at its
current facilities and with the current staff. Trond Fikseaunet will continue as
the Managing Director.
Heikki Vienola, CEO of Wulff-Group Plc, believes that the acquisition, which is
in line with the company’s Nordic growth strategy, will have a positive impact
on the Group’s performance. ”Strålfors Supplies AB is a well managed and
profitable company. I believe the deal will begin to have a positive impact on
our earnings per share this year. The deal will increase the Group’s annual net
sales by some 40 per cent, making us a key player in the Nordic countries.
Strålfors Supplies has several important, long-term customers and is partner to
many of Scandinavia’s biggest companies. The deal enables us to develop a
contract customer concept for large Nordic customers. The boost to our
Scandinavian operations and the increasingly close Nordic cooperation within the
Group will also benefit purchasing and logistics. Our new setup also entails
considerable growth potential.”
Trond Fikseaunet, Managing Director of Strålfors Supplies AB, is satisfied with
the new owner. ”Strålfors Supplies will get a competent owner from Wulff-Group –
one with a strong drive to develop the business and pioneer the field.
Wulff-Group is a solvent listed company, whose strategy emphasises continued
growth. This is a great opportunity for us to take part in generating growth and
to develop our operations. Our goal is to provide customers with solutions that
offer them as much added value as possible. In cooperation with Wulff, we can
offer increasingly versatile services of ever higher quality. I consider our
cooperation to be a significant competitive advantage.”
Strålfors Supplies AB is a subsidiary of Strålfors AB, a Swedish information
logistics provider. Strålfors AB operates in the field of information logistics
in Sweden, Norway, Denmark, Finland, France, the UK, Poland and Switzerland and
is the market leader in the Nordic countries. It has been owned by Posten AB
since 2006. Strålfors Supplies AB, which focuses on selling office and computer
supplies to contract customers, has nearly 6,000 customers in Sweden, Norway and
Denmark. 47 per cent of Strålfors AB’s turnover comes from Sweden, 46 per cent
from Norway and 7 per cent from Denmark.
Wulff-Group Plc is the Finnish market leader in all of the main product groups
that it sells. The company sells and markets office supplies, computer
accessories, corporate promotional products, ergonomic products, as well as fair
and event marketing services. Wulff-Group Plc is the only listed office supplies
company in the Nordic countries. Its long-term goal is to become the Nordic
market leader in its field. The Group has nearly 80,000 customers and over 450
employees, around 70% of them in sales. Wulff-Group Plc’s net sales in 2008
totalled EUR 76.2 million and its operating profit was EUR 2.3 million. After
the acquisition of Strålfors Supplies AB, the equity ratio of Wulff-Group will
amount to 45%. The acquisition supports Wulff’s growth strategy, in which
acquisitions hold a key role.
Heikki Vienola, CEO
tel. +358 (0)9 5259 0050 or +358 (0)50 65 110
NASDAQ OMX Helsinki