Ratos is acquiring 100% of the Norwegian office chair producer HÅG.
HÅG, which is today Europe's fifth largest producer of work chairs
posted sales of SEK 700 million in 2006. Operating profit (EBITA) was
approximately SEK 113 million. Ratos's investment will amount to
approximately SEK 565 million.
Ratos CEO, Arne Karlsson, comments: "We are, of course, delighted to
have achieved this deal. HÅG is one of the leading players within
work chairs as regards ergonomics, design and environment in the
Nordic region."
HÅG was founded back in 1943 and is today one of the leading
suppliers of ergonomic and designed office chairs in the Nordic
region. The company has a total of 377 employees, of whom 250 work at
the company's factory in Røros. Seller is Rondane Holding A/S which
is controlled by HÅG's former CEO, Orkla and the present management
team.
HÅG's CEO, Lars I. Røiri, comments: "Ratos is an ideal new owner for
HÅG. Our vision is to establish ourselves as Europe's leading
supplier of work chairs. I am convinced that we can achieve this in
partnership with Ratos and our employees."
At the beginning of 2007, Ratos completed its acquisition of the
Swedish company RH Form and the Danish company RBM, both of which are
suppliers of work chairs with a major focus on ergonomics. Exactly as
is the case for HÅG, the major part of these companies' work consists
of product development and design of chairs, assembly of components
purchased from external suppliers, and marketing and distribution.
Arne Karlsson says: "Building further on our earlier investment in RH
and RBM through HÅG is a natural step for us. We believe
consolidation of the industry is essential if producers of work
chairs in the future shall be able to meet the demands made by
retailers and end customers on ergonomics, design, product range and
price."
Norway accounts for approximately 30% of HÅG's sales while the
remainder is exported to the rest of Europe. Annual sales in the
traditional office furniture market in Europe total approximately SEK
68 billion, of which chairs are estimated to account for
approximately one-third. HÅG together with RH Form and RBM would have
annual sales of about SEK 1.3 billion which corresponds to
approximately 6% of the market. The intention is to merge the three
companies in a new group where Lars I. Røiri will be appointed as
CEO. The HÅG, RH Form and RBM brands will be retained and further
developed.
Senior executives in the companies will be invited to co-invest with
Ratos.
Ratos's acquisition is subject to approval from the relevant
authorities.
For further information, please contact:
Arne Karlsson, CEO Ratos, +46 8 700 17 00
Anna-Karin Celsing, Head of Corporate Communications Ratos, +46 703
99 62 39
Lars I. Røiri, CEO HÅG, +47 91 17 90 67
Financial calendar from Ratos:
Interim report January-June 21 August 2007
Interim report January-September 9 November 2007
Ratos is a listed private equity company. The business concept is to
maximise shareholder value over time by investing in, developing and
divesting primarily unlisted companies. Ratos thus offers stock
market players a unique investment opportunity. The equity of Ratos's
investments is approximately SEK 11 billion. Ratos's holdings include
Anticimex, Arcus Gruppen, Bisnode, Bluegarden, Camfil, DIAB,
GS-Hydro, Haendig, Haglöfs, HL Display, Hägglunds Drives, Inwido,
Jøtul, Lindab, MCC, Medifiq Healthcare, RH/RBM, Superfos and Other
holdings
