egetæpper acquires 51% of the shares in Bentzon Carpets as of 1st May 2010.
The acquisition is the first step in a generational handover of Bentzon
Carpets.
The three present shareholders continue as directors and minority shareholders
of the company.
Bentzon Carpets, originally founded in 1976 and since 2001carried on by the
three present shareholders, produces and sells flat woven carpets to the
domestic and professional market in Europe. Since 2001 egetæpper and Bentzon
Carpets have had a close cooperation in the field of production and sales of
flat woven carpets in Europe.
As a natural consequence of this cooperation, egetæpper now takes an active
share in the upcoming generational handover of Bentzon Carpets. The firm will
continue as an independent company with focus on the same products, markets and
customers that have been the company's business foundation through the years.
In the financial year 2008/09 Bentzon Carpets showed a result of 18 DKK million
before taxation, capital & reserves of 58.6 DKK million and an equity ratio of
69%.
egetæpper acquires 51% of the shares at book value, plus a goodwill amount of
19 DKK million for the acquired shares. The price for the shares, which is
expected to amount to approx. 50 DKK million, will be paid in cash. The
remaining 49% of the company's shares will be acquired by egetæpper at book
value no later than
1st May 2020.
For the accounting year 2010/11 (1st May 2010 - 30st April 2011) Bentzon
Carpets expect a surplus of 10 DKK million before taxation. In the first
accounting year after the takeover the goup accounts are going to be adjusted
for revaluation and internal profit on stocks according to IFRS. This is
expected to amount to 4-5 DKK million. After adjustment of minority interests
the group result is only expected to be affected positively by 1 DKK million
before taxation. Expectations to the total group result before taxation for
2010/11 will be published in our annual report notification on 25th June 2010.
Question in connection with this notification may be directed to the directors
John Vestergaard or Svend Aage Færch Nielsen.
