Boreo acquires health technology company Delfin Technologies

BOREO PLC        INVESTOR NEWS     8 June 2023 at 09:00 EET

Boreo acquires health technology company Delfin Technologies

Boreo Plc has on June 8, 2023 signed a share purchase agreement to acquire the entire share capital of Delfin Technologies Oy (“Delfin Technologies”, “Delfin” or “the Company”), from Tapani Lahtinen, the Company’s CEO Jouni Nuutinen and a group of private shareholders (“Sellers”). The Company will continue operating after the transaction as part of Boreo’s Electronics Business Area, led by Jouni Nuutinen.

“We are delighted to have been provided the opportunity to acquire Delfin Technologies and to partner with the management in the Company’s growth journey. Delfin Technologies is a company led by great people and has a track record of consistently generating high margins and strong returns on capital. Through its attractive positioning in the medical- and cosmetics device markets, Delfin has a sustainable long-term organic growth potential and offers us attractive re-investment opportunities going forward. The acquisition also paves the way for new acquisition opportunities in the medical device- and broader healthcare sector”, says Boreo CEO Kari Nerg.

Founded in 1998, Delfin Technologies is a health technology company that develops, produces and markets scientifically validated and specialized, hand-held skin and edema measurement instruments. Besides clinical use, Delfin’s products are used in medical and dermatological research, as well as in R&D, safety and performance validation of self-care and cosmetics products. The products for clinical applications have been approved for clinical use in the US and in EU. The company is serving its customers through distributors in more than 40 countries in selected geographies, main markets being the US, China and Europe.

Delfin has 9 employees with operations located in Kuopio, Finland. In FY 2022, the Company had revenues of c. EUR 2.5 million and a reported EBIT of c. EUR 1.1 million.

The purchase price will be paid in cash. The payment is scheduled in two installments, approximately two thirds at closing and one third in one year from the closing of the transaction. Boreo will fund the payment of the purchase price with its existing financing facilities.

The closing of the transaction is expected to take place on July 1, 2023. Delfin Technologies will be reported under Boreo’s Electronics Business Area.

Vantaa, 8 June 2023

Boreo Plc
Kari Nerg

NASDAQ Helsinki Ltd
Principal media

Further information:

Kari Nerg
tel +358 44 341 8514

Aku Rumpunen
tel +358 40 556 3546

Delfin Technologies Oy – key financials1

  2022 2021 2020
Revenue, EURm 2.5 2.1 1.3
EBIT, EURm 1.3 1.1 0.6
EBIT, % 50.3 51.9 46.9
Total assets, EURm 2.8 2.2 1.7
Equity, EURm 2.6 2.0 1.6
Net debt, EURm (0.9) (0.4) (1.1)

[1]Key financials are based on Finnish Accounting Standards (FAS), financial year ending December 31.

Boreo in brief:

Boreo is a company listed on Nasdaq Helsinki that creates value by owning, acquiring and developing small and medium sized companies in Northern Europe. Boreo's business operations are organized into three business areas: Electronics, Technical Trade and Heavy Machines.

Boreo’s main objective is to create shareholder value in the long-term. It aims to achieve this with an acquisition-driven strategy, creating optimal conditions for its businesses to increase sales and improve profitability, and by being a best-in-class home for its companies and personnel. ​

The Group's net sales in 2022 were EUR 160 million and it employs over 300 people in seven countries. The company’s headquarter is in Vantaa.