Boreo strengthens its Technical Trade Business Area by strategic add-on acquisition of Filterit Oy

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BOREO PLC                        Investor news                        20 December 2022 at 09:00 EET

Boreo strengthens its Technical Trade Business Area by strategic add-on acquisition of Filterit Oy

Boreo Plc has on December 20, 2022 signed a share purchase agreement to acquire the entire share capital of Filterit Oy (“Filterit” or “the Company”), from CEO Olli Säynevirta through his company and Jouni Maavuori (“Sellers). The Company will continue operating independently after the transaction, as part of Boreo’s Technical Trade Business Area, led by Olli Säynevirta.

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“Filterit is a great company with a strong position as the partner of industry and municipalities in filtration, UV-disinfection and water treatment. Due to its business model and financial profile, the Company complements well our Technical Trade Business Area and is again a new interesting opening to a new industrial area. We warmly welcome the Company and the Sellers as part of Boreo and are grateful to have been provided with the opportunity to support the future journey of Filterit”, says Boreo CEO Kari Nerg.

Founded in 2005, Filterit is a technical distributor of process filtration products and systems. The Company is positioned within liquid and gas filtration and its customer base consists of a wide range of industrial companies as well as the public sector. Filterit has 8 employees with operations located in Helsinki, Finland. In FY 2021, the Company had revenues of c. EUR 3,3 million and a reported EBITDA of c. EUR 0,4 million.

The transaction consideration comprises of a fixed purchase price payable at closing in cash and by Boreo issuing c. EUR 0.4 million in shares to the Sellers (9 645 shares at 41.48€). In addition, Boreo may pay an earn-out to the Sellers subject to the results of Filterit in years 2023-2024. Further information on the share issuance has been released in a separate stock exchange release on 20.12.2022.

The closing of the transaction is expected to take place on 01.01.2023. Filterit will be reported under Boreo’s Technical Trade Business Area.

Vantaa, 20 December 2022

Boreo Plc
Kari Nerg
CEO

Distribution:
NASDAQ Helsinki Ltd
Principal media
www.boreo.com

Further information:

Kari Nerg
CEO
tel +358 44 341 8514

Aku Rumpunen
CFO
tel +358 40 556 3546

Filterit Oy key financials1

  2021 2020 2019
Revenue, EURm 3,3 2,9 3,0
EBITDA, EURm 0,4 0,4 0,4
EBITDA, % 11,9 13,1 12,5
Total assets, EURm 1,5 1,5 1,7
Equity, EURm 1,1 1,0 1,1
Net debt, EURm (0,7) (0,7) (0,6)

[1]Key financials are based on Finnish Accounting Standards (FAS), financial year ending 31.12.

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 2021 were EUR 122 million and it employs some 300 people in seven countries. The company’s headquarter is in Vantaa.

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