Harvia strengthens its position in the professional and premium sauna solutions by acquiring a majority stake in EOS Group

Administrator 2020-03-23 16:03

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”strongStrategic rationale of the clearly synergistic acquisition/strong” data-reactid=”25″>Strategic rationale of the clearly synergistic acquisition

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The acquisition of a majority stake in EOS is a logical step in Harvia’s strategy implementation and clearly complements Harvia’s professional and premium sauna and spa solutions offering. The acquisition will also increase Harvia’s market share in the global sauna heater and component market from an estimated 11% to 14%.

” data-reactid=”26″>The acquisition of a majority stake in EOS is a logical step in Harvia’s strategy implementation and clearly complements Harvia’s professional and premium sauna and spa solutions offering. The acquisition will also increase Harvia’s market share in the global sauna heater and component market from an estimated 11% to 14%.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”EOS products are typically used in luxury spas, wellness hotels, fitness clubs and in the premium price range sauna and spa projects of private individuals. The company has a strong distribution network and its loyal customer base consists of renowned European sauna and steam room manufacturers.

The distribution network of EOS covers more than 80 countries, and the group is in a leading position in Germany, Austria, Russia and the CIS countries.” data-reactid=”27″>EOS products are typically used in luxury spas, wellness hotels, fitness clubs and in the premium price range sauna and spa projects of private individuals.

The company has a strong distribution network and its loyal customer base consists of renowned European sauna and steam room manufacturers. The distribution network of EOS covers more than 80 countries, and the group is in a leading position in Germany, Austria, Russia and the CIS countries.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The key brands of EOS include EOS sauna heaters and steam generators, Kusatek gas-powered sauna heaters, and Spatronic control units and electronics. All EOS products are developed and manufactured in the company’s modern production plant in Driedorf, Germany.

;” data-reactid=”28″>The key brands of EOS include EOS sauna heaters and steam generators, Kusatek gas-powered sauna heaters, and Spatronic control units and electronics. All EOS products are developed and manufactured in the company’s modern production plant in Driedorf, Germany.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”strongKey financials EOS Group/strong” data-reactid=”29″>Key financials EOS Group

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The key financials of EOS Group are presented below (EUR million):” data-reactid=”30″>The key financials of EOS Group are presented below (EUR million):

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”EOS Group comprises two entities Kunz amp; Meis Holding GmbH (holding company for German entities) and OOO EOS-Premium Spa (Russian operative entity), which have been consolidated to present pro forma figures. In addition, selected one-off items have been adjusted to present adjusted EBITDA and EBIT figures.

The reported unadjusted figures for 2019 are: EBITDA EUR 2.9 million (16.

7%) and EBIT EUR 2.5 million (14.

7%).” data-reactid=”33″>EOS Group comprises two entities Kunz Meis Holding GmbH (holding company for German entities) and OOO EOS-Premium Spa (Russian operative entity), which have been consolidated to present pro forma figures.

In addition, selected one-off items have been adjusted to present adjusted EBITDA and EBIT figures. The reported unadjusted figures for 2019 are: EBITDA EUR 2.

9 million (16.7%) and EBIT EUR 2.

5 million (14.7%).

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The total assets of EOS Group amounted to EUR 10.8 million at the end of 2019.

Net debt totaled EUR 1.3 million.

” data-reactid=”34″>The total assets of EOS Group amounted to EUR 10.8 million at the end of 2019.

Net debt totaled EUR 1.3 million.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”As a result of the transaction, Harvia’s net debt will increase from EUR 28.3 million at the end of 2019 to EUR 49.

6 million and long-term liabilities from EUR 38.7 million to EUR 61.

1 million. After the transaction, Harvia’s equity ratio is expected to be 46.

0% (56.6% at the end of 2019.

)” data-reactid=”35″>As a result of the transaction, Harvia’s net debt will increase from EUR 28.3 million at the end of 2019 to EUR 49.

6 million and long-term liabilities from EUR 38.7 million to EUR 61.

1 million. After the transaction, Harvia’s equity ratio is expected to be 46.

0% (56.6% at the end of 2019.

)

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Illustrative combined revenue of Harvia for the financial year 2019, after the EOS Group acquisition, amounts to EUR 91.6 million and adjusted EBITDA to EUR 20.

2 million.” data-reactid=”36″>Illustrative combined revenue of Harvia for the financial year 2019, after the EOS Group acquisition, amounts to EUR 91.

6 million and adjusted EBITDA to EUR 20.2 million.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”strongTransaction structure/strong” data-reactid=”37″>Transaction structure

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The acquisition concerns Kunz amp; Meis Holding GmbH and its operative subsidiaries EOS Saunatechnik GmbH, Kusatek GmbH and Spatronic GmbH as well as OOO EOS-Premium Spa operating in Russia. The transaction also covers a real estate property that is purchased from M.

amp; K. Immobilien GbR and is used by EOS Group.

” data-reactid=”38″>The acquisition concerns Kunz Meis Holding GmbH and its operative subsidiaries EOS Saunatechnik GmbH, Kusatek GmbH and Spatronic GmbH as well as OOO EOS-Premium Spa operating in Russia. The transaction also covers a real estate property that is purchased from M.

K. Immobilien GbR and is used by EOS Group.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The sellers in the transaction are General Managers Rainer Kunz and Michael Meis, currently owning 100% of Kunz amp; Meis Holding GmbH, 50% of OOO EOS-Premium Spa and 100% of M. amp; K.

Immobilien GbR, and Vasilij Sosenkov, currently owning 50% of OOO EOS-Premium Spa.” data-reactid=”39″>The sellers in the transaction are General Managers Rainer Kunz and Michael Meis, currently owning 100% of Kunz Meis Holding GmbH, 50% of OOO EOS-Premium Spa and 100% of M.

K. Immobilien GbR, and Vasilij Sosenkov, currently owning 50% of OOO EOS-Premium Spa.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”At the closing of the transaction, Harvia will own 78.6% of Kunz amp; Meis Holding GmbH and 80.

0% of OOO EOS-Premium Spa. Rainer Kunz will remain as a minority shareholder in Kunz amp; Meis Holding GmbH with a 21.

4% holding and Vasilij Sosenkov as a minority shareholder in OOO EOS-Premium Spa with a 20.0% holding.

The sellers have put options to sell the remainder of their shares after certain conditions have been met. Harvia has an option to purchase the minority shares within the next eight years.

” data-reactid=”40″>At the closing of the transaction, Harvia will own 78.6% of Kunz Meis Holding GmbH and 80.

0% of OOO EOS-Premium Spa. Rainer Kunz will remain as a minority shareholder in Kunz Meis Holding GmbH with a 21.

4% holding and Vasilij Sosenkov as a minority shareholder in OOO EOS-Premium Spa with a 20.0% holding.

The sellers have put options to sell the remainder of their shares after certain conditions have been met. Harvia has an option to purchase the minority shares within the next eight years.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The purchase price of the shares and real estate under consideration amounts to EUR 19.7 million and will be further specified based on the net debt and net working capital at the time of closing of the deal.

The acquisition price will be financed with a new long-term financing of EUR 20.0 million.

The value of the minority shares will be recognized as a long-term liability in Harvia’s balance sheet and the values will be reviewed annually.” data-reactid=”41″>The purchase price of the shares and real estate under consideration amounts to EUR 19.

7 million and will be further specified based on the net debt and net working capital at the time of closing of the deal. The acquisition price will be financed with a new long-term financing of EUR 20.

0 million. The value of the minority shares will be recognized as a long-term liability in Harvia’s balance sheet and the values will be reviewed annually.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”As part of the transaction, Mr. Rainer Kunz will become a shareholder and a management team member of Harvia and he will continue in a management role in EOS Group after the closing.

Vasilij Sosenkov will continue in a management position in EOS Russia.” data-reactid=”42″>As part of the transaction, Mr.

Rainer Kunz will become a shareholder and a management team member of Harvia and he will continue in a management role in EOS Group after the closing. Vasilij Sosenkov will continue in a management position in EOS Russia.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The transaction is subject to customary closing conditions and is expected to be finalized in March–April 2020.” data-reactid=”43″>The transaction is subject to customary closing conditions and is expected to be finalized in March–April 2020.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Harvia is advised by Aventum Partners Oy as the financial advisor, Borenius Attorneys Ltd and Noerr LLP as the legal advisors as well as Hill+Knowlton Strategies as the communications advisor.” data-reactid=”44″>Harvia is advised by Aventum Partners Oy as the financial advisor, Borenius Attorneys Ltd and Noerr LLP as the legal advisors as well as Hill+Knowlton Strategies as the communications advisor.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”strongWebcast for analysts, investors and media/strong” data-reactid=”45″>Webcast for analysts, investors and media

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Harvia will hold a webcast in English for analysts, investors and media on March 18, 2020 at 11.00 EET.

Harvia Plc’s CEO Tapio Pajuharju and CFO Ari Vesterinen will host the event.” data-reactid=”46″>Harvia will hold a webcast in English for analysts, investors and media on March 18, 2020 at 11.

00 EET. Harvia Plc’s CEO Tapio Pajuharju and CFO Ari Vesterinen will host the event.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”A live webcast of the conference is available at: a href=https://www.globenewswire.

com/Tracker?data=chgcqZHiI89WuuV1HDp16bn7LbWcReegDASEpmENUv1-E8IV0rxim9luX6evoHZyDcw_l02Ckv_3–Scppbr3vD9pREooLbfZE5jXGopEfanX2N6w9X-rVUFbnj6Rao1Iy0UoyGi3aA9rSJxhsUkuiYON1-e9hY0qEoLnGVfAf8eqoU7o1nt_f9baiq4OhfT rel=nofollow noopener target=_blankhttps://harvia.videosync.

fi/2020-03-18-press-conference/a” data-reactid=”47″>A live webcast of the conference is available at: https://harvia.videosync.

fi/2020-03-18-press-conference

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”The dial-in details are:” data-reactid=”48″>The dial-in details are:

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”PIN: 38822842br FI: +358 9 8171 0310 br UK: +44 333 300 0804″ data-reactid=”49″>PIN: 38822842#
FI: +358 9 8171 0310
UK: +44 333 300 0804

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”A recording of the webcast will be available on Harvia’s website;a href=https://www.globenewswire.

com/Tracker?data=chgcqZHiI89WuuV1HDp16T7HhvDbLx3FLZEH2n4SZ-pqRadwTN-Fab4yHrZC1qzeobO4IdCYBAhe2FNJl_88PzZ6S5BnljshQ-q1E2j9AqY= rel=nofollow noopener target=_blankhttps://harviagroup.com//a after the event.

” data-reactid=”50″>A recording of the webcast will be available on Harvia’s website https://harviagroup.com/ after the event.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Further information:” data-reactid=”51″>Further information:

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Tapio Pajuharju, CEObr tel: +358 50 577 4200bra href=https://www.globenewswire.

com/Tracker?data=JU8HOYyjquqqsdlugDSKizfJyfd-9iQbpbEki7t_EXz4MZgL1Y0Ivds3DVkHbkCIJa8MkWn934awHXOBY7z-KF4Sv8hQkil2jfiRehNxlyQs2WGRYyV2CuYzTS7oXEpp rel=nofollow noopener target=_blanktapio.pajuharju@harvia.

fi/a” data-reactid=”52″>Tapio Pajuharju, CEO
tel: +358 50 577 4200
tapio.pajuharju@harvia.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Ari Vesterinen, CFObr tel: +358 40 505 0440bra href=https://www.globenewswire.

com/Tracker?data=tjm_m19UKvWvBcQJvdaz95utgtxy-PCeGaN_1wToL9xlAX7AZTU-NEd3SwMhd8KAWDZiswVnvF4IJczWr5lywfDzO2TFd7eo2fe08KJSjzA= rel=nofollow noopener target=_blankari.vesterinen@harvia.

fi/a” data-reactid=”53″>Ari Vesterinen, CFO
tel: +358 40 505 0440
ari.vesterinen@harvia.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”strongbr/strong” data-reactid=”54″>

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”strongAbout Harvia /strong” data-reactid=”55″>About Harvia

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Harvia is one of the leading companies operating in the sauna and spa market globally, as measured by revenue. Harvia’s brands and product portfolio are well known in the market, and the company’s comprehensive product portfolio strives to meet the ne of the international sauna and spa market of both private and professional customers.

” data-reactid=”56″>Harvia is one of the leading companies operating in the sauna and spa market globally, as measured by revenue. Harvia’s brands and product portfolio are well known in the market, and the company’s comprehensive product portfolio strives to meet the ne of the international sauna and spa market of both private and professional customers.

<p class=”canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.

8em)–sm” type=”text” content=”Harvia’s revenue totaled EUR 74.1 million in 2019, its operating profit was EUR 13.

3 million and adjusted operating profit EUR 13.9 million during the same period.

The company employs some 400 professionals in Finland, China and Hong Kong, Romania, Austria, United States, Germany and Estonia. The company is headquartered in Muurame, Finland, adjacent to its largest sauna and sauna component manufacturing facility.

” data-reactid=”57″>Harvia’s revenue totaled EUR 74.1 million in 2019, its operating profit was EUR 13.

3 million and adjusted operating profit EUR 13.9 million during the same period.

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gnw_label_ulinetop {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; border-top: solid black 1.0pt;} td.

gnw_label_dline {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; border-bottom: double black 2.5pt;} td.

gnw_label_i10 {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; padding-left: 10.0px;} td.

gnw_label_i15 {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; padding-left: 15.0px;} td.

gnw_label_i20 {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; padding-left: 20.0px;} td.

gnw_label_i25 {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; padding-left: 25.0px;} td.

gnw_label_i30 {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; padding-left: 30.0px;} td.

gnw_num {font: 12px Arial; vertical-align: bottom !important; text-align: right !important; white-space: nowrap !important;} td.gnw_num_uline {font: 12px Arial; vertical-align: bottom !important; text-align: right !important; white-space: nowrap !important; border-bottom: solid black 1.

0pt;} td.gnw_num_ulinetop {font: 12px Arial; vertical-align: bottom !important; text-align: right !important; white-space: nowrap !important; border-top: solid black 1.

0pt;} td.gnw_num_dline {font: 12px Arial; vertical-align: bottom !important; text-align: right !important; white-space: nowrap !important; border-bottom: double black 2.

5pt;} td.gnw_num_dlinetop {font: 12px Arial; vertical-align: bottom !important; text-align: right !important; white-space: nowrap !important; border-top: double black 2.

5pt;} td.gnw_data {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; white-space: nowrap !important;} td.

gnw_data_uline {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; border-bottom: solid black 1.0pt;} td.

gnw_data_dline {font: 12px Arial; vertical-align: bottom !important; text-align: left !important; border-bottom: double black 2.5pt;} td.

gnw_media_caption {font-size: 8pt !important; font-family: Verdana, Arial, Helvetica, Geneva, Swiss, SunSans-Regular !important;} td.gnw_videotitle {font: bold 12px Arial !important; color: #1d5296 !important;} ;} /style” data-reactid=”65″>

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