EQT divests Dahl to Saint-Gobain
EQT divests Dahl to Saint-Gobain
The private equity fund EQT II has together with other shareholders
signed an agreement with Saint-Gobain to divest all shares in the
heating and sanitation wholesaler Dahl. The transaction is subject to
approval by relevant competition authorities.
EQT and Ratos acquired Dahl in a public to private transaction in the
spring 1999. The business has developed exceptionally well during the
last five years. Turnover, profits and cash flow have all improved
significantly. The market position in all relevant markets has meanwhile
strengthened. Under EQT's ownership sales has grown from SEK 10.5
billion to SEK 12.5 billion and the operating profit has grown from SEK
346 million to SEK 733 million.
"Since the public to private buyout in 1999 Dahl has significantly
improved profitability and generated strong cash flow. The management's
and other staff members' hard work combined with a very active board of
directors have contributed considerably to make Dahl a successful
investment for EQT" comments Conni Jonsson, Managing Director at EQT
Partners AB.
"The combination of Dahl and Saint-Gobain is excellent in many ways.
Dahl will strengthen further with a global distributor in the building
materials industry as owner. We expect strong synergies between Saint-
Gobain and Dahl" comments Per-Olof Söderberg, CEO at Dahl.
Dahl is the leading heating and sanitation wholesaler in the Nordic
region and bring together around 2 000 suppliers with 32 000 customers.
The company has 3 300 employees that operate out of close to 260
branches. The turnover in 2003 was SEK 12.5 billion.
The French Saint-Gobain group, is a world leading manufacturer of glass
and building materials. Saint-Gobain also has extensive distribution
operations. The Company operates in 46 countries and has approximately
173 000 employees. In the Nordic region, Saint-Gobain has so far mainly
operated as a manufacturer of glass and insulation materials. Dahl will
thus become part of a worldwide group where Dahl will be the Nordic
platform in Saint-Gobain's strategy to develop other building materials
distribution activities.
For further information please contact
Jan Ståhlberg, Partner, EQT Partners AB, +46-8-50 65 53 07
Per Olof Söderberg, CEO, Dahl International AB, +46-8-764 22 01
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