Lehto Group to Acquire Entire Share Capital of Rakennus Oy Wareco
The acquisition supports the growth targets of Lehto. Through the acquisition Lehto strengthens and expands its business in building renovation and gets more professional personnel for example for large renovation projects and plumbing renovations.
Wareco employs 70 persons and its net sales in 2015 was 28.7 million euros and the operating profit was 0.7 million euros.
The purchase price of the shares on a debt and cash free basis is about 2.6 million euros. The exact purchase price will be confirmed as the interim financial statements of the time of transaction will be finished. Lehto will also pay additional purchase price on the basis of the profit that Wareco will achieve in 2016, 2017 and 2018. The purchase price will be paid in cash from Lehto's cash reserves.
The acquisition does not have a significant effect neither on the profit nor the financial position of Lehto in 2016 and it will not change the previous financial outlook for 2016 published by Lehto.