Harju Elekter has signed an agreement to purchase SEBAB AB
On 12 December 2017, AS Harju Elekter signed a contract to acquire all the shares of the Swedish company SEBAB AB and its subsidiary Grytek AB from the company Tnåa AB. Weibull M&A acted as sell side advisor.
Harju Elekter Group is today one of the biggest manufacturer of electrical equipment and materials in the Baltic See region. The group employs more than 500 people and has it´s headquarters in Keila, Estonia. Harju Elekter’s shares are listed on Nasdaq Tallinn.
SEBAB is a marketing and engineering company for MV/LV power and distribution solutions for the construction, infrastructure and renewable energy sector. The company is headquartered in Malmö with its sales, production, warehouse and service units. Company’s branch offices, offering technical solutions, are also located in Stockholm, Borlänge and elsewhere in Sweden. Grytek AB is a producer of technical buildings. In 2016, turnover of the companies amounted to 12.0 million euros in total.
After launching its activities in 1968, Harju Elekter Group has developed into a leading producer of MV/LV electrical and engineering devices in the Baltic countries and a known and respected manufacturer in Scandinavia. Harju Elekter’s main field of business is the development, manufacturing and sale of equipment necessary for the distribution and transmission of electric energy. The core business is supported by a sheet metal plant in Estonia and the development and leasing of industrial real estate.
Harju Elekter Group has been active on the Swedish market since 2010, delivering substations and industrial automation solutions to Swedish clients. As a result of this transaction, new prospective market segments will be entered in Sweden, and the Group’s product portfolio will be expanded. Harju Elekter Group’s capability to offer its Swedish clients more complete technical solutions and turn-key projects as well as service support will increase with the acquisition of SEBAB and Grytec.
The transaction price for the two companies was 3.6 million euros, of which 3.0 million euros will be paid on 8 January 2018, the date of entry into force of the transaction, with the delayed part of payment being payable in accordance with the agreement. The acquired companies will initially continue to use their names and trademarks, operating as 100% subsidiaries of the Group.
Andres Allikmäe, Tiit Atso (CFO) and Thomas Andersson were appointed as Members of the Management Board of SEBAB AB as well as Grytek AB. Thomas Andersson will continue as a CEO of SEBAB AB and Grytek AB.