Relais acquires spare parts and equipment distributor Adita
Translation: Original comment published in Finnish on 3/29/2023 at 6:19 am.
Adita is a distributor of spare parts and equipment for cars and marine use in the greater Helsinki region. In 2022 its net sales were EUR 5.6 million and thus the acquisition is relatively small in the scale of Relais. The purchase price of the acquisition was not published.
The arrangement is based on the retirement of the main owner
Adita is a long-term partner of Relais and, to our understanding has acted as a reseller of Relais’ Group companies in the Helsinki region. Thus, as the owner of Adita is approaching retirement, Relais wants to ensure that the sales channel is preserved in the short term with the acquisition. In the long term, it has potential for sales synergies, but we assume that the main motive for the arrangement is to ensure the continuity of operations.
Since Adita has to a certain extent sold Relais’ Group companies’ products, the impact of the acquisition on Relais' net sales is smaller than the figures of independent Adita. Adita’s profitability has been low in the last four financial years (2018-2021 EBIT % -2.4 to 3.0%), so the impact at earnings level is marginal in Relais’ size class.
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Relais Group
Relais Group is an importer and wholesaler for the automotive industry. The Group focuses mainly on the development of vehicle electronic equipment for trucks. Examples of products that the company delivers include lighting products, applications for warning lights, lighting and camera systems, as well as other spare parts for heavy vehicles. The largest operations are in the Nordic and Baltic markets, with customers in the aftermarket industry.
Read more on company pageKey Estimate Figures02.03.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 260.7 | 268.3 | 279.1 |
growth-% | 9.62 % | 2.93 % | 4.00 % |
EBIT (adj.) | 23.0 | 26.6 | 29.7 |
EBIT-% (adj.) | 8.81 % | 9.90 % | 10.65 % |
EPS (adj.) | 0.80 | 0.94 | 1.03 |
Dividend | 0.40 | 0.42 | 0.44 |
Dividend % | 3.92 % | 2.95 % | 3.09 % |
P/E (adj.) | 12.67 | 15.11 | 13.84 |
EV/EBITDA | 8.96 | 9.44 | 8.58 |
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