BEWI announces intention to acquire Baltic insulation company

BEWI, a leading provider of packaging, components, and insulation solutions, announces that the company has entered a letter of intent to acquire 100 per cent of a Baltic insulation company.

The Baltic company operates facilities for manufacturing of insulation solutions and has recorded profitable growth recent years, with net sales in the range of EUR 25 to 30 million and solid EBITDA margins in the range of 10 to 15 per cent.

“Through this acquisition, we are expanding our geographic footprint into the Baltics, a region we find very interesting both in terms of sales growth, and for establishing a platform for our circular activities,” says Christian Bekken, CEO of BEWI.

The acquisition is conditional upon a signed sale and purchase agreement, as well as customary conditions, and closing is expected in the second quarter of 2022. The total consideration is expected to be in line with BEWI’s historical M&As, i.e., with an EV/ EBITDA multiple in the range of 5 to 7, whereas 50 per cent will be settled in cash and 50 per cent through issuance of consideration shares in BEWI.

“We expect to see continued growth in demand for insulation solutions across the markets we operate in, driven by favourable regulations requiring improved energy efficiency, as well as growth in residential construction and renovation,” Bekken continues.

Contact:

Charlotte Knudsen, Director of IR and Communications BEWI ASA, tel: +47 9756 1959

About BEWI ASA

BEWI is an international provider of packaging, components, and insulation solutions. The company’s commitment to sustainability is integrated throughout the value chain, from production of raw materials and end goods, to recycling of used products. With a vision to protect people and goods for a better every day, BEWI is leading the change towards a circular economy.

BEWI ASA is listed at the Oslo Børs under ticker BEWI.

The information is such that BEWI ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13:50 CET on 18 February 2022.