Correction: SSG BidCo A/S signs agreement to acquire Ovento AB, a Swedish damage control service provider
New corrected version
SSG BidCo A/S signs agreement to acquire Ovento AB, a Swedish damage control service provider
SSG BidCo A/S (“SSG” or the “Company”) is delighted to announce that the Company has today signed an agreement to acquire 100% of the shares in Ovento AB (“Ovento”). Ovento will be acquired by SSG’s Swedish subsidiary SSG Nordic Holding AB (“SSG Nordic Holding”).
Ovento, established in 1981 and headquartered in Stockholm, Sweden, is a provider of damage control services with focus on water and moisture damage, with an expert offering also within moisture measurement and dehumidification. Ovento collaborates primarily with construction companies, property owners and insurance companies.
Ovento generated approximately SEK 22 million in revenue and SEK 6 million in EBITDA during the last twelve-month period ending in June 2021. Ovento will improve SSG’s local market position in Stockholm within water damage and strengthen SSG’s position as a truly nation-wide service provider in Sweden.
The acquisition, which is expected to close on September 30, 2021, will be financed with a mix of equity from SSG’s shareholders and SSG Nordic Holding’s minority owners, an equity reinvestment from the vendor of Ovento, and EUR 2.1 million of the proceeds from the subsequent bonds to be issued as previously announced on August 20, 2021.
Carsten Fensholt, Group CEO of SSG is pleased with the transaction which provides a strong platform for building a leading market position in the Greater Stockholm area.
“Ovento is a strong and healthy company with a group of highly experienced employees within water damages & moisture services. Under the current ownership, Ovento has managed to build a leading market position in the Stockholm area and developed a strong company culture, which will fit well with SSG.”
For further information, please contact:
CEO Carsten Fensholt, e-mail Carsten.Fensholt@ssg.dk, or Group CFO Pernille Damm Nielsen, e-mail Pernille.d.Nielsen@ssg.dk.
