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Aspo expands its operations in Sweden by acquiring Swed Handling. Transaction is in-line with Aspo’s strategy and includes distribution of chemicals (Telko segment) and specialty ingredients of food industry (Leipurin segment). EV/EBIT valuation of the deal, including a possible EUR 0-11m earn out, is 8.1-10.2x compared to Aspo’s 2024E EV/EBIT of 8.3x. The industrial lubricants distribution business was expanded by an acquisition already in March 2024, when transaction was made with EV/EBIT of 6.2x. Acquisition of Swed Handling will increase personnel by ~100 and increase annual net sales by ~10% meanwhile annualised clean EBIT margin (2024E) could improve from 6.2% to 6.4%. The company received EUR 34m in cash by divesting two Supramax vessels why financing of the deal is not an issue. Closing of the transaction could happen in Q3 2024. We expected a bit smaller acquisitions but Swed Handling looks to fit for Aspo’s strategy. Aspo could concentrate on most recent acquisitions at its CMD on 14 May.
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