In 2021, Elanders has accelerated its M&A activity. Most notably, it acquired Bergen Logistics, a North American e-commerce logistics company with exposure to the Fashion & Lifestyle customer segment. In addition, several smaller acquisitions have been completed within renewed tech and online print, which is in line with the communicated growth strategy discussed above. When asked about current acquisition headroom, Mr. Nilsson also added that Elanders intends to continue their acquisitive growth and that the company’s financial position and cash flows remain strong.
Elanders’ end-market exposure is evolving
In part due to the recent acquisition activity, Elanders has now increased its share of sales in non-cyclical customer segments such as Fashion & Lifestyle (65% of 2021 proforma sales are non-cyclical). In contrast, Elanders has historically been highly dependant on cyclical customer segments such as Automotive and Industrial. Moreover, the acquisition of Bergen means that Elanders increases its exposure to e-commerce logistics, a market which is likely to grow significantly in coming years.
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