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Relais announced expansion to workshop equipment business in Norway. The company acquires workshop equipment business of NDS Group, consisting of AutoMateriell business and the shares in Nordic Lift. In 2022, acquired business unit had NOK 198m sales (~6% of Relais 2023E sales) with NOK 13m EBIT (based on Norwegian GAAP and roughly ~4% of Relais 2023E EBITA), corresponding to a 6.6% margin (we have modelled 12.6% EBITA margin for Relais in 2023E). Acquisition price of NOK 70m, corresponding to 5.4x 2022 EV/EBIT excluding any earn-outs and 7.6x with full NOK 29m earn-outs. Based on our estimates, Relais is trading with 2023E EV/EBITA of ~11.5x. Closing of the deal is today and the acquisition will be financed with existing cash reserves which, based on our calculations takes 2023E net debt/EBITDA to above 3x (including IFRS-16 leases).
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