Seafire has announced that it considers issuing additional bonds withing its existing framework of SEK 600m, where SEK 400m already has been issued. The purpose would be to strengthen the M&A headroom and management says that it is in several acquisition dialogues. An additional tap issue of SEK 200m would increase Seafire’s ‘22e cash position to SEK 434m.
Acquisition dialogues that could add ~45% to EBITDA est.
Seafire is currently active in several acquisition dialogues in various stages as part of the company's continuous work to identify well-managed and profitable companies. The most advanced of these dialogues refers to a Swedish company active in consumer products with B2B sales and an EBITDA of approximately SEK 13m (would add 11% to ‘22e est pf) where the initial purchase price is expected to be approximately SEK 82m (and with a maximum earn-out of SEK 10m), corresponding to ~6-7x EV/EBITDA. This process is currently in the final stages of the due diligence phase and a final decision is expected in May. Seafire also has an active acquisition dialogue at an earlier stage regarding a European industrial company with an EBITDA of approximately SEK 40m (would add 33% to ‘22e EBITDA pf) where the initial purchase price is expected to be approximately SEK 135 million (and with a maximum additional earn-out of SEK 20m), corresponding to ~3.5-4x EV/EBITDA. This dialogue is at an earlier stage of the due diligence phase where a final decision is expected in June.
Läs mer på ABG Sundal Collier
Aktuellt
SENASTE
