Boreo: Continues acquisitions, which is somewhat surprising to us - SEB
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Boreo: Continues acquisitions, which is somewhat surprising to us - SEB

Boreo announced today that it is acquiring Estonian welding and cutting product distributor Spetselektroodi, which generated EUR 0.4m adj. EBIT in 2024. Boreo has a similar business in Finland, making Spetselektroodi a rational acquisition target. We are somewhat surprised by the acquisition timing, given Boreo's leverage and recent de-levering focus. The acquisition is small, but also indicates Boreo's confidence in the operational direction turning upwards.

Boreo announced today that it is acquiring Estonian welding and cutting product distributor Spetselektroodi, which generated EUR 0.4m adj. EBIT in 2024. Boreo has a similar business in Finland, making Spetselektroodi a rational acquisition target. We are somewhat surprised by the acquisition timing, given Boreo's leverage and recent de-levering focus. The acquisition is small, but also indicates Boreo's confidence in the operational direction turning upwards.
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