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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