Relais announced it will acquire Team Verksted Holding AS from Vy Buss AS, making it the largest operator of independent commercial vehicle worskshop chains in the Nordics. Team Verksted Holding AS is the parent company of its wholly owned subsidiaries Team Verksted AS and Lastvagnsdelar AS (LVD). Team Verksted has 21 own and 3 franchise workshops across Norway while LVD distributes spare parts and accessories for the heavy vehicle sector, specifically for trucks, buses, and trailers in Norway. In 2024, the consolidated revenue of Team Verksted Holding was approximately NOK 834m (+21% to our 2025 revenue estimate), out of which Team Verksted was NOK 758m, and LVD NOK 119m. Acquisition price corresponds to EV of NOK 400m (excluding IFRS 16 lease liabilities) and NOK 935m including lease liabilities. Given long leases, we believe it is more beneficial to look local GAAP multiples with EV/EBIT of 8.3x (2024 numbers) while Relais trades with 9.9x based on our estimates. In addition to NOK 30m annual synergies and we see acquisition as a good fit to existing workshop chain.
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