Consti sells its property-related relining business to Spolargruppen

CONSTI PLC STOCK EXCHANGE RELEASE 25 SEPTEMBER 2023 at 9.00 AM EET

Consti sells its property-related relining business to Spolargruppen

Consti Plc’s subsidiary Consti Talotekniikka Oy has agreed to sell its property-related relining business to Spolargruppen, which is the Nordic market leader in pipe relining, pipe flushing as well as other complementary and related services. Spolargruppen is owned by Tebede AB, a Swedish publicly listed company. The completion of the transaction is estimated to take place during the fall. The completion of the transaction is subject to customary preconditions.

In the financial year 2022, the revenue of the transferring business was approximately EUR 5.4 million, and the business has approximately 45 employees. With the transaction, the employees of the property-related relining business operations will transfer to Spolargruppen. At the closing of the transaction, all assets and liabilities related to the business being sold are transferred to the buyer.

The parties have agreed not to disclose the purchase price of the business. The purchase price will be paid in cash. At the closing of the transaction, Consti will recognise a gain on the sale of the business. The transaction has no impact on Consti’s guidance for financial year 2023.

”The sale of property-related relining business is in line with our strategy, since our target is to increase the relative share of our building technology service business. The transaction will enable us to strengthen our position in selected building technology segments going forward. Spolargruppen provides a good growth platform for the transferring business and personnel”, says Jaakko Taivalkoski, the CEO of Consti Talotekniikka Oy.

”With the acquisition of Consti’s relining business, we further strengthen Spolargruppen’s position as the market leader in property-related relining in Finland. The business fits well into Spolargruppen’s strategy and with the potential synergy effects of the acquisition, we are positive about the opportunities to develop the Finnish market together with our employees and customers”, says Anders Lönnqvist, the CEO of Tebede AB (publ).

 

CONSTI PLC

Further information:

Jaakko Taivalkoski, CEO, Consti Talotekniikka Oy, Tel. +358 50 376 7426

Esa Korkeela, CEO, Consti Plc, Tel. +358 40 730 8568

Distribution:

Nasdaq Helsinki Ltd.

Major media

www.consti.fi

 

Consti is a leading Finnish company concentrating on renovation and technical services. Consti offers comprehensive renovation and building technology services and selected new construction services to housing companies, corporations, investors and the public sector in Finland’s growth centres. Company has four business areas: Housing Companies, Corporations, Public Sector and Building Technology. In 2022, Consti Group’s net sales amounted to 305 million euro. It employs approximately 1000 professionals in renovation construction and building technology.

 

Consti Plc is listed on Nasdaq Helsinki. The trading code is CONSTI. www.consti.fi