Analyst Comment
Relais continues targeted acquisitions in maintenance and repair services
Summary
- Relais' subsidiary, Team Verkstad, has acquired TJ Fordonsservice AB, enhancing its presence in the Swedish market for maintenance and repair services of heavy commercial vehicles.
- The acquisition aligns with Relais' strategy to expand its geographical coverage in the Nordic vehicle aftermarket and is expected to yield a high return on capital.
- TJ Fordonsservice AB reported a revenue of 31 MSEK (~2.8 MEUR) and an EBIT of 2.6 MSEK (~0.2 MEUR) for the fiscal year ending August 2025, indicating good profitability.
- The acquisition is small, representing less than 1% of Relais' forecasted 2026 revenue and EBITA, and will be consolidated into the Relais Group from November.
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Translation: Original published in Finnish on 10/31/2025 at 7:50 am EET.
The group’s subsidiary Team Verkstad has agreed to acquire TJ Fordonsservice AB, which provides maintenance and repair services for trucks and other heavy commercial vehicles. This small acquisition aligns with Relais' strategy and value creation model, as the company is investing to strengthen its geographical position in the Swedish market with presumably high capital return levels.
Maintenance and repair services in southern Stockholm
Relais announced on Thursday that its group company Team Verkstad had agreed to acquire 100% of TJ Fordonsservice AB. The target company provides maintenance and repair services for trucks and other heavy commercial vehicles in Södertälje, southern Stockholm. Its revenue for the fiscal year ending in August 2025 was 31 MSEK (~2.8 MEUR), and its EBIT was 2.6 MSEK (~0.2 MEUR), indicating that the company's profitability has been good and in line with normal industry levels. The closing of the acquisition took place on Thursday, and the company will be consolidated into the Relais Group beginning in November.
Arrangement in accordance with strategy and value creation model
Through this acquisition, Relais continues to expand its geographical coverage in the Nordic vehicle aftermarket, investing the cash flow generated by the company's operations into growth. The acquisition price was not disclosed, but we believe the valuation remained moderate, in line with Relais' historical acquisitions, so we estimate the return on capital from the transaction will be attractive, i.e., higher than the cost of capital. Thus, the targeted acquisition (add-on acquisition) now announced is in line with the company's strategy and value creation model. The acquisition is small in scale for Relais, corresponding to less than 1% of our forecast for Relais' 2026 revenue (445 MEUR) and EBITA result (47.8 MEUR). We will consider the arrangement in our forecasts in connection with our next company report.
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Relais Group is an importer and wholesaler for the automotive industry. The group focuses mainly on the development of automotive electronic equipment for trucks. Examples of products that the company supplies include lighting products, applications for warning lights, camera systems, and other spare parts for heavy vehicles. The largest operations are found in the Nordic and Baltic markets, with customers in the aftermarket industry.
Read more on company pageKey Estimate Figures22.10.2025
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 322.6 | 386.8 | 445.5 |
| growth-% | 13.5 % | 19.9 % | 15.2 % |
| EBIT (adj.) | 36.1 | 39.0 | 47.8 |
| EBIT-% (adj.) | 11.2 % | 10.1 % | 10.7 % |
| EPS (adj.) | 1.21 | 1.35 | 1.54 |
| Dividend | 0.50 | 0.52 | 0.55 |
| Dividend % | 3.7 % | 3.5 % | 3.7 % |
| P/E (adj.) | 11.4 | 11.1 | 9.8 |
| EV/EBITDA | 7.5 | 7.9 | 6.6 |
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