Buys wooden furniture & components manufacturer Hedlunda
Adds ~46% to PF EBITDA for '23e
3.2x r12m EV/EBITDA (excl. earn-outs)
Acquires Hedlunda and adds ~46% to PF '23e EBITDA
Today, Bergs acquired Hedlunda, a manufacturer of wooden furniture and components such as wooden components for beds. Hedlunda has production facilities in Lycksele and Poland and has ~400 employees as well as r12m net sales and EBITDA of SEK ~620m and ~70m, respectively. Based on our estimates for 2023e, this alone would add ~22% and ~46% to net sales and EBITDA, respectively, on a PF basis. The largest customer is a "multinational company that sells ready-to-assemble furniture", which Hedlunda has had a business relationship for more than 35 years.