ITAB, one of the major players in the shop fitting industry in Europe, has acquired the Maxted Holding Group in the UK. It will become a fully-owned subsidiary of ITAB.
The Maxted Holding Group and its subsidiary company, Europa, run operations in the UK market, comprising sales, project management, installation and manufacture of high-quality joinery for chain stores. The company is responsible for its own sales, project management, production of joinery, installation and service for fashion stores such as GAP, New Look, H&M, Oasis, Joules, Specsavers and Debenhams.
The cash consideration is SEK 22 million, which is equivalent to equity plus a small premium. The takeover will be realized with immediate effect. In 2011, the company reported sales of SEK 130 million and the acquisition has a marginal positive impact on earnings per share. This strategically significant acquisition will enhance ITAB's position in the UK speciality retail market.
"The company not only has well-developed project management skills and excellent contacts in the speciality retail sector, it also has its own joinery production that creates synergies and opportunities for further strengthening our range of concepts for ITAB in the UK," says ITAB's CEO, Ulf Rostedt.
ITAB is one of the leading companies in the European shop fitting market and a leader in the market for retail checkout counters. ITAB Shop Concept AB, listed on the OMX Nordic Exchange, provides grocery and speciality retail stores with comprehensive fitting and interior services. Project management, design, development, manufacture and sales are all part of the services the company offers. The concept range includes shop fittings made primarily of wood and metal, and shop equipment such as checkout counters, entrance systems and interior lighting. The Group reported sales of SEK 3,341 million in 2011 and employs about 2200 people.