HAKI Safety has signed an agreement to acquire Trimtec, a Swedish distributor of high-tech precision equipment. The acquisition broadens the group's geodesy offering to more geographies, strengthens the digital offering and enables a complete offering on the Swedish market, from project planning to delivery of safety products.

The transaction is expected to be finalised in March 2025, subject to regulatory approval of relevant authorities. The purchase price amounts to SEK 50 M on a debt-free basis. Subject to certain financial performance goals within Trimtec being fulfilled during the period 2025 and 2026, an additional maximum of SEK 50 M in contingent cash consideration (earn-out) may also be paid. The initial purchase price is intended to be paid in cash and financed within the framework of existing credit facilities, which may be refinanced through a new issue of shares.

Trimtec sells and rents precision equipment for, among other things, cadastral and mapping, as well as offers service maintenance contracts and training. Its head office is in Stockholm, and the company has sales offices in five additional Swedish cities. Trimtec’s turnover for 2024 amounted to approximately SEK 130 M. It was founded in 2002 and currently has approximately 40 employees. The majority of the company's product range is manufactured by Trimble, a leading provider of precision equipment for cadastral surveying and mapping.

Sverker Lindberg, President and CEO of HAKI Safety, says: “It is gratifying to be able to present the acquisition of Trimtec. With the very good experiences from our Norwegian operation, Norgeodesi, which is also a distributor of Trimble products, we see both growth and development opportunities for the acquired company. The digital and technical offering is a good and important complement to our safety products and solutions. There are synergies with other HAKI Safety offerings within work zone safety and system scaffolds, which will be exciting to further develop in its entirety.”

Peter Hammarbäck, co-founder of Trimtec, says: “We look forward to becoming part of a larger group. After purposefully and successfully building our company for over 20 years, we are convinced that HAKI Safety is the right owner to further develop and strengthen the business.”

Financial information and effects of the transaction
According to Trimtec’s preliminary year-end result, net sales for 2024 amounted to approximately SEK 130 M and EBITDA to approximately SEK 10 M. The preliminary operating profit amounted to approximately SEK 7 M, and the return on capital employed (ROCE) was approximately 60 percent.

The initial purchase price of SEK 50 M is intended to be paid in cash and financed within the framework of existing credit facilities, which may be refinanced through a new issue of shares in HAKI Safety. In such a case, the new issue will be resolved based on an authorisation of the general meeting or subject to the subsequent approval by a general meeting. HAKI Safety intends to explore the options of carrying out a new share issue, either as a directed share issue or as a rights issue. The share issue may be carried out during the first half of 2025, but no decision has yet been made and the timing and type of share issue will depend on, among other things, the prevailing market conditions at the time of the share issue. Should the share issue be carried out as a rights issue, the existing shareholders, Tibia Konsult AB and Marknadspotential AB, have declared their intention to in relation to such rights issue enter into binding subscription and guarantee commitments on customary terms and conditions to an amount corresponding to the entire proceeds from the issue.

The acquisition implies that the group's debt ratio, measured as financial net debt/adjusted EBITDA, will temporarily exceed the group's financial target of a ratio of 2.5 times but is assessed to decrease over time in connection with Trimtec's profit generation. HAKI Safety does not expect any material integration costs.

This is a translation of the original Swedish version. If there are any differences between this translation and the original Swedish language, the latter shall prevail.