HANZA completes acquisition and takes ownership of five factories from Fortaco
Fortaco Closing
HANZA completes acquisition and takes ownership of five factories from Fortaco
HANZA has today completed the acquisition of and taken ownership of five factories from contract manufacturer Fortaco. Located in Finland, Estonia, and Poland, the operations add approximately 1,300 employees and annual sales of approximately SEK 1.9 billion. The acquisition strengthens HANZA's offering in heavy mechanics and complex assembly while creating new opportunities for organic growth.
“This is an acquisition that brings together our strengths and creates new business opportunities. The five factories add important capabilities in heavy mechanics and complex assembly to HANZA, while their customers gain access to our broader manufacturing offering. In this way, we create value for both HANZA and the new factories,” says Erik Stenfors, CEO of HANZA.
The acquired factories are located in Kurikka and Sastamala, Finland; Narva, Estonia; and Wrocław and Janów Lubelski, Poland. The operations include the manufacture of advanced steel structures as well as the assembly and testing of large, complex products incorporating mechanical, electrical, and hydraulic systems.
The factories will be integrated into HANZA’s existing manufacturing clusters in their respective countries. This means the integration process will be carried out in parallel, supported by established local organizations and experienced management teams.
“A successful acquisition depends on two things: thorough due diligence before the transaction and professional integration afterward. Our HR due diligence has shown that we share similar corporate cultures and values. We will now apply our model, which is built on clear local responsibility and collaboration within our clusters. That gives us confidence as we move forward with the integration,” says Erik Stenfors.
The acquisition marks an important step in the execution of the HANZA 2028 strategy phase and further strengthens the Group’s market position and manufacturing capacity. Following the acquisition, HANZA has approximately 6,300 employees and annual sales of approximately SEK 12 billion. The newly acquired operations will be consolidated into the Group as of November 2026.
Transaction highlights
- HANZA has acquired the operations of five factories from Fortaco. The transaction is structured as a combination asset and share acquisition and includes businesses focused on heavy mechanics and complex assembly. Fortaco retains its cabin manufacturing operations, which were separated prior to closing.
- The initial purchase price is based on an enterprise value of EUR 144 million, adjusted for net debt and normalized working capital. On a cash-free, debt-free basis, this corresponds to an EV/EBITA multiple of approximately 8x, based on adjusted EBITA for the last twelve months ended May 2026.
- An earn-out payment, based on future sales growth and calculated according to the same valuation principles, may be paid in two separate tranches for the twelve-month periods ending December 31, 2026, and December 31, 2027, respectively. The total consideration, including the initial purchase price and any earn-out payments, cannot exceed EUR 200 million.