Hannes Snellman Counsel to Mekonomen Aktiebolag (publ)
6 July 2018
Hannes Snellman acted as counsel to Mekonomen Aktiebolag (publ) in its acquisition of FTZ Autodele & Værktøj A/S, the Danish market leader within automotive spare parts distribution, and INTER-TEAM Sp. z. o.o., who has an established market position in the fast-growing and fragmented Polish automotive spare parts market.
Through the acquisition, the Mekonomen Group, which consists of the leading car service chains in the Nordic region, strengthens its position in the sale of automotive spare parts in northern Europe and establishes a strong market position in Denmark and Poland, where Mekonomen Aktiebolag (publ) (“Mekonomen”) has no current operations. The purchase price is EUR 395m on a cash and debt-free basis. The acquisition and purchase price also include the company Nordic Forum Holding A/S.
FTZ Autodele & Værktøj A/S, INTER-TEAM Sp. z. o.o., and Nordic Forum Holding A/S had a combined sales of approximately SEK 5,203m and an EBITDA of approximately SEK 417m during the period June 2017 - May 2018. The acquisition is expected to contribute positively to Mekonomen’s earnings per share during next year and generate significant synergies in the coming years. Part of the purchase price is paid through a bridge loan intended to be refinanced and an underwritten rights issue of approximately SEK 1,650m to be carried out during the second half of 2018.
Hannes Snellman acted as lead counsel to Mekonomen. The acquisition was led by Claes Kjellberg (M&A) and Christoffer Saidac (Equity Capital Markets), and the team also included Klara Kjellberg and Moa Fritzon Torbjelt (M&A), Anna Green Jensen, Sanna Böris, Marcus Holming and Mattias Demirian (Equity Capital Markets), Paula Röttorp and Albert Danielsson (Finance), and Peter Forsberg and Haris Catovic (Competition Law).