Today, 24 September, the Wästbygg Group, of which Logistic Contractor is a part, has entered an agreement to acquire all shares in Rekab Entreprenad from its owner, Trekcyd AB. The total acquisition price is SEK 230 million on a debt free basis, comprising a cash payment of SEK 147,2 million and SEK 82,8 million through the repurchase and transfer of Wästbygg shares. The acquisition is conditional on approval by the Swedish Competition Authority, while financing of the acquisition is subject to approval by the General Meeting of the Wästbygg Group regarding the repurchase and transfer of its shares.
Rekab, which employs 175 people, is one of the leading construction companies in northern Sweden and has local offices in Umeå, Sundsvall, Örnsköldsvik, Skellefteå and Luleå. The company builds community service properties such as schools and hospitals, as well as residential and commercial buildings. Rekab also carries out project development operations and has completed several housing projects that have been developed in-house. The company’s average annual turnover over the past three years was almost SEK 1 billion and an operating margin that is well in line with the Wästbygg Group’s overall goals.
“A great deal is happening in northern Sweden right now. We are seeing many leading industrial players establishing themselves there, which means there are good business opportunities. In recent years our subsidiary, Logistic Contractor, has been involved in Skellefteå on an assignment to build the first four buildings for the Northvolt project. As reported previously, Logistic Contractor will soon be establishing an office in Luleå. Rekab, like Wästbygg, is a stable company with a strong customer focus. This acquisition will enable us to meet demand from both new and existing customers in all our business areas. Together, we are strengthening our offering in contracting and project development in northern Sweden. The acquisition is fully in line with our ambition to be represented in the fastest growing markets in Sweden,” says Jörgen Andersson, CEO of the Wästbygg Group.