Yleiselektroniikka Group expands to Sweden by acquiring Putzmeister Nordic AB and Sany Nordic AB – PM and Sany dealerships join forces in Sweden, Finland and Estonia
Yleiselektroniikka Group has on 17.12.2020 signed a share and purchase agreement to acquire the entire share capital in PM Nordic AB and Sany Nordic AB, the dealerships of Putzmeister and Sany in Sweden, from Mr. Richard Karlsson, current CEO and owner of the companies. In the financial year ending 31.8.2020, revenue and EBITDA of the companies were SEK 133m and SEK 11.5m, respectively. In connection with the acquisition, Mr. Richard Karlsson, is appointed to Yleiselektroniikka Group’s Executive Management Team effective as from 5.1.2021.
As a result of the acquisition, Yleiselektroniikka Group forms a new Business Area for heavy machinery to serve clients in the infrastructure and concrete industry in Finland, Sweden and Estonia. The new Business Area consist of the following entities/operations:
- PM Nordic AB and Sany Nordic AB (Putzmeister and Sany dealerships in Sweden)
- Tornokone Oy (Putzmeister dealerships in Finland and Estonia)
- Sany dealerships in Finland and Estonia currently operated under the Machinery Business Area
The acquisition is expected to close on 5.1.2021 and all of the above entities/businesses will in the future be organised into the new Business Area.
The transaction will have no impacts on the supplier and customer relationships or the personnel of the companies.
”We are delighted to have successfully completed the acquisition and warmly welcome the employees of the Companies to Yleiselektroniikka Group and Mr. Richard Karlsson to our Group Executive Management Team. This acquisition marks a significant milestone in the execution of our growth strategy as we expand our footprint to Sweden and strengthen our long-standing co-operation with Sany and Putzmeister. In addition, through the creation of the new Business Area, we sharpen our strategic focus and improve the visibility of our activities to our stakeholders and investors.“ comments, Kari Nerg, CEO of Yleiselektroniikka Group.
“I am very pleased of the acquisition and that we can welcome new, strong ownership with a Group that shares the same values of a business culture focusing on customers, partners and employees. PM Nordic and Sany Nordic being part of the Yleiselektroniikka Group and joining forces with our long-standing partners from Tornokone, provides us with possibilities for growth and development”, comments Richard Karlsson, CEO of the PM and Sany Nordic.
“Bringing the Finnish, Swedish and Estonian Putzmeister and Sany dealerships under one roof is an exciting step towards the future. The Finnish and Swedish Putzmeister dealerships have operated in close cooperation in the last decades and this combination provides us with opportunities for further growth and development in all countries we operate in. I very much look forward to working together with our new Swedish colleagues”, comments Kari Setälä, CEO of the Tornokone.
Overview of PM Nordic and Sany Nordic AB
PM Nordic AB represents Putzmeister brand in Sweden and is the leading supplier of concrete machinery and equipment in the Swedish market. The product portfolio of the company includes concrete pumps, stationery pumps, mortar machines, processing and transportation equipment.
Sany Nordic AB, established in spring 2020, represents the Sany brand in Sweden and markets Sany Group’s excavators, wheel loaders and other products in the Swedish market. As a result of Sany Group – the world’s third largest earthmoving equipment manufacturer – expanding to the European market, Sany Nordic AB has in 2020 started the marketing and sale activities of Sany products in Sweden.
The services of the Companies cover import, sale of new and secondhand machines as well as a wide spectrum of aftermarket services. The Companies employ a total of 13 employees with premises located in Gothenburg and Stockholm, Sweden.
Yleiselektroniikka Group Business Area’s as from 5.1.2021 onwards
As from 5.1.2021 onwards, Yleiselektroniikka Group’s Business Areas are:
- Yleiselektroniikka, a specialized distributor of electronic components to the Finnish, Russian and the Baltic markets,
- Machinery that consists of Power, Metal Machining and Construction Business Units serving customers in the Finnish market, and
- the new Business Area to be formed serving customers in the infrastructure and concrete industry in Sweden, Finland and Estonia.
For further information, please contact:
Kari Nerg, CEO of Yleiselektroniikka Group, +358 44 341 8514
Richard Karlsson, CEO of PM Nordic AB and Sany Nordic AB, +46 70 846 3364
Kari Setälä, CEO of Tornokone, +358 40 044 9684