Momentum Group AB (publ) has acquired 70 percent of the shares in Company Line Förvaltning AB ("Company Line"). Company Line is one of the largest resellers of workwear and profile clothing in northern Sweden, with professional stores and showrooms in Luleå and Kiruna. Company Line generates annual revenue of approximately MSEK 75 with favourable profitability and has 25 employees.
Company Line is a leading Swedish reseller of workwear, profile clothing and promotional products, with professional stores and showrooms in Kiruna and Luleå. The company was founded in 1988 and commands a strong position in northern Sweden thanks to its long-standing experience, value-adding offering and high level of expertise in customised corporate profiling, workwear and personal protective equipment for professionals. A portion of its sales are also conducted via customised webshops.
"Company Line is a well-established firm with highly skilled employees and good customer relationships with companies, sports associations and the public sector in northern Sweden," says Ulf Lilius, President & CEO of Momentum Group. "We anticipate excellent opportunities for further development and growth for Company Line as part of Momentum Group."
In accordance with the Momentum Group's philosophy of decentralised business responsibility, Company Line will continue to operate as an independent subsidiary.
"With its clear focus on strong niche companies in workwear and profile clothing, Momentum Group was a natural choice when it came to finding a new owner to develop Company Line in the future," says Robert Lindström, President and owner of Company Line. "At Company Line, we look forward to continuing our positive, long-term development together with our customers and suppliers - and with a new, strong owner who shares our values and goals."
Closing takes place in conjunction with the acquisition. The acquisition is expected to have a marginally positive effect on Momentum Group's earnings per share during the current financial year.
Stockholm, 20 June 2019
Momentum Group AB (publ)
For further information, please contact:
Ulf Lilius, President & CEO - Tel: +46 10 454 54 70
Mats Karlqvist, Head of Investor Relations - Tel: +46 70 660 31 32 / e-mail: mats.karlqvist@momentum.group
This information was submitted for publication on 20 June 2019 at 8:00 a.m. CET.
Momentum Group is a leading reseller of industrial consumables and components, service and maintenance to professional end users in the industrial and construction sectors in the Nordic region. The Group has annual revenue of approximately SEK 6 billion and some 1,700 employees. Momentum Group AB (publ) has been listed on Nasdaq Stockholm since June 2017. Read more at www.momentum.group.
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- 190620 Momentum Group PR Acquisition of Company Line Eng (https://ml-eu.globenewswire.com/Resource/Download/5efbd06b-067c-4254-bdc9-7b80ec5000cb)
