Sievi Capital Plc
Press release 22 June 2021 at 1:00 pm EEST
Logistikas boosts growth through acquisition
Sievi Capital's target company Logistikas Oy ('Logistikas') has today signed an agreement to acquire two Vaasa-based companies Piccolo Packing Oy and Piccolo Solutions Oy. With the acquisition, Logistikas will expand into the Vaasa region, thus strengthening its geographical presence and its ability to better serve new and existing customers.
Piccolo Solutions and Piccolo Packing provide services related to in-house logistics, local storage and packaging mainly in the Vaasa region. The companies employ about 60 people and their customer base consists of long-term customers in the technology industry, who also have significant cargo flows via the Port of Rauma. The companies' total net sales in 2020 were approximately EUR 7.5 million and EBITDA was approximately EUR 0.9 million.
'The acquisition is an important step in our strategy. Piccolo Packing and Piccolo Solutions will improve Logistikas' ability to better serve its customers in a wider geographical area. Now we have a great opportunity to develop our cooperation with our customers in the Vaasa region, which is constantly evolving and offers new business opportunities. As a bigger entity, we can invest more and offer comprehensive logistics services to more customers', says Logistikas' CEO Toni Brigatti.
'It is great to be part of Logistikas' growth story and together we can create a better entity for our customers. Wider resources enable the required investments in systems and know-how, but at the same time we are able to maintain the locality and agility that is very important for our customers', says Piccolo Group's CEO Petri Kuivamäki.
The acquisition is expected to take place in July 2021. Logistikas will finance the acquisition with loan financing and cash. As part of the arrangement, Logistikas will direct a share issue to Piccolo Group Oy, which acted as the seller in the transaction, and as a result Sievi Capital's holding in Logistikas will decrease to 65.9% after the completion of the transaction.
SIEVI CAPITAL PLC
FURTHER INFORMATION:
CEO Päivi Marttila, tel. +358 400 285 358
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www.sievicapital.fi
Sievi Capital is a partner for Finnish entrepreneurs. We support the growth, performance and value creation of small and medium-sized companies and concurrently build national competitiveness. We believe that we succeed together as co-entrepreneurs. Sievi Capital's share is listed on Nasdaq Helsinki.
