SSG BidCo A/S (“SSG” or the “Company”) is delighted to announce the acquisition of 100% of the shares in Kiltin A/S and Kirk Chemicals ApS (jointly “Kiltin”).
Kiltin, established in 1948 and headquartered in Stenløse, Denmark, is a provider of service solutions within pest control, advice, preventive control systems, and cleaning and disinfection after pest infestations. Kiltin serves both municipalities and the private sector while enjoying a high share of recurring revenues based on long-term contracts.
Kiltin generated approximately DKK 61 million in revenue and DKK 9 million in EBITDA during its financial year that ended in June 2021. Kiltin will expand SSG’s adjacent service business in Denmark, enabling both revenue and cost synergies as SSG will be able to offer a wider range of services and drive cross sales to and from the core damage control services.
The acquisition, which is expected to close on September 8, 2021, will be financed with a mix of equity from SSG’s main shareholder Polaris, an equity reinvestment from the vendor of Kiltin, and EUR 5.7 million of the proceeds from the subsequent bonds to be issued as previously announced on August 20, 2021.
Carsten Fensholt, Group CEO of SSG is pleased with the transaction which provides a strong platform to strengthen SSG’s adjacent service offering:
“Kiltin is a strong and healthy company with a group of highly experienced employees within pest control services. Under the current ownership, Kiltin has managed to expand its position in the Danish market and developed a strong company culture, which will fit well with SSG. Kiltin will be an attractive addition to SSG’s existing adjacent services portfolio and further enable SSG to support on damages from natural events and climate changes”
For further information, please contact:
CEO Carsten Fensholt, e-mail Carsten.Fensholt@ssg.dk, or Group CFO Pernille Damm Nielsen, e-mail Pernille.d.Nielsen@ssg.dk.
This is information that SSG BidCo A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 9:00 CET, on 26 August 2021.