Europe financial news

MEKO strengthens its place in Northern Europe – expands in Finland and into the Baltic area

MEKO (beforehand Mekonomen Group) has entered into an settlement to amass Koivunen, the main supplier of automotive spare components and associated providers in Finland and Estonia, with operations additionally in Latvia and Lithuania. The enterprise worth is EUR 122 million (SEK 1,280 million) on a money and debt free foundation. Thus, MEKO is increasing its present Finnish operations and establishing itself within the Baltics. By means of the growth, MEKO can have a presence across the Baltic Sea and strengthen its place as Northern Europe‘s main participant within the automotive aftermarket.

Koivunen had web gross sales of roughly SEK 1,740 million and an EBIT of roughly SEK 98 million through the monetary 12 months 2021. Roughly 70% of web gross sales in 2021 had been generated in Finland and 30% in Estonia, Latvia and Lithuania. Koivunen owns a big a part of the properties it operates in Finland, Estonia and Latvia. In consequence, the properties represent a invaluable asset to the corporate and in addition a cloth a part of the transaction worth. MEKO plans to judge the long-term possession technique for the properties. The acquisition is predicted to generate annual synergies of SEK 40 million resulting from complementary geographical presence in addition to overlaps in provide chain, buying and different operational areas, with full impact anticipated throughout 2024.

By means of the acquisition, MEKO establishes itself because the main participant in Finland, the place the corporate at present has a comparatively small operation, and in Estonia, the place it at present has no presence. The acquisition additionally expands MEKO’s operations to Latvia and Lithuania. Koivunen’s distribution channels embrace affiliated and unbiased workshops and resellers, trade clients and exports. Going ahead, Koivunen will function inside the framework of the present company construction and multi-brand technique as a standalone enterprise space inside MEKO throughout its geographies, together with MEKO´s present operation in Finland.

“I’m very glad to announce this necessary step. The acquisition of Koivunen is in step with our well-proven technique to create worth by way of fastidiously chosen acquisitions, as we’ve beforehand executed in Sweden, Norway, Denmark and Poland. Koivunen is a affluent firm with sturdy manufacturers that may proceed to develop in its present firm construction as its personal enterprise space. With Koivunen in MEKO, we take a transparent step in direction of the aim of being one of the best and most complete associate for everybody who owns and providers automobiles in Northern Europe, says Pehr Oscarson, MEKO’s President and CEO.

“Including Koivunen to MEKO additional solidifies our place because the main automotive aftermarket participant within the Nordics and provides us extra development alternatives that may profit our clients, workers and shareholders”, says Robert M. Hanser, Chairman of MEKO.

“Koivunen has a protracted custom as a family-owned firm with engaged companions and workers who put  clients first. We’re happy that Koivunen lands in good arms and turns into a part of MEKO, a powerful trade chief in Northern Europe. This step entails many advantages, not least an elevated alternative for our manufacturers to develop stronger and profit from the ability that comes from being half of a bigger group. We look ahead to comply with the journey forward”, says Jukka Kock, Chairman of Koivunen Oy.

The acquisition of Koivunen is in step with MEKO’s development technique in Northern Europe, extending its presence across the Baltic Sea area, following the earlier acquisitions of FTZ and Inter-Crew in 2018. The transaction is supported by sturdy strategic rationale arising from gaining market place and development in addition to by way of synergies and different efficiencies. Collaborating in market consolidation supplies sources to strengthen MEKO’s place in a aggressive surroundings and to proceed to guide the aftermarket’s transformation in direction of a future the place the automobile fleet is inspired. The transaction can also be anticipated to extend economies of scale to MEKO’s present operation in Finland and to carry synergies inside distribution, warehousing, sourcing, frequent personal label choices, in addition to digitalization and idea growth, for the Group.

The transaction and synergies

MEKO has entered into an settlement to amass Koivunen for an enterprise worth of EUR 122 million (SEK 1,280 million) on a money and debt free foundation. The acquisition is predicted to be accomplished through the third quarter of 2022.

The acquisition is predicted to have a optimistic impact on MEKO’s earnings per share of SEK 1.50 – 2.00 and generate yearly recurring synergies of SEK 40 million with full impact anticipated throughout 2024.

The approaching years recurring integration prices are anticipated to be non-significant, as Koivunen will proceed to function as a stand-alone enterprise, in step with MEKO’s earlier acquisitions. Transaction prices for the acquisition are estimated at SEK 25 million.

MEKO always evaluates its long-term monetary targets primarily based on market circumstances and adjustments within the firm construction. MEKO maintains its monetary targets.


The aquisition will probably be financed in money by way of present liquidity and financial institution amenities.


SEB Company Finance acted as monetary advisor to MEKO in relation to the acquisition. Hannes Snellman acted as authorized advisor in relation to the acquisition.

Press and analyst convention

As a consequence of MEKO’s acquisition, a phone convention will probably be held in English, at 10:00 a.m. CEST on 14 June 2022. For participation particulars, please see separate press launch.

For additional data, please contact:

Pehr Oscarson, President and CEO of MEKO AB,

Phone +46 (0)8-464 00 00, E-mail:

Åsa Källenius, CFO of MEKO AB

Phone +46 (0)8-464 00 00, E-mail:

Fredrik Sätterström, IRO of MEKO AB
Phone +46 (0)8-464 00 00, E-mail:

This data is such data that MEKO AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The data was submitted for publication by way of Pehr Oscarson, at 07:30 a.m. on 14 June 2022. This press launch will probably be revealed in Swedish, English and Finnish. The Swedish model represents the unique model and has been translated into English and Finnish—expands-in-finland-and-into-the-baltic-region,c3584883

(c) 2022 Cision. All rights reserved., supply Press Releases – English

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