January 31, 2024
(press release)
–
Kesko has completed the acquisition of the Danish builders' merchant Davidsen Koncernen A/S. The acquisition marks Kesko's first step into the Danish market and gives it a solid foothold in the local building materials market. It also advances Kesko's objective to strengthen its market position in
Kesko announced its intention to acquire Davidsen Koncernen A/S in an investor news release issued on
The Davidsen acquisition is Kesko's first step into
As announced earlier, Davidsen will continue operating under its existing brand and the current local leadership, and the Davidsen family will remain as a 10% minority shareholder in the company. The agreed debt-free enterprise value for 100% of the company is approximately E190 million (
In 2023, Davidsen's net sales totaled approximately E427 million (
Although the current business cycle in the Northern European construction market is challenging, in the long-term this acquisition offers Kesko good growth opportunities and a solid foothold in the sizable Danish building materials market. Kesko's strategic objective in the building and technical trade division is to improve profitability and strengthen its market position in
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