Electrolux Professional Group
has entered into an agreement to acquire
Tosei Corporation
("Tosei"), a leading Japanese manufacturer of professional laundry equipment and vacuum packing machines from
Marunouchi Global Fund II
and Marunouchi Capital Fund II, both related to
Mitsubishi Corporation
, for approximately
SEK 1,650m
(
JPY 23.25bn
) on a cash and debt free basis.
"As a leader in laundry and vacuum packing machines, Tosei will significantly strengthen our position in
Japan
which is the second largest laundry market, and third largest foodservice market globally. In addition, we will be able to expand the vacuum packing products that is already used globally in the fast-growing segment of sous-vide cooking," says
Alberto Zanata
, President and CEO of
Electrolux Professional Group
.
Tosei, founded in 1950, has approximately 340 employees and is based in
Tokyo
. Tosei operates one manufacturing facility in Izunokuni, Shizuoka and has six regional sales offices in
Japan
. The company offers washers, dryers, combined washers and dryers, tabletop vacuum machines and stationary vacuum machines under the main brands Tosei, Tosclean, Tospack and Toscook.
Tosei has yearly sales of approximately
SEK 1,000m
, and an EBITA-margin that is accretive to
Electrolux Professional Group
profitability. After synergies, the EBITA-margin is expected to be well in line with
Electrolux Professional's
EBITA-target of 15%. Acquisition and integration related costs are expected to be
SEK 40
- 60m in total during 2024 and 2025.
Closing is expected to take place during the first quarter of 2024. Following the acquisition, Tosei is expected to continue its operations, and will be reported both as part of
Electrolux Professional's
Laundry segment (approximately 70%) and Food & Beverage segment (approximately 30%).
The acquisition is intended to be financed by a new bridge facility, which
Electrolux Professional
plans to refinance during 2024 with long-term debt, potentially from capital markets. The net debt/EBITDA ratio after the acquisition is expected to stay below 2.5x.
This information is information that
Electrolux Professional AB
(publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person detailed below, at
06.00 a.m. CET
on
December 22, 2023
.
For more information, please contact
Jacob Broberg
, Chief Communication & Investor Relations Officer +46 70 190 00 33
The Electrolux Professional Group
is one of the leading global providers of food service, beverage, and laundry for professional users. Our innovative products and worldwide service network make our customers' work-life easier, more profitable - and truly sustainable every day. Our solutions and products are manufactured in 12 plants in seven countries and sold in over 110 countries. In 2022, the
Electrolux Professional Group
had global sales of
SEK 11bn
and approximately 4,000 employees.
Electrolux Professional's
B-shares are listed at Nasdaq Stockholm. For more information, visit https://www.electroluxprofessionalgroup.com
https://news.cision.com/electrolux-professional-group/r/electrolux-professional-group-to-acquire-tosei-corporation,c3898198
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