Relais: Market expansion to Benelux and Germany through acquisition of a Belgium-based distributor - Nordea

Relais announced today that it will acquire a majority stake in Matro Group, a well-established distributor of truck accessories in Benelux and Germany. Acquisition will be made under Strands, which has a long-term knowledge of Matro Group through a long-term customer relationship. In 2024, Matro Group sales were EUR 18.7m with EUR 3.6m EBIT. Enterprise value is EUR 27.9m, while preliminary purchase price for 70% of the Matro group is EUR 19.9m. Transaction price corresponds to 1.5x EV/sales and 7.8x EV/EBIT while Relais is currently trading with 2025E EV/sales of 1.1x and EV/EBIT of 9.7x based on our estimates. Acquisition is expected to be closed by the end of June 2025. Initially we view the acquisition as a good fit and note that it widens Relais’ market opportunities in continental Europe. Relais is targeting pro forma adjusted EBITA of EUR 50m by the end of 2025 why we expect further acquisition during 2025.

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