Building sheet group Areco continues Nordic expansion – acquires Finnish sandwich panel manufacturer TPE Spirit

  • apr. 2018
  • Industrial
  • M&A: Buy-Side
  • Sweden
  • Pan-European

Livingstone’s Industrials sector team has acted as adviser to Areco on the acquisition of TPE Spirit. The acquisition is Areco’s single largest investment to date and the first in Finland, which will help Areco access large market shares in the Nordics, Baltics and northern Germany.

Areco is a privately owned industrial group founded in 1944 that has grown into one of the leading producers of building sheet. The company has made seven large-scale acquisitions in Sweden and Denmark in the last two years and has an annual turnover approaching SEK 2 billion.

The acquisition of TPE Spirit is Areco’s single largest investment to date and constitutes the company’s first move into the Finnish market. It opens up the opportunity to take large market shares in the Nordics, Baltics and northern Germany. The business will be integrated into the business, Areco Profiles, based in Malmö, which manufactures roofing, siding, and roof drainage products.

“The acquisition allows Areco to expand into a new market while strengthening its Nordic footprint. We are now represented with six factories in five countries, making Areco one of the key players in the building sheet segment. The goal is to become a leading sandwich panel supplier by delivering a quality product within a logistically advantageous location.” says Peter Areskog, Group CEO at Areco.

TPE Spirit Oy, founded 2009, is one of the largest producers of sandwich panels in Finland. The production facility is located in Somero outside Turku and the company has 13 employees, and a planned turnover for 2018 of SEK 100 million.

“Livingstone continues to be a long-term strategic adviser to Areco on the implementation of its growth strategy. It’s exciting to see how the company is growing and the acquisition of TPE Spirit is an important milestone as it represents the entry onto the Finnish market,” says Bertil Karlsson, Partner at Livingstone.

Livingstone was the exclusive financial adviser to Areco in the acquisition process. The transaction is the eighth in total where Livingstone has advised Areco, most recently following the acquisitions of Takhuset i Stockholm and Liwa Gruppen (now Areco Direct) last year, and before that the acquisitions of Éton and Tonito in 2015.

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Key Transaction Team

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