Imtech acquires Swedish energy and climate specialist Sydtotal
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* Revenue target 2015 in Nordic region: 1 billion euro
Gouda, the Netherlands - Imtech N.V. (technical services provider in Europe) has
acquired the Swedish energy and climate specialist Sydtotal. The acquisition
will enable Imtech to strengthen its position significantly in the Swedish
technical services market. With approximately 300 employees, Sydtotal achieves
annual revenue of around 80 million euro. The acquisition will be paid in cash
and will directly contribute to the earnings per share.
René van der Bruggen, CEO Imtech: ´Within the context of our 2015 growth
strategy, we want to achieve significant growth in the Nordic region (Sweden,
Norway and Finland). Our revenue in this region in 2010 was around 600 million
euro. We are aiming for approximately 1 billion euro revenue in 2015, to be
achieved through a combination of healthy autonomous growth and supplementary
acquisitions. The acquisition of Sydtotal fits well within this scenario.
Sydtotal is a perfect match for Imtech and adds high-quality energy and climate
control competences to our services portfolio. Particularly in the positively
developing Nordic energy market, we expect to be able to achieve extra growth
with this acquisition.´
Sydtotal profile
Sydtotal was founded by the majority of its current management in 2000, and has
since grown rapidly, mainly autonomously but also through supplementary
acquisitions. The shares in Sydtotal are held by Priveq Investment (57%), a
Swedish Private Equity fund, and management/employees (43%). The company
specialises in energy technology, high-tech climate control solutions and HVAC
(Heating, Ventilation & Air Conditioning). Sydtotal is a major player in the
Swedish energy and climate control technology market, with national coverage and
a leading position in the south of Sweden, the strongest region in the Swedish
economy. Its headquarters is in Malmö. The company also has 11 branches in
Sweden. The organisation has a variety of specialised business units for:
* project management and project execution;
* repairs, maintenance and management;
* production of special mechanical solutions for its own projects;
* saving energy by using special ICT solutions.
Sydtotal has a well-distributed client base and works for both the private and
public sectors in a broad range of market segments in the building and
industrial markets. Sydtotal is known in the market as a total solution provider
with a good reputation and high-quality technical competences. As a total
solution provider the company encompasses design, engineering, project
execution, maintenance and management. Sydtotal is a modern company with its own
CAM-based system (Computer Aided Manufacturing) for designing, engineering and
planning projects with a direct link to subcontractors and suppliers, and its
own production department, including digital invoicing based on EDI (Electronic
Data Interchange).
The company increasingly focuses on green solutions, including substantial
energy-saving projects. Examples are the MAX-lab of the University of Lund, and
an energy project for packaging specialist Rexam. The business unit which
operates at the interface between ICT and energy savings is also consultant for
complex client issues. As a major player in this growth segment, Sydtotal
occupies a seat in the Swedish Green Building Council.
The management of Sydtotal will continue their activities in the coming years,
which guarantees continuity.
Next growth phase for Imtech Nordic
With some 4,600 employees and pro forma revenue in 2010 of around 600 million
euro, Imtech Nordic is one of the strongest technical players in the Nordic
region (Sweden, Norway and Finland). The strong position was created here
through the acquisition of two major technical players, namely NVS in 2008 and
NEA in 2010, together with a dozen smaller acquisitions. Imtech wishes to grow
substantially in the Nordic region within the framework of its 2015 growth
strategy. This will be achieved on the one hand through the further integration
of NVS and NEA into a strong multidisciplinary service provider called Imtech
Nordic. NVS specialises in mechanical solutions, while NEA specialises in
electrical solutions. NVS is more oriented towards the building market, while
NEA focuses mainly on the industry market. Together they have over 160 offices
and more than 2,000 clients. Together the companies offer total technical
solutions with high added value. Further strengthening through acquisitions is
also part of Imtech´s strategic growth policy in the Nordic countries. In this
context, the acquisition of Sydtotal adds new high-quality specialisations, both
in energy technology and energy savings, and in high-quality air and climate
control solutions. NVS, NEA and Sydtotal are familiar with each other from the
market, and also work on a variety of projects together, for example the
realisation of the City tunnel railway line in Malmö and the Swedbank Arena in
Stockholm. Collaboration, cross-selling and knowledge exchanges will lead to
both NVS/NEA and Sydtotal being able to achieve extra growth. Acceleration is
particularly expected in the energy market.
Third Nordic acquisition this year
Earlier this year Imtech acquired two companies in Norway to strengthen its
market position, namely Unireg, a specialist in software (building automation)
and energy technology, and Elajo Installasjon, an electrical specialist in
security, energy and technical automation. In Sweden Imtech acquired the small
technical services provider Comfortgruppen.
Approval by the competition authorities
The acquisition is subject to approval by the Swedish competition authorities.
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More information
Media: Analysts & investors:
Pieter Koenders Jeroen Leenaers
Director Group Communications Manager Investor Relations
T: +31 655 74 65 85 T: +31 182 54 35 04
E:pieter.koenders@imtech.eu E:jeroen.leenaers@imtech.eu
www.imtech.eu www.imtech.eu
Imtech profile
Imtech N.V. is a European technical services provider in the fields of
electrical engineering, ICT (information and communication technology) and
mechanical engineering. With approximately 26,000 employees, Imtech achieves
annual revenue of around 4.5 billion euro. Imtech holds strong positions in the
buildings and industry markets in the Netherlands, Belgium, Luxembourg, Germany,
Austria, Eastern Europe, Sweden, Norway, Finland, the UK, Ireland and Spain, the
European markets of ICT and Traffic as well as in the global marine market. In
total Imtech serves 21,000 customers. Imtech offers added value with integrated
and multidisciplinary total solutions that lead to better business processes and
more efficiency for customers and the customers they, in their turn, serve.
Imtech also offers solutions that contribute towards a sustainable society,
amongst others in the areas of energy, the environment, water and mobility.
Imtech shares are listed on the Euronext Stock Exchange Amsterdam, where Imtech
is included in the Midkap Index. Imtech shares are also included in the Dow
Jones STOXX 600 index.
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