LÄNNEN TEHTAAT ACQUIRES CATERNET FINLAND OY TO STRENGTHEN ITS POSITION AS A FOOD SOLUTIONS SUPPLIER TO THE FOOD SERVICE SECTOR
LÄNNEN TEHTAAT PLC, Stock Exchange Release, 27 March 2012 at 14.00 (EET)
Lännen Tehtaat plc has acquired from private individuals the entire share capital of Caternet Finland Oy, a company supplying the food service sector and specialising in preparing fresh vegetable, fruit and fish products and in logistics. The company’s net sales in 2011 were approximately EUR 29 million and its EBITDA figure was EUR 0.6 million. At the close of the last financial year its net debt stood at approximately EUR 12 million. The total acquisition price of the share capital is EUR 6-12 million. The acquisition price consists of a fixed element of EUR 6 million and a variable element comprising an additional purchase price of EUR 0-6 million, which is tied to the operating profit for 2012-2013.
“Caternet has a strong position in Finland as a supplier of ready-to-use fresh products to the hotel, restaurant and catering sector. Caternet’s fresh products are very suitable additions to Lännen Tehtaat’s current product selection, which focuses on great taste, healthiness and light choices. The purchase of Caternet will strengthen Lännen Tehtaat’s position as a food solutions supplier to the food service sector. Together, with the expertise and product portfolios of Caternet, Apetit Pakaste and Apetit Kala, Lännen Tehtaat will be able to improve its customer service in the hotel, restaurant and catering sector. Caternet has production facilities in Helsinki and sales and logistics operations in Jyväskylä and Oulu,” says Matti Karppinen, CEO at Lännen Tehtaat.
The acquisition supports Lännen Tehtaat’s growth strategy and will bring synergy benefits to the business. Caternet Oy will be reported as part of Lännen Tehtaat’s Other Operations segment.
LÄNNEN TEHTAAT PLC
Matti Karppinen, CEO, tel. +358 (0)10 402 00
NASDAQ OMX Helsinki Ltd
Background information on the companies:
Caternet Finland Oy
Caternet Finland Oy is Finland’s leading company specialising in preparing and supplying additive-free fresh food products. The company prepares ready-to-use fresh products for the food service sector in a modern production plant with the highest standards of food hygiene at Kivikko in Helsinki. Caternet’s product selection is composed of fresh and ready-to-use fruit and vegetable products and fresh, freshly smoked and frozen fish. The majority of its net sales are from fruit and vegetables. Its customers are staff restaurants, hotels, public sector food services, the retail trade and the food industry in Finland. In 2011, Caternet’s net sales amounted to approximately EUR 29 million and the company employed about 120 people in Helsinki, Oulu and Jyväskylä. More information is available on the company’s website at www.caternet.fi.
Lännen Tehtaat plc
Lännen Tehtaat plc is a food industry company whose mission is to offer consumers food solutions that are healthy, flavoursome and based on locally sourced raw materials. The Group’s business sectors are the Frozen Foods business, the Seafood business, the Grains and Oilseeds business and Other Operations. Lännen Tehtaat operates in the northern Baltic region and its shares are quoted on NASDAQ OMX Helsinki Ltd. Net sales of the Group in 2011 totalled EUR 335 million and at the end of the year it employed an average of about 740 people. More information is available on the company’s website at www.lannen.fi.