Nordic Waterproofing Group has signed an agreement to acquire 70 percent of the Finnish company VKP Holding Oy ("VKP"). The VKP Group provides roofing and waterproofing services and is headquartered in Kajaani in northeast Finland. VKP Group has 75 employees and an annual turnover of EUR 9 m. The acquisition will, together with our existing Installation Services businesses, expand our geographical coverage of roofing services in the Finnish market.
VKP is the parent company of the group and has the fully owned subsidiaries Vesikattopalvelu Kajaani Oy, Vesikattopalvelu Kuusamo Oy and Vesikattopalvelu Nurmes Oy. The companies carry out different kinds of roofing and waterproofing services and is specialized in all types of roof renovation and maintenance activities. This acquisition is part of Nordic Waterproofing’s strategy of enhancing our product and service offering.
Closing of the transaction is expected to take place on 1 July 2022. Nordic Waterproofing has an option to acquire remaining 30 percent of the shares in two tranches, the first in 2024 and the second in 2026. The acquisition is financed through Nordic Waterproofing's existing credit facilities. The acquisition is expected to have a minor positive effect on Nordic Waterproofing's earnings per share in 2022 within the segment Installation Services.
"VKP has had a good development for several years and this is a natural step to increase the speed of our development," says Petri Kemppainen, previous main owner of VKP Holding Oy.
“VKP is a natural acquisition for us in this geographical area where we have a low market share. We are pleased to now strengthen our position within Installation Services in this region." says Esa Mäki, Head of NW Finland.
"Nordic Waterproofing's strategy is to grow both organically and through acquisitions. With the acquisition of VKP we broaden coverage of offering roofing services in Finland. We appreciate that VKP’s management continue as minority shareholders and we welcome our new colleagues in Finland to Nordic Waterproofing" says Martin Ellis, President and CEO of the Nordic Waterproofing Group.