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Lagercrantz has today signed an agreement to acquire 85% of the shares of Nordic Road Safety AB (NRS). NRS is a leading supplier of permanent road safety through development, consulting, sales, project management and installation of safety barrier systems and noise barriers. The largest market is Sweden with approximately 85% of the sales, the rest is exported to other European countries.
NRS, known for its deep competence, its innovative, certified products and high delivery precision, is based in Timrå, Sweden. During 2023, NRS is estimated to have revenues of approximately SEK 350 million, an operating profit of approximately SEK 50 million and a return on working capital, P/WC, of almost 60%. The acquisition is completed at a so-called EV/EBITA multiple of 6.5, excluding a potential earn-out. For more information about NRS, please visit https://www.nordicroadsafety.com/en/home/.
"We are very proud and happy to welcome NRS to Lagercrantz. NRS has a strong position in the market for products in permanent road safety. We see a great potential in NRS's certified product portfolio and the organisation's high level of competence as a basis for continued development and contribution to increased traffic safety", says Peter Baaske, head of division Electrify.
"It feels very good to continue to develop our company together with a long-term owner like Lagercrantz. We now have better conditions to expand our operations in more markets", say the co-owners of Nordic Road Safety.
Several of the selling partners will continue in their positions and retain 15% minority ownership in the company.
The acquisition is subject to approval by the authorities, which is now taking place ahead of an anticipated closing in March 2024, after which Nordic Road Safety will be part of Lagercrantz' Electrify division. The acquisition is expected to generate a small positive contribution to Lagercrantz Group's earnings per share on an annual basis.
Stockholm, 22 December 2023
Lagercrantz Group AB (publ)