Orkla Care has signed and closed an agreement to purchase 100% of the shares in the Danish company Riemann Holding A/S ("Riemann"). The company holds good positions in the sun protection and antiperspirant markets, and with the acquisition of Riemann, Orkla Care is strengthening its presence in the pharmacy channel.
The product portfolio is marketed under the P20 and Perspirex brands and is primarily sold through the pharmacy channel via distributors. Riemann is based in Denmark, but around 90% of its turnover is generated by exports to other European markets. The business has achieved annual turnover growth of 8% in the past few years.
Riemann and Orkla Care are a good fit. Orkla Care already holds leading positions in the personal care segment in the Nordic region, in addition to strong positions in Europe in dietary supplements, wound care and painting tools.
"Riemann has an attractive position in the pharmacy channel and a presence in Orkla's priority growth markets. The purchase of Riemann complements Orkla's personal care product portfolio, and gives us access to new growth platforms. The acquisition also offers potential for synergies with our present operations," says Stig Ebert Nilssen, EVP and CEO of Orkla Care.
Riemann's businesses will be continued under the Orkla Home & Personal Care business unit.
Riemann is a family-owned business established in 1979, and has 47 employees. The company's head office and production facilities are located in Hillerød, Denmark. In 2016, Riemann had a reported turnover of DKK 133.5 million (approx. NOK 168 million) and EBITDA of DKK 26.4 million (approx. NOK 33 million).
The company will be consolidated into Orkla's financial statements as from 1 June 2017. The parties have agreed not to disclose the purchase price.
Orkla is a leading supplier of branded consumer goods and concept solutions to the grocery, out-of-home and bakery markets in the Nordics, Baltics and selected markets in Central Europe and India. Orkla is listed on the Oslo Stock Exchange and its head office is in Oslo. In 2016, the Group had a turnover of approximately NOK 38 billion, and 18,000 employees at year end.
The two largest business units are Orkla Home & Personal Care, which holds leading positions in the personal care and cleaning segments, and Orkla Health, which holds leading positions in the dietary supplements, sports nutrition and weight control segments. Orkla Care also has leading positions in painting tools (Orkla House Care), wound care (Orkla Wound Care), basic garments sold through the grocery channel (Pierre Robert Group) and professional cleaning segments (Lilleborg).
Oslo, 19 May 2017
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