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Panostaja Oyj Market press release, inside information December 23, 2021 at 9.45 a.m.
Grano to sell his SokoPro company specializing in digital project management services in the construction sector
Panostaja’s Grano segment has signed an agreement to sell its SokoPro business to the international company iBinder. The sale will be carried out in the form of a share transaction and will be preceded by the partial demerger of Grano Oy, a company wholly owned by Grano Group Oy, by which the SokoPro activity is incorporated and thus separated from the rest of Grano. Oy. The selling price of the shares is approximately 45.5 million euros and will be paid in one lump sum in cash once the transaction is finalized. The deal is expected to be finalized by the end of January 2022.
After the deal, Grano will continue to seek its supplier with the most effective communication strategy with increased focus and a stronger financial position. Grano is the leading content services expert in Finland, providing marketing and communications solutions that improve sales, brand value and customer performance, both digitally and in print. The cornerstones of Grano’s strategy are expanding the marketing capabilities of content and value-added services; increase digital marketing communications and content management services; sales of customer-centric solutions; and production efficiency. The sale of SokoPro allows Grano to focus more on the development and commercialization of value-added marketing communications services, and as Grano’s financial situation improves significantly, it can pursue its strategy more intensively. After the sale, Grano will continue to be the exclusive sales representative in Finland for SokoPro.
“In the more than ten years that it has been majority-owned by Panostaja, Grano has grown from a traditional print shop to a leading Finnish service provider for value-added solutions in digital and print marketing communications. The strong development of SokoPro’s activity is an excellent example of the capacity of SaaS and cloud services to create value. In its strategy, Panostaja will focus even more on investments in service and software companies, and this agreement is a clear confirmation for us to continue to implement our strategy of creating shareholder value. I firmly believe that this agreement will provide the best possible conditions for the further development of what will be the SokoPro company incorporated under a new owner, and the acceleration of the implementation of the Grano strategy. I would like to thank the SokoPro team and the entire Grano team for creating this great achievement, ”said Tapio Tommila, CEO of Panostaja and Chairman of the Board of Grano Group Oy.
“The agreement contributes to the implementation of Grano’s most effective communications provider strategy by allowing us to focus even more on our transformation to become a service company providing the most effective marketing communications solutions. I am very happy with the opportunities created by this agreement to grow by serving our customers even better and more fully with our engaged and motivated staff, with increased focus and stronger financially. I am also convinced that the SokoPro business will be transferred to a good owner, which will give it the internationalization and development opportunities it deserves ”, said Kimmo Kolari, Interim CEO of Grano.
Net sales of SokoPro business, based on management’s carve out estimates, amounted to approximately € 5.8 million in the fiscal year ended October 31, 2021, while that EBIT was around 3.0 million euros. The net sales from comparable continuing business activities of the Grano segment of the Panostaja group in fiscal year 2021 was 102.1 million euros, while the EBIT without the SokoPro activity was 2.6 million. euros. The Panostaja group will not adjust the presentation of its continuing business activities for the comparison periods in its consolidated reports after the closing of the transaction.
According to the current estimate, the Panostaja group will recognize on completion of the transaction a capital gain of approximately € 9.1 million before tax, taking into account the goodwill of € 32.6 million allocated to the transaction. activity sold and costs of selling shares. Of the estimated capital gains of 9.1 million euros before tax recognized by the group, approximately 5.0 million euros will be attributable to the owners of the parent company Panostaja. This transaction should not have significant tax consequences for the Panostaja group. Panostaja owns 55.2% of Grano.
The detached balance sheet for SokoPro activity, based on management estimates, is as follows as at October 31, 2021:
|(in thousands of euros)||October 31, 2021|
|Other intangible assets||3 014|
|Tangible fixed assets||1|
|Non-current assets, total||3,016|
|Other current liabilities||-50|
|Net working capital||400|
|Net assets||3 415|
Tapio Tommila, CEO, Panostaja Oyj, +358 40 527 6311, email@example.com
Kimmo Kolari, Interim CEO, Grano Group Oy, +358 40 769 5807, firstname.lastname@example.org
Panostaja is an investment company which acts as an active shareholder to develop Finnish small and medium-sized enterprises. The company aims to be the most sought-after partner of business owners selling their businesses as well as top managers and investors. Together with its partners, Panostaja increases the shareholder value of the group and creates new Finnish success stories. Panostaja has a majority stake in four investments. Panostaja (PNA1V) are listed on the Nasdaq Helsinki Stock Exchange. During the 2021 financial year, the group’s turnover amounted to 133.0 MEUR. www.panostaja.fi