Glimakra of Sweden acquires TreCe
Glimakra of Sweden AB, which is part of the Garpco Group, acquires the interior design company TreCe AB, based in Norrköping.
Garpco’s subsidiary Glimakra of Sweden has signed a share transfer agreement to acquire 91% of the shares in TreCe AB with the existing principal owner Carnock Holding AB. For the remaining 9% of the company, Glimakra has signed a letter of intent with the partner Anders Renström, who is also CEO of TreCe. Anders will continue in his service and receive Garpco shares as payment. TreCe is a leading player in storage furniture and source sorting with headquarters in Norrköping and Showroom in Stockholm and Oslo. In total, the company has 21 employees and a turnover of approximately SEK 76 million for the financial year 2018-2019.
After a thorough DD process, Garpco’s CEO Markus Strand states: “TreCe is a very fine and well-managed company that together with our existing subsidiary Glimakra can offer the market a complete program in storage, source sorting and furnishing with sound abortion”. The companies will continue to be run as separate companies, but a great synergy effect can be obtained.
Admission takes place on 30/12, but the companies have already begun a structured integration process.
The acquisition will add an annual sales increase of approximately SEK 80 million to the Garpco Group and generate a significant positive effect on earnings. The total effect depends on the extent of the production volume that will be added to the existing facility in Tranås in the coming years.