Panostaja Oyj Securities Statement, Insider Information Dec 23, 2021 9.45am
wheat for sale It socopro A business specializing in digital project management service in the construction industry
The Grano division of Panostaja has signed an agreement to sell its SokoPro business to the international company iBinder. The sale will be executed as a stock transaction and will be preceded by the partial separation of Grano Oy, a wholly owned subsidiary of Grano Group Oy, under which the SokoPro business will be merged and thus separated from the rest of Grano Oy. The sale price of the shares is approximately €45.5 million and will be paid out in one lump sum in cash once the transaction is completed. The transaction is expected to be completed by the end of January 2022.
Following the transaction, Grano will continue to pursue its provider of the most effective communication strategies with increased focus and a stronger financial position. Grano is Finland’s leading content services expert, providing marketing and communications solutions that improve its customers’ sales, brand value and performance, in both digital and print formats. The main pillars of Grano’s strategy are to expand 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 enables Grano to focus more on the development and marketing of value-added services for telecom marketing, and with Grano’s financial position significantly improved, it can pursue its strategy more intensively. After the sale, Grano will continue to be the exclusive sales representative in Finland for SokoPro.
“During more than ten years under majority ownership in Panostaja, Grano has transformed from a traditional printing house into a leading Finnish service provider of value-added solutions in digital and print marketing communications. The robust development of the SokoPro business is a prime example of the ability of SaaS and cloud-based services to create Value.In its strategy, Panostaja will focus more on investments in service and software companies, and this transaction is a clear confirmation for us to continue implementing our strategy to create shareholder value.I firmly believe that this transaction will provide the best possible conditions for the further development of SokoPro’s combined business under new ownership, and accelerate the implementation of Grano Strategy. I would like to thank the SokoPro team and the entire Grano team for creating this great success story,” said Panostaja CEO and Chairman of Grano Group Oy Tapio Tommila.
“The transaction contributes to the implementation of Grano’s most effective communications providers strategy by enabling us to focus more strongly on our transformation to become a service company that provides the most effective marketing communications solutions. I am very pleased with the opportunities this transaction has created to develop in serving our customers better and more comprehensively with our committed employees and enthusiasts, with an enhanced focus and a stronger financial focus. I am also convinced that the SokoPro business will be transferred to a good owner, which will provide it with the internationalization and development opportunities it deserves”, stated Grano Acting CEO Kimmo Kolari.
Net sales of the SokoPro business, based on management’s carve-out estimates, were approximately €5.8 million during the financial year ended October 31, 2021, while EBIT was approximately €3.0 million. Net sales of similar continuing business operations for the Grano segment of the Panostaja Group during fiscal year 2021 were €102.1 million, while EBIT without the SokoPro business was €2.6 million. The Banustaja Group will not adjust the reports on its continuing business operations for the comparison periods in its consolidated reports after completion of the transaction.
At the current estimate, the Panostaja Group will recognize on completion of the capital transaction approximately €9.1 million before tax, taking into account goodwill of €32.6 million for the business sold, and share sale expenses. Of the estimated €9.1 million pre-tax capital gain recognized by the group, approximately €5.0 million will be attributable to the owners of the parent company Panostaja. This transaction is not expected to result in any significant tax consequences for the income tax of Panostaja Group. Panostaga owns 55.2% of Grano.
The carve-out balance sheet for the SokoPro business, based on management’s estimates, was as follows on 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|
Tapio Tommila, CEO, Panostaja Oyj, +358 40527 6311, email@example.com
Kimmo Kolari, Acting CEO, Grano Group Oy, +358 40769 5807, firstname.lastname@example.org
Panostaja is an investment company that acts as an active contributor to the development of Finnish small and medium-sized businesses. The company aims to be the most sought-after partner for business owners who sell their companies as well as for the best managers and investors. Panostaja works with its partners to increase the value of the group’s shareholders and create new Finnish success stories. Panostaja holds a majority in four investments. Banostaga The stock (PNA1V) is traded on the Nasdaq Helsinki Stock Exchange. In fiscal year 2021, the group’s net sales were MEUR 133.0. www.panostaja.fi