Ambea completes the acquisition of Aleris care operations and presents new group management team

The acquisition of Aleris care operations completed

Ambea’s acquisition of Aleris care operations in Sweden, Norway and Denmark was completed today. The purchase price amounted to SEK 2.6 billion on a debt and cash free basis (enterprise value) and the final purchase price including Aleris care operations’ net cash position at closing amounted to approximately SEK 3 billion. Following the acquisition, Ambea be the market leading care provider in Sweden, Norway and Denmark.

The annual sales for the new group for the period 1 July 2017 to 30 June 2018 amounted to approximately SEK 10,602 million, of which Ambea accounted for SEK 5,937 million and Aleris Care for SEK 4,665 million[1]. The operations have a combined total of approximately 13,100 full time employees and 7,690 beds and placements in own management.

The acquisition will create a stable platform for future organic growth and significant potential for direct cost synergies as well as operational improvements. In addition to direct cost synergies and identified operational improvements, Ambea believes that further efficiency enhancements can be realized over the next two to three years.

In order to repay part of the financing and to lower Ambea’s debt in line with the company’s long term financial targets, Ambea intends to, in connection with the Transaction, carry out a share issue, with preferential rights to existing shareholders, in the amount of approximately SEK 1.2 billion. The rights issue is expected to be decided upon and completed during the first half of 2019.

Fredrik Gren, President and CEO of Ambea:

“We are happy to finally welcome Aleris care operations to Ambea. Together, we will become the leading care provider in Sweden, Norway and Denmark and create major opportunities for synergies, purchasing coordination and exchange of experiences in the areas of operational and quality development.”

New group management team

As a result of the acquisition of Aleris care operations, Ambea presents the following changes in group management. Daniel Warnholtz, CFO at Ambea since 2011, is also appointed as deputy CEO, and Erik Sandøy and Miriam Toft is appointed as new members of group management with responsibilities of the business areas Norway operating under the brand Stendi respectively the new business area Denmark operated under the brand Altiden. Henceforth, the group management team consists of Fredrik Gren, President and CEO, Daniel Warnholtz, deputy CEO and CFO, Ulla Tansen, Head of Vardaga, Magnus Åkerhielm, Head of Nytida, Erik Sandøy, Head of Stendi, Miriam Toft, Head of Altiden, and Eva Domanders, Head of Klara Kompetens.

About Erik Sandøy, Head of Stendi

Erik was CEO of Aleris care operations in Norway between 2015-2019. He was CEO of Ungplan and BOI for eight years before that. In addition, Erik was one of the founders of Ungplan, which was a private care provider offering services for children and youth in Norway, later acquired by Aleris.

About Miriam Toft, Head of Altiden

Miriam was CEO of Aleris care operations in Denmark between 2014-2019. She was previously the HR-director of Aleris care and healthcare in Denmark for three years. Before that, Miriam held multiple senior positions in Aleris care operations between 2003-2011.

[1] Adjusted for discontinued units, units being phased out and items affecting comparability.

For more information, contact:

Jacob Persson, Head of Investor Relations 
Telephone: +46 (0)708 64 07 52

E-mail: jacob.persson@ambea.se

Ambea press contact
Telephone: +46 (0)10 33 00 501
E-mail: press@ambea.se

This information is such that Ambea AB (publ) is obliged to make public pursuant to the Financial Instruments Trading Act. This information was submitted for publication at 12:00 CET on 2019-01-21.

Ambea is the market leading care provider in Sweden, Norway and Denmark respectively, with over 750 care units and around 26,000 employees. We offer services in disabled care, individual and family care, and elderly care with a focus on residential care and own management. We aim to be the quality leader in all that we do and our vision is to make the world a better place, one person at a time. The company was founded in 1996 and its head office is located in Solna, Sweden. Ambea is listed on Nasdaq Stockholm.

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