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Kingspan to acquire Danish firm Logstor for 253 million euros

Christian Fernsby |
Kingspan Group said it will acquire Denmark-based Logstor Group from Langley Co-Invest Sarl - which is part of Triton Fund III LP - for DKK1.89 billion, around EUR253 million or GBP218 million, including debt.

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Logstor AS supplies technical insulation products and services, including pre-insulated pipe systems for district energy, with its primary markets being Scandinavia, Germany, Netherlands, Poland and France.

The Kingscourt, Ireland-based building materials firm will pay the consideration in full on completion, and this will be funding from Kingspan's existing credit facilities.

Logstor recorded trading profit of DKK210 million, about GBP23 million, on DKK1.82 billion, about GBP210 million, in revenue in 2020.

The acquisition is conditional on regulatory approval, and is expected to be completed in the middle of 2021. Kingspan anticipates the deal to boost earnings on an annualised basis by around 9 euro cents per share. For 2020, Kingspan reported basic earnings per share of 206.2 cents.

"The acquisition of Logstor marks an important step for Kingspan, as part of our strategy to develop our technical insulation proposition as a complementary business to core building insulation. Logstor is a great company with a dedicated workforce and superior products in an industry that will see strong growth in the years to come," said Chief Executive Officer Gene Murtagh.

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