Bergs Timber AB acquired 100% of the shares in Pinus, Polish windows and doors manufacturer. The sellers is the founders of the company, they will remain in the company for a transitional period. In 2021, Pinus had sales of approximately SEK 80 million in 2021. The purchase price for the shares amounts to approximately SEK 36 million and is paid in cash via Berg's existing cash and credit facilities.
“Pinus fits in well with Bergs, both operationally and strategically. Our determined investment in high-quality windows and doors continues, where we see good growth opportunities in most markets, ” says Peter Nilsson, President and CEO of Bergs.
Pinus was founded in 1991 and is a reputable manufacturer of high quality windows and doors. The company is located in Brzeg outside Wroclaw in southwestern Poland and has been run by the original founders since its inception. The company has a modern and purposeful machine park and employs about 100 people. Pinus has been a supplier to Berg's subsidiary PTPG in the UK for more than 20 years. Most of the sales today take place to PTPG, but Pinus also has sales to customers in Poland and Germany, among other places.
Bergs manufactures, markets and sells high-quality windows and doors through the subsidiaries Performance Timber Products Group (“PTPG”) in the United Kingdom and Byko-Lat in Latvia. The acquisition of Pinus means that additional production capacity will be added to the group, said Bergs in a statement. In combination with the recent expansion of the group's factory in Latvia, deliveries are secured for the planned expansion in the UK and the rest of Europe. Furthermore, opportunities are also created for future production synergies between the group's various units. Following the acquisition, Berg's annual sales of windows and doors amount to approximately SEK 600 million.
