With the acquisition of Hyvinkään Puuseppien Oy in Finland, specializing in solid wood doors and made to measure windows, Inwido adds yet another successful business to Business Area Eastern Europe. Hyvinkään Puuseppien Oy has 16 employees and a production facility in Ridasjärvi in Hyvinkää. In the last financial year, the company reported sales of approximately SEK 40 million ($9.4 million).
Hyvinkään Puuseppien Oy was founded in 1958 by the father of today's CEO and owner Ilkka Turpiainen. Hyvinkään Puuseppien will in connection with the deal be an independent business unit within Inwido while at the same time benefitting from synergies with Inwido's central purchasing organization.
Hyvinkään Puuseppien sells their products primarily to housing unions and real estate companies, construction companies and building contractors. The doors and windows are made to measure and available in several different types of wood. The company is also offering renovation and repairing of doors and windows both on site and in its own workshop.
The acquisition Hyvinkään Puuseppien Oy is financed through available cash and will have a marginally positive impact on Inwido's earnings per share during 2022. The purchase price is in line with Inwido's usual multiples. The owners retain 35% of the shares for a period of at least two years. The purchase price for the remaining shares will be based on the future financial performance of Hyvinkään Puuseppien Oy.
Inwido is Europe’s largest supplier of windows and doors. Inwido consists of 30 business units with approximately 4,800 employees in eleven countries.
