Nordic Waterproofing acquires Annebergs Limtræ

2022-09-14 16:00:00

Nordic Waterproofing has, through its Danish subsidiary Taasinge Elementer A/S, acquired 100 percent of Annebergs Limtræ A/S (Annebergs Limtræ) in Lunde in Southwest Juttland. With this acquisition, Taasinge Elementer strengthens its value chain through its own production of important components in glulam. At Annebergs Limtræ, the long-standing owners also get a desired succession in place. Taasinge Elementer thus continues the strategic process that will equip the company to take advantage of the opportunities in a growing market for sustainable building solutions.

Annebergs Limtræ has been on the market since 1996, when the Anneberg family sold off five timber stores to focus on glulam production. Today, 26 years later, the company has a well-managed and automated factory with sales of over DKK 40 million and 16 employees manufacturing beams, columns and small glulam houses.
Taasinge Elementer's acquisition of Annebergs Limtræ is based on a strategic decision to take control of a larger part of the value chain. So far, the company has purchased glulam from a number of external suppliers, but is now securing its own scalable production of glulam in Denmark. With the acquisition, Annebergs Limtræ will not only have a new owner, they will also have a new, large customer when production of components for Taasinge Elementer's factories begins in the near future.

The transaction was completed on September 14, 2022. The acquisition was financed through Nordic Waterproofing's existing credit facilities. The acquisition is expected to have a minor positive effect on Nordic Waterproofing's earnings per share in 2022 in the Products and Solutions segment.

"Glulam is an important resource in our production and with the acquisition of Annebergs Limtræ we strengthen our value chain and ensure a short and stable delivery time of important components to our factories in Denmark, Latvia and Norway. We are taking over a well-managed business with a good reputation in the market." says Martin Tholstrup, CEO of Taasinge Elementer. "In addition to a highly specialized in-house production of glulam for our factories, we take over a strong range of special products including natural cottages and gazebos. It is a market with a positive development, where Taasinge Elementer is not present today." says Martin further.
  
At Annebergs Limtræ, the owners Frits Anneberg, 62, and Christian Anneberg, 56, had begun planning for a future succession. "It has been crucial for us to find an owner who wants to invest locally in the continued development of Annebergs Limtræ and create new jobs for the benefit of the local area. We have found this in Taasinge Elementer and we see the change of ownership as a really good opportunity for both the company and our employees. It is a very exciting time that we are facing." says Christian Anneberg, CEO of Annebergs Limtræ.

"Nordic Waterproofing's acquisition strategy focuses on sustainable building solutions. Wood based construction is an important element in the drive to reverse the greenhouse gas emissions that generate global warming. The acquisition of Annebergs Limtræ further increases our Group’s contribution to sustainable construction. It is gratifying that the management of Annebergs Limtræ continues to run the business and we welcome our new colleagues in Denmark to Nordic Waterproofing", says Martin Ellis, President and CEO of Nordic Waterproofing Group

MFN