MBB SE

  • WKN: A0ETBQ
  • ISIN: DE000A0ETBQ4
  • Land: Deutschland

Nachricht vom 20.06.2019 | 18:05

MBB SE: MBB acquires a majority stake in Friedrich Vorwerk, a civil engineering and plant construction specialist for underground gas, oil and power lines

MBB SE / Key word(s): Mergers & Acquisitions
MBB SE: MBB acquires a majority stake in Friedrich Vorwerk, a civil engineering and plant construction specialist for underground gas, oil and power lines

20-Jun-2019 / 18:05 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Disclosure of inside information acc. to Article 17 MAR

MBB acquires a majority stake in Friedrich Vorwerk, a civil engineering and plant construction specialist for underground gas, oil and power lines

Berlin, 20 June 2019 - MBB SE (ISIN DE000A0ETBQ4), a medium sized family business, acquires a 60 % stake in Friedrich Vorwerk KG (GmbH & Co.) and its subsidiaries (hereafter "Vorwerk"). Vorwerk is a civil engineering and plant construction specialist for underground gas, oil and power lines. Friedrich Vorwerk founded the group in 1962 in Tostedt. Vorwerk has over 750 employees operating from nine locations and generated an annual revenue of over EUR 100 million in 2018. The transaction is still subject to the approval of the German antitrust agency. The parties involved in the transaction have agreed not to disclose the purchase price.

Vorwerk benefits from the growing need to invest in German gas and electricity grids. The most recent estimates made by the German network agency suggest that more than EUR 6 billion will need to be invested into the German gas network over the next few years. Additionally, the German "Energiewende" requires the installation of several thousand kilometres of new power cables to establish a long distance transmission grid. Since large portions of the new power lines are earthbound, the network operators forecast investments exceeding EUR 60 billion by 2030. Vorwerk is one of the few companies within the German market with the necessary know-how and experience in executing such large-scale earthbound power grid construction projects.

With MBB's entry, Vorwerk intends to push its growth organically and via acquisitions in the long term. Irene Vorwerk, the widow of the company founder, and Torben Kleinfeldt, the managing partner, will remain shareholders of the company. The management team around Klaus-Dieter Ehlen, Torben Kleinfeldt and Kevin Loots will remain fully in place while MBB is committed to continue the close and successful cooperation with the "Irene and Friedrich Vorwerk Foundation".

Together with Vorwerk, MBB would have generated a consolidated revenue of over EUR 600 million at an EBITDA margin of more than 10 % with over 3,000 employees in the financial year 2018. MBB still has considerable net liquidity and seeks to grow also through acquisitions going forward.

MBB SE
Joachimsthaler Straße 34
10719 Berlin
Tel +49 30 844 15 330
Fax +49 30 844 15 333
request@mbb.com
www.mbb.com

Executive Management
Dr Christof Nesemeier (CEO)
Dr Constantin Mang
Klaus Seidel

Chairman of the Board
Gert-Maria Freimuth

Court of Registration
Berlin-Charlottenburg Local Court, registration number: HRB 165458


20-Jun-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



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