Hultafors Group AB Acquires Puvab AB

PRESS RELEASE
Hultafors Group Acquires Puvab AB
and Strengthens Offering in Protective Wear

8 Mar 2017

Hultafors Group, a wholly owned business area within Investment AB Latour, has acquired Puvab AB from Vestitus Holding AB. The acquisition is part of the growth strategy for Hultafors Group, and will further strengthen the company’s Workwear business within protective wear.

Puvab is a Swedish company in the protective wear business established in Borås in 1989. The company specialises in protective wear for the energy and utility business, as well as flame resistant safety wear for other industries. Puvab develops and produces functional and certified high-quality garments with innovative design and functionality for work in demanding conditions. In 2013, Puvab also established the brand Eripio Wear which targets ambulance and rescue personnel. Puvab has 49 employees and an annual turnover of SEK 42 million.

"To expand safety wear into Multinorm has been one of the Group’s strategic initiatives. Together with the Snickers Workwear brand, we will continue to serve our common customers with a wider offering within protective wear and develop a market leading offering for the future. With its broad assortment of safety wear and strong track record in the market, Puvab is the ideal partner to complement Snickers Workwear’s offering," says Camilla Monefeldt Kirstein, Director BU Workwear at Hultafors Group.

"Puvab has seen a healthy growth in 2016 and the prospects for the future are very bright. Joining Hultafors Group will give Puvab an even better position for growing, in particular on the international market," says Gustav Örn, owner of Vestitus Holding AB.

"We are excited to be part of Snickers Workwear and the Hultafors Group, and are confident that this will provide us with growth potential for the future as we can also benefit from our common sales channels," says Per Wagnås, MD of Puvab AB.

"To provide products which ensure our end users higher productivity and safety is core in the Hultafors Group strategy. Having Puvab with its leading products in our portfolio complements our offering within protective workwear. This means we can provide more value to our existing customers and reach new segments and customers," says Ole Kristian Jödahl, CEO at Hultafors Group AB.

Göteborg, March 8, 2017
Hultafors Group AB
Ole Kristian Jödahl, CEO

For further information please contact:
Ole Kristian Jödahl, CEO, Hultafors Group AB, +47 900 88 305
Camilla Monefeldt Kirstein, Director Business Unit Workwear, Hultafors Group AB, +46 8 92 51 83
Teresa Enander, Director of Strategy and M&A, Hultafors Group AB, +46 739 17 86 91
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Hultafors Group offers a dynamic range of premium brands to rely on – for distributors and craftsmen alike. Through its various brands Hultafors Group is represented in 40 countries and has over 11,000 point of sales. Hultafors Group has 685 employees and an annual turnover of about SEK 1.7 billion.

Investment AB Latour is a mixed investment company consisting primarily of wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 43 billion. The wholly-owned industrial operations generated a turnover of approximately SEK 7 billion in 2015.