Agreement Signed for the Tellus Group's Acquisition of Matomsorg

Published: February 22, 2024

  

Miscellaneous

As Tellusgruppen AB (publ) previously announced, the company has signed a letter of intent with the catering company Matomsorg. The agreement has now been signed, which means that Tellusgruppen is acquiring all shares in Matomsorg through its subsidiary Tellusfood.

Matomsorg prepares and distributes meals to preschools and schools in the Stockholm area. The company has revenue of approximately 10 MSEK and EBIT of around 1 MSEK. The acquisition will take effect on April 1.

In the short term, the deal is expected to generate savings related to food transportation for the Tellus Group’s subsidiaries. In the longer term, the company anticipates economies of scale in areas such as purchasing and sales between Matomsorg and the Tellus Group’s meal service operations within Tellusfood.

Tellusgruppen acquires all shares in Matomsorg for a purchase price of SEK 5,200,000 (on a debt- and cash-free basis). Payment will be made in the form of shares in the buyer’s parent company, Tellus Group, valued at SEK 2,600,000 in newly issued shares, a cash payment of SEK 1,040,000 on the closing date, and a promissory note for SEK 1,560,000 plus interest at the 3-month Stibor rate, with the principal and accrued interest due no later than 12 months after the closing date.

Tellusfood , a subsidiary of the Tellus Group, prepares and delivers meals to the Group’s schools and preschools. The business also aims to provide meals to external customers in the school and preschool sectors. With the acquisition of Matomsorg, the Tellus Group’s six food preparation kitchens and restaurant will be integrated with an additional food preparation facility serving approximately 30 external customers. The new subsidiary is expected to generate annual revenue of approximately 25 MSEK.

For more information

Bijan Fahimi, CEO of Tellusgruppen AB
bijan.fahimi@tellusgruppen.se
+46 707 167 453