Karelia-Upofloor and Kährs to merge

Swedish company AB Gustaf Kähr (“Kährs”) and Finnish company Karelia-Upofloor Oy (“Karelia-Upofloor) today announces a merger of the two companies, creating Europe’s leading producer of wood floors. The new company will be market leader in Sweden, Norway, Finland and Russia, and will hold strong positions in other important markets such as Great Britain and Germany. The new company will have revenues of around 300 million euro.

”We bring two companies together with complementary products and geographies. As a long-term shareholder we believe that the merged company will be a more competitive player on a fragmented market. Together the companies will be in a stronger position to compete under challenging market conditions”, said Bertel Langenskiöld, Managing Director of Hartwall Capital.

Kährs’ principal owner, Triton Fund III, will be majority owner of the new company. Hartwall Capital, will be the second largest owner followed by the management. Hartwall Capital has owned Karelia-Upofloor since 2004.

The merger is conditional upon approval by the relevant competition authorities.

For further information, please contact:
Bertel Langenskiöld, Managing Director: +358 (0)9 6818 560