Kingspan Acquires Over Third Share in Nordic Waterproofing

KINGSPAN Holdings Limited has acquired over a third of Swedish headquartered Nordic Waterproofing Holding AB shares on 13 September 2023.

Kingspan bought 1,648,089 shares in Nordic Waterproofing at 160 Swedish Krona (SEK) (£11.52) per share, giving it approximately 6.8% of the total number of shares and votes in Nordic Waterproofing.

With a SEK £1.2bn turnover Nordic Waterproofing specialises in flat roofing products including felt, PVC, EPDM and TPO membranes. It also sells vapour and air control layers, prefabricated roofing products and green roofing infrastructure.

Largest Shareholder

Kingspan was already Nordic Waterproofing’s largest shareholder with a holding of approximately 24% of the shares and votes in Nordic.

The latest acquisition gives Kingspan a total of 30.9% of the shares and votes in the company and under Swedish law has crossed a ‘mandatory bid threshold’.

Under the Swedish Takeovers Act, Kingspan must announce that the threshold has been crossed and the business must make a public offer for the remaining shares in Nordic Waterproofing within four weeks.

Kingspan intends to make the offer for the remaining shares in Nordic Waterproofing at the same price per share of SEK 160 per share.

In Kingspan’s latest annual report, in Gene Murtagh’s Chief Executive Review it stated that the business would continue with its assertive acquisition strategy and the company favoured roofing manufacturer’s in order to take advantage of the stability the RMI cycle offers. It’s recently (2022) formed Roofing and Waterproofing division is set to grow as the company states: “we intend to broaden our portfolio of waterproofing, and our geographic presence, through both organic and inorganic routes.”

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