Inwido

Sidey was founded back in 1932 in Perth, Scotland, where most of its operations are still located. Most of the company's sales are in the renovation of social housing, where it's also the market leader. Sidey Group is in a strong growth phase and the prospects for continued growth are good as demand is expected to be strong, not the least due to increased legal requirements for energy efficiency improvements of homes in Scotland. Sidey Group has also strengthened its presence in the west of Scotland through the acquisition of Walker Profiles in 2017.

- The acquisition of Sidey Group enables Inwido to establish a market-leading position in Scotland, which will be a partly new market for the Group. It's also a company that's growing with good profitability, while at the same time I see opportunities for synergies through joint purchasing, insourcing of production and other collaborations within the Inwido Group, says Henrik Hjalmarsson, President and CEO of Inwido.

Sidey Group has a broad product portfolio in windows and doors as well as offerings for carports and roof replacements. In addition to the public sector, the company also sells to professional installers and private homeowners.

- With Inwido as owner, we become part of Europe's leading window group. Their decentralized business model allows us to continue to develop Sidey Group's customer offering while gaining access to the knowledge and resources available within Inwido, which will provide us with new and improved business opportunities, says Charles Arbuthnott, co-owner and chairman of Sidey Group.

The acquisition, which is enabled by Inwido's strong balance sheet, is financed through available cash, and will have a positive impact on Inwido's earnings per share in 2023. Inwido acquires, in the first step, 70% of the shares at a multiple just below 6 times operating EBIT in the last twelve-month period. The owners, consisting of the majority owners Charles Arbuthnott and Michael Dobson and the management team, will retain 30 per cent of the shares for a period of at least three and a half years. The purchase price for the remaining shares will be based on the future financial development of Sidey Group. The company will become part of business area Western Europe alongside Allan Brothers (UK), Carlson (IE), CWG Choices (UK), Dekko (UK) and Jack Brunsdon (UK), which with this acquisition becomes the third largest business area within Inwido.