Talenom grows in Finland by acquiring Larsen & Co Accountants Ltd's business in Helsinki

Talenom Plc, Stock exchange release, 30 September 2020 at 12:00

  

Talenom grows in Finland by acquiring Larsen & Co Accountants Ltd's business in Helsinki

Talenom Plc has agreed with the owners of Larsen & Co Accountants Ltd to acquire the company’s entire business. The acquisition supports Talenom's strategic objectives of expanding its business in Finland through acquisitions and utilising digitalisation investments more widely. In the short term, the business acquisition will not have any significant impact on Talenom’s financial position or future outlook.

Larsen & Co Accountants Ltd is an authorised Helsinki-based accounting company founded in 1994, which serves company clients with 17 employees. Adjusted net sales of the acquired business for the last 12 months were EUR 1.4 million and EBITDA approximately EUR 220,000, or 16% of net sales. The mentioned figures have been adjusted in connection with the acquisition to reflect the agreed and estimated changes that are associated with the acquired business.

The transaction price is EUR 1 million, of which EUR 300,000 will be paid in the form of new shares in Talenom Plc, subscribed under a directed share issue to Larsen & Co Accountants Ltd. The remainder of the transaction price will be paid in cash and financed with liquid assets of Talenom Plc.

”I warmly welcome the knowledgeable and experienced staff of Larsen & Co Accountants Ltd and its customers to Talenom. By combining the expertise of the personnel and Talenom's systems, we are an even stronger player in the Helsinki metropolitan area. With the acquisition, we will also be strengthened in serving foreign customers, especially German-speaking customers, as well as companies in the food and drink industry,” says Otto-Pekka Huhtala, CEO of Talenom.

”I started my career 40 years ago with accounting of companies in the food and drink industry. As the accounting industry became more and more digital, it was time to consider how I could ensure first-class solutions for both our customers and our staff. After discussing cooperation with Talenom, we soon discovered a similarity in our thoughts. I believe that through the acquisition, customers and staff will get a new home where customers, expertise and personnel are in focus,” says Markku Larsen, founder and CEO of Larsen & Co Accountants Ltd.

The 34,895 new Talenom Plc shares subscribed for in the directed share issue related to the transaction will be registered in the Trade Register approximately on 2 October 2020. The total number of Talenom Plc shares is 43,214,780 shares following the registration of the new shares. The number of new shares issued corresponds to approximately 0.1% of all Talenom Plc shares outstanding before the share issue. The new shares will carry shareholders rights as of their registration day. The shares issued in the share issue will later be admitted to trading on the official list of Nasdaq Helsinki Oy.

TALENOM PLC

BOARD OF DIRECTORS

Further information:

Otto-Pekka Huhtala

CEO, Talenom Plc

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Talenom Plc is an accounting firm established in 1972. Talenom offers a wide range of accounting services as well as other expert and advisory services to support its clients’ business. The company has its own software development and it provides its clients with electronic financing tools.

Talenom Group’s net sales in 2019 amounted to EUR 58.0 million, with an increase of 18.6% compared to 2018. Talenom has a history of strong growth – the average annual increase in net sales was approximately 15.7% between 2005 and 2019.

DISTRIBUTION:

Nasdaq Helsinki

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