Boreo strengthens its Technical Trade Business Area by strategic add-on acquisition of Filterit Oy

Boreo Plc has on December 20, 2022 signed a share purchase agreement to acquire the entire share capital of Filterit Oy (“Filterit” or “the Company”), from CEO Olli Säynevirta through his company and Jouni Maavuori (“Sellers). The Company will continue operating independently after the transaction, as part of Boreo’s Technical Trade Business Area, led by Olli Säynevirta.

“Filterit is a great company with a strong position as the partner of industry and municipalities in filtration, UV-disinfection and water treatment. Due to its business model and financial profile, the Company complements well our Technical Trade Business Area and is again a new interesting opening to a new industrial area. We warmly welcome the Company and the Sellers as part of Boreo and are grateful to have been provided with the opportunity to support the future journey of Filterit”, says Boreo CEO Kari Nerg.

Founded in 2005, Filterit is a technical distributor of process filtration products and systems. The Company is positioned within liquid and gas filtration and its customer base consists of a wide range of industrial companies as well as the public sector. Filterit has 8 employees with operations located in Helsinki, Finland. In FY 2021, the Company had revenues of c. EUR 3,3 million and a reported EBITDA of c. EUR 0,4 million.

The transaction consideration comprises of a fixed purchase price payable at closing in cash and by Boreo issuing c. EUR 0.4 million in shares to the Sellers (9 645 shares at 41.48€). In addition, Boreo may pay an earn-out to the Sellers subject to the results of Filterit in years 2023-2024. Further information on the share issuance has been released in a separate stock exchange release on 20.12.2022.

The closing of the transaction is expected to take place on 01.01.2023. Filterit will be reported under Boreo’s Technical Trade Business Area.

For more information, please visit www.boreo.com