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Relais Group Expands Its European Business Through Matro Group Acquisition

On April 7, 2025, Relais Group Plc made a significant strategic move by acquiring a 70% stake in Matro Group, a Belgium-based distributor known for its established presence in the truck accessories market across the Benelux region and Germany. This acquisition marks a pivotal enhancement to Relais Group's footprint within the European truck accessories sector.

Overview of the Acquisition

Matro Group, founded in 1988 and led by Glenn Gils, has built a reputation as a reliable supplier in the truck accessories field, offering its own brand, Nedking. The company's experience and customer base align well with Relais Group's objectives, positioning both companies for expanded collaboration and mutual growth across Europe.

The financial outline of the acquisition holds significant promise, with an initial purchase price set at €19.9 million for the 70% stake, while the total enterprise value of Matro Group is estimated at €27.9 million. The acquisition cost will be partially funded through a vendor note of €5.0 million, highlighting Relais Group's commitment to strategic growth funded both through reserves and external financing arrangements.

The Strategic Importance of Matro Group

Matro Group's incorporation into Relais Group is expected to facilitate accelerated growth in the truck accessories market across Europe. This is particularly essential as Strands Group AB has already established itself as a formidable player in vehicle lighting and will now extend its expertise to bolster Matro Group's brand development initiatives, especially the Nedking brand.

The shared synergies of Matro Group's well-established brand and Strands’ successful experience in product development and positioning will enable both entities to strengthen their market outreach, drive sales, and innovate in product offerings. Matro’s role as a long-standing partner of Strands ensures a seamless transition into this new collaborative environment.

Financial Outlook

Preliminary financial metrics from Matro Group reflect stability and growth, with net sales recorded at €18.1 million in 2023, increasing slightly to €18.7 million in 2024. The company's keep up with a solid EBITDA of €3.7 million in both years showcases its robust operational efficiency and profitability model. With approximately 20 employees, the firm stands positioned to leverage the new synergies created through this acquisition to achieve substantial growth.

Leadership Insights

Johan Carlos, Managing Director of Strands, expressed enthusiasm regarding the partnership, emphasizing the potential for shared learning and improved customer offerings across Europe. This sentiment resonates with Glenn Gils from Matro Group, who highlighted the strategic advantage of joining the Relais Group, underscoring the progressive nature of this partnership that aims to elevate standards for customers, employees, and suppliers alike.

Arni Ekholm, CEO of Relais Group, also commented on the significant opportunity this acquisition presents in the context of European market expansion. He anticipates that integration into the Relais Group family will not only solidify their presence in continental Europe but also ignite pathways for organic growth alongside future acquisition strategies.

Looking Ahead

The closing of this acquisition is anticipated to occur by the end of June 2025, provided all necessary approvals and conditions are fulfilled. The completion will mark a new chapter for Matro Group as it joins the ranks of Relais Group, ready to scale new heights in the European truck accessories market.

Both companies are dedicated to maximizing their combined strengths to becoming leaders in the industry, and this acquisition is set to play a crucial role in their trajectories.

As Relais Group continues to target acquisitions that align with its growth strategy, it positions itself as a key player not only within the Nordics and the Baltic regions but across Europe as a whole, transforming the landscape of truck accessories and beyond.