Sonepar takes over Solar Germany
The Danish company Solar A/S wants to sell its German business to Sonepar – complete with staff, buildings, stock inventory and debts.
The takeover is still to be approved by the relevant authorities, but it is planned to conclude it by the end of April at the latest.
The German business has already been a loss-maker for years, according to Anders Wilhjelm, the Solar Group’s CEO, and in the end the conclusion has been reached that the best solution is to sell it. And Sonepar’s offer made sense, especially as the staff and customer services were preserved.
Solar Germany GmbH made a turnover of DKK 932 m (EUR 125.2 m) in 2014, and the EBITA stood at minus DKK 50 m (EUR 6.7 m).
The Solar Group as a whole generated a turnover of DKK 11.2 bn (EUR 1.51 bn) in 2014 and an EBITA of DKK 67 m (EUR 9 m). The company numbers 3,260 employees, 362 of them in Germany.
The sale raises speculation as to whether this is perhaps only Sonepar’s entry, aimed at taking over the complete business. After all, Sonepar already made an attempt years ago to take over Solar Denmark. At that time at least it was possible to fend off the hostile takeover bid. We wonder how it would turn out today?