Ferronordic grows network in Germany with the addition of workshop in Limburg

Thomas Nutzfahrzeuge GmbH is operating a workshop for service and maintenance of trucks and buses in Limburg an der Lahn, located on the A3 motorway between Frankfurt and major cities like Bonn, Cologne and Düsseldorf. Through its subsidiary, Thomas Service GmbH, the company also operates a small rental business. Thomas currently has 22 full-time employees.

Through the acquisition, Ferronordic will gain a strategic position in an important part of Hessen. The Limburg area has a significant population of Volvo and Renault trucks and is important to Ferronordic’s objective of expanding its service network to grow market share and increase its aftermarket business in Germany.

The total investment including real estate amounts to EUR 6.4m (SEK* 64m). The preliminary purchase price for the shares in Thomas is EUR 2.9m (SEK* 29m), based on EUR 0.5m (SEK* 5m) of expected net asset value and EUR 2.4m (SEK* 24m) of goodwill. Ferronordic will also acquire the real estate where the business is operated for a purchase price of EUR 3.5m (SEK* 35m).

The transaction is expected to be completed in April 2021. Thomas will be integrated in Ferronordic’s German business during 2021.

Lars Corneliusson, Ferronordic’s CEO, comments: “Thomas Nutzfarzeuge is a great workshop in a strategic location that is operated with a clear customer focus, fully in line with our strategy and values. We are very excited about this acquisition and look forward to welcoming all Thomas employees to Ferronordic. Together, we will continue to build a leading service and sales company in Germany”.

*According to the EUR/SEK exchange rate per 3 March 2021.