Investment AB Latour has, through its subsidiary Hultafors Group AB, signed an agreement to acquire Hellberg Safety AB, based in Stenkullen, Sweden. Closing will take place with immediate effect.
Hellberg is a specialized supplier of hearing protection, face protection and communication solutions for personal protection purposes. Founded in Sweden in 1962, the company has grown to now have a presence in 50 markets with its own R&D, production, assembly and warehouse operations at the headquarters in Stenkullen. Net sales amounted to SEK 66m ($7.5 million US) in 2017 with a profitability well in line with Latour’s financial targets. The company has around 20 employees.
The acquisition is part of Hultafors Group's strategy to broaden its portfolio within the PPE area. Through the acquisition, Goteborg, Sweden-based Hultafors Group will gain access to a complete portfolio of highly advanced hearing protection products as well direct customer relationships with some well recognized blue-chip companies.
“We are thrilled about this acquisition as we think Hellberg will be a perfect match for Hultafors Group in fulfilling our ambitions within the PPE-area and we see a lot of opportunities going forward when combining the Hellberg portfolio with the Hultafors Group sales network” says Ole Kristian Jødahl, CEO at Hultafors Group AB.
“Hultafors Group is a company which we have known for quite some time and we believe that Hultafors Group’s existing customer relations and network in many countries will serve as an excellent foundation in taking the current business of Hellberg to the next level”, say Joakim Ohlander and Colin MacKenzie, previous owners of Hellberg.
The announcement comes about two months after Hultafors Group announced the acquisition of Mequon, WI-based Johnson Level and Tool.