Lammhults Design Group acquires Swedish furniture manufacturer Morgana AB – strengthening its position in interior acoustics.
Lammhults Design Group is acquiring all the shares in issue in furniture manufacturer Morgana, with headquarters and production in Bodafors, Småland. Morgana had sales of around SEK 71 million in 2015/16 and an operating profit of approximately SEK 7 million. The company has 38 employees.
The purchase price is agreed at SEK 45.9 million, including net cash of SEK 6.9 million.
Morgana is mainly engaged in the production of glass partitions for the public and office sectors. The company also offers sound absorber products, tables and modular interior products.
Morgana will be consolidated on 1 January 2017. The company will be developed and operated under the management of Lammhults Design Group subsidiary Abstracta AB and will be incorporated into the Office & Home Interiors business area. Morgana CEO Magnus Ryberg and Sales Director Stefan Fogelberg, former partner, will remain at the company.
“Morgana is a profitable and well-known company with a very strong position in its core business, glass partitions. Morgana will be an excellent complement to the Group’s other companies and strong brands,” says Fredrik Asplund, President and CEO, Lammhults Design Group.
“With this acquisition, we will strengthen our leading position in interior acoustics,” says Peter Jiseborn, CEO, Abstracta AB. “Above all, this will widen the scope of our offering to the market.”
“We are delighted and proud to join Lammhults Design Group. It is clear to us that we can bring a great deal to the Group and Abstracta in our area. At the same time, we will gain access to the Group’s extensive experience and expertise, which will inspire and support us in our continued development,” says Magnus Ryberg, CEO, Morgana AB.
Lammhult, Sweden, 16 December 2016
Lammhults Design Group AB
President and CEO
For more information, please contact Fredrik Asplund, President and CEO, on +46-(0)70-862 20 38, Peter Jiseborn, CEO, Abstracta AB, on +46 (0)706-60 27 95, or Stefan Fogelberg, Morgana, on +46 (0)705-91 00 84.
This information is such that Lammhults Design Group AB (publ) is required to publish in accordance with the Swedish Capital Markets Act, the Swedish Financial Instruments Trading Act and requirements stated in listing agreements. The information was submitted for publication at 1.00 p.m. on 16 December 2016.