Relais Group Plc considerably expands its footprint in the European truck accessories market through the acquisition of a majority in Matro Group
Relais Group Plc
Inside Information 7 April 2025 6:25 p.m. EEST
HELSINKI, April 7, 2025 /PRNewswire/ -- Relais Group Plc group company Strands Group AB has today on 7 April 2025 signed an agreement to acquire 70 percent of the shares in the Belgium-based Matro group of companies ("Matro Group"). Through the acquisition of Matro Group, Relais considerably expands its footprint in the European truck accessories market.
Matro Group, owned and headed by Glenn Gils, has a long history, dating back to 1988 and is a well-established distributor of truck accessories in Benelux and Germany. Matro Group is a profitable and growing business, and it also has its own brand of truck accessories, Nedking. Matro Group is a long-term customer of Strands, and the acquisition will enable deeper cooperation to better serve our customers across Europe. Matro Group employs approximately 20 people, with the head-office in Herentals, Belgium. Matro Group comprises of the Belgian companies Matro-Industrial & Truck-Accessories N.V. and SN Truckstyling B.V., as well as the Dutch company Car & Truck Care Netherland B.V.
Strands, who has been very successful in building its own vehicle lighting brand in Europe and worldwide, will be able to support Matro Group in developing the Nedking brand to a global truck accessories brand, and further increase the sales of Strands products in Europe. As a member of Relais Group, Matro Group will focus on strong growth across Europe under the strong leadership of Glenn Gils.
Matro Group's key figures, EUR millions, unaudited local GAAP
Key figures | 2023 | 2024 |
Net sales | 18.1 | 18.7 |
EBITDA | 3.7 | 3.7 |
EBIT | 3.6 | 3.6 |
Equity | 6.3 | 7.5 |
Total assets | 9.2 | 9.9 |
The agreed enterprise value of Matro Group is EUR 27.9 million. The preliminary purchase price for 70 percent of the equity in Matro Group is EUR 19.9 million. The final purchase price will be determined based on customary purchase price adjustments after closing. Of the purchase price, EUR 5.0 million will be financed with a vendor note. The rest of the purchase price will be financed using cash at hand.
The closing of the acquisition is estimated to take place by the end of June 2025, provided that the partial demerger of Matro Group's parent company GG Trading B.V., owned 100% by Glenn Gils, is finalised according to the planned schedule, and that certain customary conditions for the closing of the acquisition are met. Matro Group is expected to be reported as part of Relais Group as of beginning of July 2025.
As part of the transaction, the parties have agreed on a shareholder agreement, which includes a put and call option for the remaining 30 percent of shares of Matro Group. The put and call option is exercisable five years after closing. The purchase price for the remaining shares will be determined based on the growth of the operating profit of Matro Group.
Key benefits of the acquisition:
• The acquisition of Matro Group will enable accelerated growth in the truck accessories market across Europe for Relais Group.
• Together, Strands and Matro are better positioned to also grow in new market segments.
• Matro Group has developed its own brand within Truck Accessories, Nedking. Leveraging its own success in brand development, Strands can support the accelerated growth of Nedking branded products across Europe.
• As part of Relais Group, Matro Group can benefit from Strands' learnings in professionalising sourcing activities.
Johan Carlos, Managing Director of Strands:
"I am super excited to have Glenn and the Matro team join Relais Group. Together, we can draw from each other's experiences and learnings and thus become even better at providing exciting products to our customers across Europe."
Glenn Gils, Managing Director and owner of Matro Group:
"It feels great to partner up with Strands and Relais Group. We have worked together for many years, and now becoming part of the same group, we can further develop our cooperation and partnership. I am confident that this will be a great thing for all stakeholders; employees, customers, and suppliers."
Arni Ekholm, CEO of Relais Group Plc:
"I warmly welcome Glenn and the entire Matro Group-team to the Relais Group family. Through this acquisition and the partnership with Glenn, we now establish a strong foothold in continental Europe. The vast European market creates exciting opportunities, which enable us to grow both organically and through further acquisitions."
Further information:
Arni Ekholm, CEO
Phone: +358 40 760 3323
E-mail: [email protected]
Relais Group
Relais Group is a leading consolidator and acquisition platform on the vehicle aftermarket in the Nordic and Baltic countries. We have a sector focus in vehicle life cycle enhancement and related services. We also serve as a growth platform for the companies we own.
We are a profitable company seeking strong growth. We carry out targeted acquisitions in line with our growth strategy and want to be an active player in the consolidation of the aftermarket in our area of operation. Our acquisitions are targeted at companies having a good strategic fit with our group companies.
Our net sales in 2024 were EUR 322.6 (2023: 284.3) million. During 2024, we completed a total of two acquisitions. We employ approximately 1,300 professionals in six different countries. The Relais Group share is listed on the Main Market of Nasdaq Helsinki with the stock symbol RELAIS.
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