Fiskars Group has completed the acquisition of Georg Jensen

Fiskars Corporation
Press release
October 1, 2023 at 11.15 a.m. EEST

Fiskars Group has completed the acquisition of Georg Jensen

Fiskars Group has today, on October 1, 2023 completed the acquisition of the renowned Danish luxury lifestyle brand Georg Jensen by acquiring 100% of the shares of Georg Jensen Investment APS. The acquisition was announced on September 14, 2023.

The debt free, cash free purchase price (enterprise value) was EUR 155 million[1] (USD 165 million), subject to a post completion adjustment based on the level of net working capital and cash and debt in the acquired business on the closing date. The enterprise value represents EV/EBITDA (LTM) multiples of 9.5x on a stand-alone basis and 4.7x with expected cost synergies of approximately EUR 18 million and net of integration costs. The acquisition was financed with debt.

Georg Jensen is consolidated to Fiskars Group’s financial reporting, under Business Area Vita, as of October 1, 2023. Fiskars Group’s current guidance for 2023, published 5 July 2023, does not take into account the impact of the acquisition on the company’s comparable EBIT in 2023. Fiskars Group is conducting a review of Georg Jensen’s accounting policies and will finalize the purchase price allocation now that the transaction has been completed. Potential implications on Fiskars Group’s guidance for 2023 will be announced as soon as a reasoned estimate can be made. However, Fiskars Group anticipates its guidance to be negatively affected by the impact of the transaction’s purchase price allocation.

FISKARS CORPORATION

Nathalie Ahlström
President & CEO

Further information:
Media contacts: Media Relations, press@fiskars.com, tel. +358 40 553 3151
Investor and analyst contacts: Essi Lipponen, Director, Investor Relations, tel. +358 40 829 1192

Fiskars Group in brief

Fiskars Group (FSKRS, Nasdaq Helsinki) is the global home of design-driven brands for indoor and outdoor living. Our brands include Fiskars, Gerber, Iittala, Royal Copenhagen, Moomin Arabia, Waterford, and Wedgwood. Our brands are present in more than 100 countries and we have approximately 350 own stores. We have close to 7,000 employees and our global net sales in 2022 were EUR 1.2 billion.

We are driven by our common purpose: Pioneering design to make the everyday extraordinary. Since 1649, we have designed products of timeless, purposeful, and functional beauty, while driving innovation and sustainable growth.