HomeMaid announced on Tuesday that it has signed an agreement to acquire 80% of Mamasin AB, a commercial cleaning company in Skåne and Blekinge, for 26 MSEK. According to HomeMaid, the acquisition increases group revenue by around 7%. We view the transaction as strategically logical and attractively priced, consistent with our M&A optionality thesis. That said, the deal is larger than HomeMaid's previous bolt-ons and carries somewhat higher contract risk given its public-sector exposure. It also comes while HomeMaid is restoring the margin at one of its commercial cleaning subsidiaries, although we view this as an isolated issue rather than a segment-wide problem. The acquisition will lead to positive revisions to our estimates, which we will update by the Q3 report at the latest. The announcement does not trigger any changes to our recommendation at this stage.

A cheap addition, but margins need normalization

Mamasin generated revenue of 52 MSEK and an EBITA of 7.2 MSEK in 2025, implying a strong margin of ~14%. The deal closed upon signing on 3 November, meaning Mamasin will be consolidated from November 2026, contributing roughly two months to Q4'26 figures and having a full-year impact from 2027 onwards. The purchase price of 26 MSEK for the 80% stake implies an enterprise value of approximately 33 MSEK for 100% of the company, excluding net cash. This translates to transaction multiples of roughly 4.5x 2025 EBITA and 0.6x sales, which look very cheap compared to HomeMaid's own valuation of around 10x 2027e EV/EBITA. Mamasin's 14% EBITA margin is about twice the FY25 level of HomeMaid's commercial cleaning segment (Företagsstäd) (6.9%). However, HomeMaid itself guides for a sustainable long-term EBITA margin of 8–10% for the acquired operations, which suggests the effective multiple on a normalized margin is around 6–7.5x. The margin is set to come down mainly because HomeMaid plans to invest in Mamasin's organization and market development to support continued growth. In addition, we believe the re-tendering of public-sector contracts, where price is typically a key selection criterion, could put further pressure on profitability. Given Mamasin's strong starting point, we consider the higher end of the 8–10% margin range more reasonable, which puts the effective multiple closer to 6x. That said, we expect the margin to decline toward this level gradually rather than immediately, meaning profitability should remain elevated for the foreseeable future.

Stepping up the M&A scale

Mamasin is the largest of HomeMaid's acquisitions in 2026. The previous deals (Wikk, Green Clean, Hello Clean) were all small home cleaning (Hemstäd) bolt-ons valued at roughly 0.2–0.5x sales and funded entirely internally. In contrast, Mamasin is the first deal where the seller retains a minority stake (20%). This will likely function as a put/call option on the remainder, acting as a form of deferred consideration, although exact terms were not disclosed. The deal also comes on top of an already active year for capital allocation. In Q2, the Wikk and Green Clean bolt-ons and the 1.60 SEK/share dividend (30 MSEK) lifted net debt to 83 MSEK (Q2'25: 56 MSEK), corresponding to 1.2x net debt/EBITDA including leases. Excluding lease liabilities, net debt was a modest 15 MSEK. As the purchase price is paid in cash, we estimate that Mamasin adds roughly 25 MSEK to net debt, which, all else equal, lifts pro forma leverage to around 1.4x. Cash generation remains solid, with a rolling 12-month adjusted free cash flow of 45 MSEK, which in our view gives HomeMaid room to deleverage over time. Mamasin thus reinforces our post-Q2 assessment that larger acquisitions would likely require more debt financing in the near term. Leverage remains manageable, but the headroom for further sizeable deals is narrowing.

Like Rimab, Mamasin counts municipalities among its key clients (e.g. Malmö Stad and Lunds kommun), and public-sector clients account for ~70% of its revenue. This, in turn, introduces procurement and re-tender risks, as well as customer concentration. We recall that HomeMaid's Q2 profitability problems in Företagsstäd stemmed from intense price competition at one subsidiary, which led to lost contracts and transition costs on the replacement volume. The timing of the deal also adds some complexity, as this is the second large Företagsstäd acquisition while the Q2 margin turnaround and the integration of Rimab are still in progress. The upcoming Q3 report (18 November) will provide an important first indication of whether B2B margins bottomed in Q2. While we believe the bottom has passed, we expect the recovery to be gradual over several quarters rather than an immediate rebound. As Mamasin is only consolidated from November, the Q3 figures will also be the last to show the segment's underlying margin development before it is affected by the acquisition. Going forward, Mamasin's high profitability will flatter the reported segment margins in Företagsstäd, making it crucial to watch the underlying (ex-Mamasin) margin recovery in the coming quarters.