Relais strengthens its Norwegian workshop services with a bolt-on acquisition
Summary
- Relais has acquired the entire share capital of Service-Ekspressen AS, a Norwegian company, to strengthen its position in the workshop equipment business in Norway.
- Service-Ekspressen, which will be integrated into Relais' Technical Wholesale business area, reported a revenue of 28.6 MNOK (~2.6 MEUR) and an adjusted EBIT margin of approximately 17.5% for the fiscal year 2025.
- The acquisition, paid partly with Relais' shares, aligns with the company's strategy of executing small, profitable bolt-on acquisitions, although its impact on Group-level forecasts is marginal.
- Service-Ekspressen's contribution is less than 1% of the estimated Relais Group revenue and EBIT for 2026e, highlighting the transaction's limited standalone significance but strategic fit.
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Translation: Original published in Finnish on 4/17/2026 at 7:35 am EEST.
Relais announced on Thursday that it has acquired the entire share capital of the Norwegian Service-Ekspressen AS (SE). The acquisition is a typical bolt-on acquisition in line with the strategy, through which Relais strengthens its position in the Norwegian workshop equipment business. SE is small in size relative to the Relais Group, which is why the impact of the transaction on our Group-level forecasts is marginal. We will include the acquisition in our forecasts in the next company report.
Service-Ekspressen strengthens service offerings in Norway
Service-Ekspressen offers maintenance, calibration, and spare part services for workshop equipment in the Bergen area of Western Norway. The company employs seven people and will be reported as part of Relais' Technical Wholesale business area starting from the beginning of April. From the perspective of typical M&A risks, it is positive that SE has cooperated with Relais' group companies for many years.
SE's revenue for the fiscal year 2025 was 28.6 MNOK (~2.6 MEUR) and adjusted EBIT was approximately 5.0 MNOK (~0.45 MEUR). The company's adjusted EBIT margin is thus approximately 17.5%, which is a very good level. In our assessment, the high margin reflects the company's specialized service offering and established local position.
Bolt-on acquisition in line with strategy
Relais will pay 9.9 MNOK (~0.9 MEUR) of the purchase price with its own shares. Paying with shares is a typical way to commit selling entrepreneurs to the group, which we believe is a good practice, especially when acquiring smaller expert organizations like this. Although the total purchase price was not disclosed, we believe Relais maintained disciplined pricing in the acquisition, which enables value creation.
Service-Ekspressen accounts for less than 1% of our estimated Relais Group revenue for 2026e (445 MEUR) and 1% of EBIT, so its significance as a standalone transaction is limited. The transaction demonstrates Relais' ability to consistently execute its M&A strategy through small, profitable, and strategically suitable bolt-on acquisitions.
Relais Group is an importer and wholesaler for the automotive industry. The group focuses mainly on the development of automotive electronic equipment for trucks. Examples of products that the company supplies include lighting products, applications for warning lights, camera systems, and other spare parts for heavy vehicles. The largest operations are found in the Nordic and Baltic markets, with customers in the aftermarket industry.
Read more on company pageKey Estimate Figures15.02
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 383.4 | 445.4 | 458.9 |
| growth-% | 18.8 % | 16.2 % | 3.0 % |
| EBIT (adj.) | 34.9 | 45.4 | 46.2 |
| EBIT-% (adj.) | 9.1 % | 10.2 % | 10.1 % |
| EPS (adj.) | 1.29 | 1.28 | 1.36 |
| Dividend | 0.30 | 0.38 | 0.40 |
| Dividend % | 1.8 % | 2.6 % | 2.7 % |
| P/E (adj.) | 12.9 | 11.4 | 10.8 |
| EV/EBITDA | 10.2 | 7.3 | 7.0 |
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