Electrolux to acquire leading water heater company in South AfricaStaff Writer | November 10, 2016
Electrolux has agreed to acquire South Africa’s leading water heater producer Kwikot Group (Kwikot Proprietary Limited and its affiliates), for a total enterprise value of ZAR 3.18 billion (approximately SEK 2 billion).
Acquisition Kwikot Group had sales of ZAR 1.13 billion
In the financial year ending June 30, 2016, Kwikot Group had sales of approximately ZAR 1.13 billion (approximately SEK 730 million), and an operating profit margin of more than 20%.
With about 800 employees, the acquisition significantly strengthens Electrolux presence in the region. The privately owned company is based in Johannesburg where it also has production and its main warehouse.
The products, which include large capacity electric and solar water heaters, heat pumps, consumables and accessories, are sold primarily in South Africa and neighboring countries. ■