Investor Presentation
Proven ability to successfully source and integrate bolt-ons
Polygon is operating in a highly fragmented industry with significant consolidation potential enabling additional
"semi-organic" growth at limited risk and cost
EURbn
HIGHLY FRAGMENTED EUROPEAN PDR MARKET
Date²)
ABILITY TO SUCCESSFULLY INTEGRATE CAREFULLY SELECTED TARGETS
Target
Domicile
Annual sales
(~EURM)
# of employees
Jul 2011
Vatro
152
750
Dec 2011
AK Konsult Indoor Air
3
22
Jun 2012
Lora Construction
4
15
~3.7
(>70%)
Jul 2012
WPC Torkteknik
1
~5.2
Dec 2012
Rapid Refile
4
Jul 2014
Tinkler BAU
1
4
6
6
Jan 2015
Harwell DOCS
3
21
~1.5
(<30%)
Mar 2017
Villaklimat OBM
2
14
Sep 2017
Polygon Nord
5
47
Sep 2017
Skadegruppen
27
208
Top 8 players ¹)
Regional and local
competitors
Total European PDR market
Dec 2017
BBN
5
47
Jan 2018
Dansk Byggningskontrol
29
236
Jan 2018
Von Der Lieck
4
25
SELECTION OF CURRENT POTENTIAL M&A TARGETS
Jan 2018
Metodia
0.4
4
Apr 2018
Caliber Sanering
2
11
Approximate sales (EURM)
Jul 2018
Polygon Kongsberg
2
17
Polygon targets carefully selected and value accretive
acquisitions at EV/EBITA multiples (pre-synergies) of ~4-6x
Jul 2018
Buskerud Skadebegrensning
2
20
Oct 2018
Neways Associates
6
54
Oct 2018
Refix Skadesanering
3
30
22
Jan 2019
Tiedema
1
12
22
17
15
14
Mar 2019
Alvisa24
11
67
Apr 2019
Van Waarde
2
17
May 2019
The Plastic Surgeon
15
250
Jun 2019
Tehokuivaus OY
7
60
Jul 2019
Nettag AG
4.5
35
3
2
Aug 2019
AmRestore
2
29
Sep 2019
Polygon Haugesund AS
1.8
14
#1
#2
#3
#4
#5
#6
#7
Purpose
Service line extension
Regional density
Note: 1) Top 8 players include Polygon in Northern and Central Europe, Belfor Europe, Recover, Sprint, Ocab, SSG, Dolmans and ISS (Rainbow), 2) Referring to the announcement date
Source: Third party provider, Company information
SUPPORTING MATERIALS | POLYGON 36View entire presentation