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Sampo’s subsidiary If has agreed to acquire the Nordic roadside assistance company Viking Redningstjeneste TOPCO A/S. The acquisition price for 100 per cent ownership of the company is EUR 32 million, which will be paid in cash. The enterprise value of the transaction is EUR 114 million.
The transaction is subject to approval by competition authorities in Norway and Sweden. The transaction is expected to be finalized in early 2020.
Viking was founded in 1956 in Norway and it is today one of the leading roadside assistance companies in the Nordics with operations in Norway, Sweden, Denmark and Finland. Viking offers assistance services to all types of vehicles and is the preferred partner of most car manufacturers, several insurance companies and a number of foreign partners.
The company has over 3,000 employees in its franchise network with 320 stations all over the Nordics. In 2018, Viking covered 4 million vehicles, answered 1,4 million calls and made 460 000 assistances and transports.
In 2018, Viking’s revenue was NOK 774 million (approximately EUR 77 million) and adjusted ebitda was NOK 70 million (EUR 7 million). In the first half of 2019, revenue was NOK 422 million (EUR 42 million) and adjusted ebitda NOK 59 million (EUR 6 million).
After the transaction is finalized, Viking will continue its operations and serve its customers normally as an independent company with its current organization.
If and Viking have a long history of co-operation and a favorable geographical fit. In addition, both companies have determinedly invested in digitalization to make services simple to use and to create customer value. The acquisition will further improve If’s position as the leading Nordic insurance and service provider within the mobility area.
For more information about Viking, visit www.vikingassistance.com.