HANZA Completes Acquisition of 5 Factories From Leden Group for Initial €144 Million
Key Facts
HANZA said on November 2, 2026, that it had completed the acquisition of 5 factories from Leden Group and taken ownership, in a move that lifts the group’s annual sales to about 12 billion Swedish kronor. The operations add about 1,300 employees and annual sales of nearly 1.9 billion kronor, according to the company’s statement. The factories are in Finland, Estonia and Poland, expanding HANZA’s manufacturing presence in those countries. Chief Executive Erik Stenfors said the new factories "add important capabilities in heavy mechanics and complex assembly." The company links these capabilities to opportunities for organic growth, while integration of the new operations into the group begins in November 2026.
The facilities are located in Kourikka and Sastamala in Finland, Narva in Estonia, and Wrocław and Janów Lubelski in Poland. Their activities include manufacturing advanced steel structures, as well as assembling and testing large, complex products. These products include mechanical, electrical and hydraulic systems, adding a range of industrial work to HANZA’s operations. The company says bringing the factories into the group will allow it to combine these heavy capabilities with its assembly expertise. The facilities serve the defense, mining, agriculture, materials handling and off-highway vehicle sectors, according to the deal announcement.
The initial price was based on an enterprise value of €144 million, adjusted for net debt and normalized working capital. On a cash- and debt-free basis, this equates to an enterprise value-to-adjusted EBITDA multiple of about 8 times. The multiple is based on adjusted earnings for the twelve months ended May 2026. The final consideration is not limited to the initial price, as the deal may include two payments contingent on sales growth. The first payment covers the twelve months ended December 31, 2026, and the second the period ended December 31, 2027. HANZA set a total consideration cap of €200 million, including the initial price and any contingent payments.
The agreement was announced on July 15, 2026, with the operations’ annual revenue then estimated at about €170 million. The completion statement gives another measure of their impact, estimating added annual sales at about 1.9 billion Swedish kronor. Following completion, HANZA says it has about 6,300 employees and annual sales of nearly 12 billion kronor. The deal comes as the group expands; in the second quarter of 2026, it reported organic growth of 9% and an operating margin of 9.3% in comparable units. Cash flow from operating activities in the quarter was 273 million Swedish kronor.
Stenfors said in the second-quarter report that the Leden Group operations are profitable and that the acquisition "will contribute positively to earnings per share from the closing date," while keeping the debt ratio within its financial targets. The assessment puts expected profitability from closing alongside expansion in employees, sales and industrial capabilities. HANZA plans to integrate the factories into its existing manufacturing clusters in each country. The integration will proceed in parallel, supported by local teams and their experienced management, the company said. The consolidation of operations into the group begins in November 2026.
HANZA’s 2028 strategy targets net sales of at least 14 billion Swedish kronor and an EBITDA margin of at least 9%. Annual sales of about 12 billion kronor after the acquisition represent the level the group announced following completion, while the 2028 figures remain strategic targets. On organization, the company said changes will be implemented gradually during 2026 and will affect future segment reporting. A geographic structure of 3 regions is set to replace the current division into "Main Markets" and "Other Markets" from January 1, 2027. The new regions will be North, East and Central.