Saint-Gobain Sells Its Dahl Business in the Nordic Countries to Kesko
Saint-Gobain signed a binding agreement on Monday for the sale of its specialized distribution branch Dahl in Sweden, Norway, and Denmark to the Finnish group Kesko, with an enterprise value of 1.518 billion euros. This transaction is part of the French group's 'Lead & Grow' strategic plan and is expected to be finalized in early 2027, subject to approval from competition authorities.
A Regional Business with €2 Billion in Revenue
The divested business, operating under the Dahl brand, generated approximately 2 billion euros in revenue in 2025. It employs 2,700 staff and operates 190 sales outlets across the three Nordic countries. Dahl is positioned as a leader in specialized distribution of plumbing, sanitary, and heating products in Sweden, Norway, and Denmark.
Kesko, a leader in the trading sector in Northern Europe, will thus take over an established portfolio in a key region for Saint-Gobain. This sale deepens the strategic partnership between Kesko and Saint-Gobain in the Nordic countries.
Valuation at 10.4 Times the 2025 EBITDA
The enterprise value of 1.518 billion euros represents 10.4 times the 2025 EBITDA of the business, including lease commitments (IFRS 16), or 14.6 times excluding lease commitments. This valuation places the transaction within a usual range for well-functioning distribution activities.
Citi acted as the financial advisor for Saint-Gobain, while Linklaters provided legal counsel.
Closure Expected in Early 2027
The completion of the transaction is expected at the beginning of 2027, subject to the approval of competition authorities and the completion of the information and consultation procedure with employee representatives.
