Saint-Gobain sells its Nordic Dahl distribution business to Kesko for €1.5 billion, strengthening strategies and expanding regional market leadership.
Saint-Gobain has entered into a binding agreement to divest its specialist distribution business operating under the Dahl brand across Sweden, Norway, and Denmark to Kesko, a leading company in the Northern European trading sector. The transaction, valued at approximately €1.5 billion, marks an important strategic move for Saint-Gobain as it continues to streamline and optimize its business portfolio in line with its long-term growth strategy.
Dahl has established itself as a leading distributor of plumbing, sanitary, and heating products throughout the Nordic region. With an extensive network of 190 outlets across Sweden, Norway, and Denmark, the business serves a broad customer base of professional installers, contractors, and industry specialists. In 2025, the Dahl business is expected to generate approximately €2 billion in sales and employs around 2,700 people, highlighting its significant position within the regional building and construction supply chain.
The sale has been agreed on the basis of an enterprise value of €1.518 billion. This valuation reflects approximately 10.4 times the company’s expected 2025 EBITDA when including lease commitments according to the IFRS 16 accounting standard. Excluding lease commitments, the valuation represents around 14.6 times the expected 2025 EBITDA. The strong valuation demonstrates the quality, market leadership, and operational strength of the Dahl business within the Nordic specialist distribution market.
The completion of the transaction is anticipated by the beginning of 2027. However, the final closing remains subject to customary conditions, including obtaining approvals from relevant competition authorities and completing information and consultation processes with employee representative bodies in the affected countries. Until the transaction receives all necessary approvals and is officially completed, Saint-Gobain and Dahl will continue to operate as usual, ensuring business continuity for employees, customers, and partners.
For Saint-Gobain, the divestment represents another significant step in executing its “Lead & Grow” strategic plan, which focuses on continuously improving the company’s business profile through targeted investments, acquisitions, and selective divestments. By reallocating resources and concentrating on strategic areas with strong growth potential, Saint-Gobain aims to strengthen its global market position while delivering sustainable long-term value.
Benoit Bazin, Chairman and Chief Executive Officer of Saint-Gobain, emphasized that the agreement aligns perfectly with the company’s broader transformation strategy. He noted that Kesko’s acquisition of Dahl will create a strong and complementary business combination that will benefit customers in the Nordic plumbing, sanitary, and heating sectors. By combining Kesko’s regional expertise with Dahl’s established market presence and distribution capabilities, the transaction is expected to create additional value for customers through improved services, expanded product offerings, and enhanced operational efficiencies.
The agreement also strengthens the existing strategic relationship between Saint-Gobain and Kesko within the Nordic market. The collaboration between the two companies reflects their shared commitment to supporting professional customers with high-quality products, reliable supply chains, and specialized expertise across the building and infrastructure sectors.
Bazin also expressed his appreciation for the dedication and achievements of the Dahl teams, recognizing their contribution to building the company into a market leader over many years. He thanked employees for their commitment and wished them continued success as they move forward under Kesko’s ownership.
The sale of Dahl highlights the ongoing transformation taking place within the European construction and distribution industries, where companies are increasingly focusing on strategic partnerships, portfolio optimization, and operational excellence. Once finalized, the acquisition will position Kesko as an even stronger player in the Nordic specialist distribution market while allowing Saint-Gobain to continue pursuing its long-term strategic priorities and growth ambitions.
