At what enterprise value was DAHL acquired in 2026?

During the acquisition of DAHL by KESKO in 2026, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Business Services industry currently tracks an average EBITDA multiple of 10.9x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of DAHL when it was acquired by KESKO?

The estimated EV/EBITDA multiple for DAHL is in the range of 10x - 18x. For comparison, the Business Services sector currently shows an average EBITDA multiple of 10.9x. Join our community for free to access full valuation data and industry trends.

When was DAHL acquired by KESKO?

DAHL was acquired by KESKO in 2026.

What was the revenue of DAHL at the time of the deal?

The revenue of DAHL at the time of the deal is estimated to be in the range of 1b - 3b EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of DAHL during the acquisition?

DAHL's EBITDA is estimated to be in the range of 100M - 200M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the DAHL acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the DAHL deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.kesko.fi/49d38c/globalassets/03-sijoittaja/raporttikeskus/2026/q1/dahl_acquisition_15062026.pdf

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06/2026

DAHL acquired by KESKO

SWEDEN Industrial Services / Industrial & Technical Distribution EV 1b - 4b EUR

Context

Kesko has entered into an agreement to acquire Dahl's operations in Sweden, Norway, and Denmark from Saint-Gobain, as part of a strategic transaction aimed at significantly strengthening its technical trading business in Northern Europe. This deal represents a major strategic lever for the group, as it is expected to nearly double Kesko's Technical Trade business, which is currently the company's third-largest segment behind Grocery Trade (approximately 50% of revenue) and Home Improvement (around 20%). Following integration, this business is expected to account for approximately 30% of the group's revenue. On a pro forma basis, Kesko's revenue would approach €15 billion, with a significant shift in its sectoral profile towards higher-value-added technical activities. From a strategic perspective, Dahl brings a well-established platform in the Nordic countries, with a strong presence in the HVAC, plumbing, and infrastructure segments. This position enables Kesko to rapidly scale up its technical trading business, with a direct impact on purchasing power, supplier competitiveness, and distribution network density. Beyond the benefits of increased size, the transaction also aims to generate commercial and logistical synergies in the region, particularly through the optimization of flows and the digitalization of customer journeys. Ultimately, this acquisition is part of a long-term strategy to establish the group as a leading player in technical trading in Northern Europe, by consolidating a still-fragmented market and leveraging structural trends related to energy renovation and infrastructure modernization.

DAHL, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Business Services sector (10.9x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Dahl is a leading specialized distributor of technical products for the building, plumbing, heating, and infrastructure sectors. With a strong presence in Sweden, Norway, and Denmark, the group has established itself as a Nordic leader in B2B trade for heating, ventilation, air conditioning (HVAC), and plumbing and sanitation networks. Dahl's business is built on a comprehensive and integrated offering that covers the entire range of needs for professional installers and construction companies. The group provides technical equipment, infrastructure solutions, and associated services, all backed by strong commercial and technical expertise. Its business model is centered around high customer proximity, a dense network of sales outlets, and a structured logistics capability that enables rapid product availability. Dahl benefits from a solid position in markets characterized by a high proportion of renovation and modernization of existing infrastructure, as well as growing needs related to urbanization and energy transition. The company's activity is entirely B2B-focused, with a customer base primarily composed of artisans, installers, and industrial players in the construction sector. The group operates a network of around 190 agencies and several automated logistics platforms, allowing it to effectively cover the Nordic markets. With approximately 2,700 employees, Dahl relies on specialized teams that combine technical expertise, product knowledge, and customer support for complex projects. As a result, the company occupies a benchmark position in professional technical distribution in Northern Europe.

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REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 1b - 3b EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of DAHL by KESKO are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: dahl

Acquirer: kesko