Mendole to buy Denmark's Rebo for up to US$20M in property-services rollup
What's the deal? Denmark's MendoleDealroom has a profile for this one. Try Dealroom → A/S has signed a conditional agreement to acquire 100% of ReboDealroom has a profile for this one. Try Dealroom → A/S, a Kastrup-based plumbing, renovation and relining firm, for up to US$20M. Closing is expected before September 15, 2026, with economic effect from January 1, 2026.
The terms: Fixed consideration totals US$8.8M — US$6.16M cash at closing, US$880K in new Mendole shares, and a US$1.76M seller loan. On top sits an earn-out of up to US$8.8M tied to Rebo's EBITDA across 2026 and 2027, plus retention incentives.
What's the endgame? The deal advances Mendole's buy-and-build strategy of consolidating Denmark's fragmented technical property services sector. Rebo, founded in 1998 with around 73 employees, will continue as a standalone, owner-led subsidiary, keeping its brand and management.
By the numbers: For the year ended December 31, 2025, Rebo reported revenue of about US$21M and EBITDA of about US$3.48M, with net profit of roughly US$2.33M. The acquisition lifts Mendole's 2026 pro forma guidance to US$44M-US$51.3M in revenue and US$4.4M-US$5.87M in EBITDA.
How it's funded: Mendole is financing the deal through US$5.57M in debt and a capital raise. The debt includes a US$2.64M loan from a private investor at 10% interest, plus a US$2.93M facility from Skjern BankDealroom has a profile for this one. Try Dealroom → A/S.
What could go wrong? The private investor's loan is secured by a first-priority pledge over Rebo's shares and personal guarantees from chief executive officer Dan Lauritzen and co-founder Kim Truelsen, capped at US$1.32M. The investor is also entitled to a board seat for the loan's term, adding governance considerations.
The signal: Mendole's move reflects a wider push to roll up small, owner-run technical services firms into larger scaled platforms. The layered structure — earn-outs, retention bonuses and investor-linked debt — shows how listed micro-cap acquirers stretch to fund consolidation.
Read more: Cision
Image credit: U.S. Department of Agriculture
