Mendole to buy Denmark's Rebo for up to DKK 136.5M in property-services rollup

Denmark's Mendole A/S has signed a conditional agreement to acquire 100% of Rebo A/S, a Kastrup-based plumbing, renovation and relining firm, for up to DKK 136.5 million. Closing is expected before September 15, 2026, with economic effect from January 1, 2026.

Fixed consideration totals DKK 60 million — DKK 42 million cash at closing, DKK 6 million in new Mendole shares, and a DKK 12 million seller loan. On top sits an earn-out of up to DKK 60 million tied to Rebo's EBITDA across 2026 and 2027, plus retention incentives.

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.

For the year ended December 31, 2025, Rebo reported revenue of about DKK 143 million and EBITDA of about DKK 23.7 million, with net profit of roughly DKK 15.9 million. The acquisition lifts Mendole's 2026 pro forma guidance to DKK 300-350 million in revenue and DKK 30-40 million in EBITDA.

Mendole is financing the deal through DKK 38 million in debt and a capital raise. The debt includes a DKK 18 million loan from a private investor at 10% interest, plus a DKK 20 million facility from Skjern Bank A/S.

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 DKK 9 million. The investor is also entitled to a board seat for the loan's term, adding governance considerations.

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.