SKEL fjárfestingafélag hf.: Styrkás signs a purchase agreement to acquire Stólpi Gámar ehf. and affiliated companies
01 February 2024 - 4:53AM
UK Regulatory
SKEL fjárfestingafélag hf.: Styrkás signs a purchase agreement to
acquire Stólpi Gámar ehf. and affiliated companies
On 15 November 2023 it was announced that
Styrkás hf., a company 69.64% owned by SKEL fjárfestingafélag hf.,
had signed an agreement setting out the main terms and conditions
for the purchase of 100% of the shares in six subsidiaries of
Máttarstólpi ehf. The agreement was subject to the parties
finalizing a purchase agreement for the transaction, financing, the
results of the due diligence and the approval of the Competition
Authority.
Today, Styrkás signed a purchase agreement with
Máttarstólpi to buy 100% shares in the following companies:
- Stólpi Gámar ehf., id. 460121-1590, Klettagörðum 5, 104
Reykjavík:
- Stólpi Smiðja ehf., id. 460121-1750, Klettagörðum 5, 104
Reykjavík;
- Klettskjól ehf., id. 460121-0510, Klettagörðum 5, 104
Reykjavík;
- Stólpi ehf., 460121-0430, Klettagörðum 5, 104
Reykjavík;
- Tjónaþjónustan ehf., id. 460121-1670, Klettagörðum 5, 104
Reykjavík;
- Alkul ehf., id. 491020-0830, Haukdælabraut 48, 113
Reykjavík.
collectively referred to as "the sold companies". These
companies will continue to be operated on a consolidated basis.
The purchase agreement states that the
enterprise value of the sold companies is ISK 3,549 million. After
adjusting for net interest-bearing liabilities and net current
assets, the final purchase price will be ISK 2,955 million. Upon
delivery of the sold companies, 55% of the purchase price will be
paid in cash, and the remaining 45% will be paid with new shares in
Styrkás. As per the agreement, Máttarstólpi, which is owned by
Ásgeir Þorláksson, will acquire an 8.7% stake in Styrkás. The
exchange rate of Styrkás' shares in the transaction is ISK 1.1945,
which is 17.7% higher than the book price of the shares in the
half-year report of SKEL in 2023.
The acquired companies had a combined profit of
around ISK 663 million before depreciation, taxes, and capital
items (EBITDA without the effects of IFRS 16) in 2023, according to
the draft annual accounts. After the purchase, Styrkás Group's
estimated profit before depreciation, taxes, and capital items
(EBITDA) in 2024 is about ISK 2.7 billion.
Included in the acquisition is real estate at
Sægarðar 15, 104 Reykjavík and plots at Gullhella 2 and Tinhella 2,
4, 6, 8, 10, and 12 in Hafnarfjörður. These plots are over 60,000
square meters. The approved regional planning shows that the
utilization rate of the plots is 0.4. The total value of real
estate and plots in the transaction is ISK 1,870 million.
Ásmundur Tryggvason, CEO of
Styrkás:
“By acquiring Stólpi Gámar and its
affiliated companies, Styrkás has taken an important step towards
expanding its services and establishing a third core operation in
the field of property management and rental activities. Stólpi
Gámar is an industry leader in providing container and house unit
solutions to businesses and individuals, container repairs, and
insurance repair services. With an increasing demand for smart and
cost-effective housing solutions where Stólpi Gámar is well-known
for both quality and excellent services. Ásgeir Þorláksson's
inclusion in the group of Styrkás shareholders is welcomed as he
will work towards developing Styrkás further and prepare the
company for listing on Icelandic stock market by the end of
2027.”
About
Styrkás
Styrkás is 69.64% owned by SKEL
fjárfestingafélag hf. and 29.54% by Horns IV slhf., a private
equity fund managed by Landsbréf hf. Styrkás corporate strategy is
to build on the strong foundations of the group with internal and
external growth in the fields of energy and chemical products,
industrial solutions, equipment management, waste and recycling
services, heavy machinery and equipment management. Today, Styrkás
consists of Skeljungur and Klettur, leading companies in their
fields.
The objective of Styrkás shareholders is to list
the company on the Icelandic stock market before the end of
2027.
Styrkás' advisors in the process are
Íslandsbanki and BBA // Fjeldco and Máttarstólpa's advisors are
&Pálsson and Landslög.
For further information, Ásmundur Tryggvason,
CEO of Styrkás, asmundur@styrkas.is
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