SKEL fjárfestingafélag hf.: Horn IV invests in Styrkás, the holding company of Skeljungur and Klettur - sala og þjónusta.
04 Julio 2023 - 9:41AM
SKEL fjárfestingafélag hf.: Horn IV invests in Styrkás, the holding
company of Skeljungur and Klettur - sala og þjónusta.
Horn IV slhf., a private equity fund managed by
Landsbréf hf. (“Horn”) and SKEL fjárfestingafélag hf. (“SKEL”) have
signed a subscription agreement for new equity in Styrkás ehf.
(“Styrkás”), a holding company which owns Skeljungur ehf. and
Klettur – sala og þjónusta ehf. In the agreement Horn commits to
the subscription of equity worth 3.500.000.000 ISK and will receive
29.54% of issued shares in the company. The price and number of
shares in this transaction is based on a valuation of Styrkás
before the issuance of new shares whereas total assets are worth
8.350.000.000 ISK and the Enterprise Value is 11.200.000.000 ISK.
The agreement is subject to the results of due diligence and
approval of the Icelandic Competition Authorities.
Parallel to signing the subscription agreement,
the parties entered into a shareholder agreement, which stipulates
that the future vision of Styrkás is to become a leading
service provider for fundamental sectors of Icelandic industries.
The shared objective of the shareholders is to build the group with
an eye on external growth opportunities in energy and chemicals,
technology and equipment, environment, industry, and asset
management.
The shareholders' agreement states the objective
to list the company on Icelandic stock market before the end of
2027. The shareholders' agreement also provides that the board of
Styrkás will be composed of five members and two alternates. Two
board members will be nominated by Horn and two by SKEL.
The new equity of Styrkás will drive the
execution of the shareholder's vision for the company as a strong
and resilient group of companies that is able to service
corporations in different sectors of Icelandic industries.
The number of employees of Skeljungur is 60 and
Þórður Guðjónsson is the CEO. Employees of Klettur are 120 and the
CEO is Kristján Már Atlason.
Advisors to Horn in this transaction are
Íslandsbanki Corporate Banking and the legal firm LOGOS. Legal
advisor of SKEL is BBA//Fjeldco.
Ásgeir Helgi Reykfjörð Gylfason, CEO of
SKEL:
SKEL is transformational investor. One year ago,
we introduced the idea of a company servicing
corporations across all industries based on Skeljungur and
Klettur. Since then, we have developed the idea and reached out to
potential partners. We are extremely satisfied and proud of the
partnership we have established with Horn and Landsbréf which have
been very successful over the years in operating enterprise and
investment funds. We have given the name Styrkás to the company and
we will be committed to build a strong company with a focus on
servicing Icelandic corporations. We believe that there are
opportunities ahead as all industries are faced with challenges in
building new infrastructures and in the field of energy
transition.
Hermann Már Þórisson, Managing Director of Horn IV
Horn sees opportunities in both internal and
external growth in this corporate service market. Further building
of infrastructures and investments in industries lies ahead.
Partnership in Styrkás with the objective of investing and building
up a company to improve services to companies and corporations is
an exciting journey. Strykás already owns two strong companies
with strong infrastructures, experienced team of management and a
clear vision for the future. We are looking forward to the
cooperation with the people of SKEL and Styrkás in the years to
come.
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