SKEL fjárfestingafélag hf.: Styrkás hf. Signs Heads of Terms for the Purchase of Hringrás ehf.
06 Diciembre 2024 - 4:20AM
UK Regulatory
SKEL fjárfestingafélag hf.: Styrkás hf. Signs Heads of Terms for
the Purchase of Hringrás ehf.
Today, Styrkás hf., a company 63.4% owned by
SKEL fjárfestingafélag hf., today signed heads of terms for the
acquisition of 100% of the shares in Hringrás ehf. The sellers in
the transaction are TF II slhf., a venture capital fund managed by
Landsbréf, which owns 60% of Hringrás, and Hópsnes ehf., which owns
40%. The proposed acquisition aligns with Styrkás’ strategy to
establish environmental services as one of the company’s core
business areas in the Icelandic economy.
The agreement values Hringrás at an enterprise
value of ISK 6,300 million, with the potential to reach ISK 6,500
million if performance criteria are met. The equity value will
depend on the net interest-bearing debt and estimated remaining
investments as of the reference date. The entire purchase price
will be settled through the issuance of new shares in Styrkás, with
the share price reflecting an equity valuation of ISK 20,470
million for Styrkás. Following the acquisition, the sellers are
expected to acquire a 9.7–10.7% stake in Styrkás.
Hringrás is projected to generate an estimated
profit of ISK 244 million before depreciation, taxes, and financial
items in 2024. The book value of Hringrás' fixed assets,
post-investment, is estimated to range between ISK 6,200 million
and ISK 6,400 million, while the company’s equity stands at ISK
2,300 million. Between 2021 and 2023, Hringrás' average annual
earnings before depreciation (EBITDA) were nearly ISK 500 million.
Upon the completion of site construction and the relocation of
Hringrás' operations, the acquisition is based on the assumption
that the company’s EBITDA will exceed ISK 1 billion.
The agreement is subject to several conditions,
including the completion of due diligence, the signing of a
purchase agreement, final approval by the board of directors and
shareholders, and clearance from the Competition Authority.
Considering the transaction price, SKEL's
estimated stake in Styrkás is valued at ISK 12,968 million. For
comparison, the book value of SKEL's shareholding in Styrkás in its
half-year financial results was ISK 9,684 million.
SKEL believes that Hringrás' operations and
assets offer significant long-term opportunities in recycling and
environmental sustainability, areas of growing importance for
commercial enterprises. Additionally, Styrkás' acquisition of
Hringrás supports its growth strategy and moves it closer to its
goal of being publicly listed by the end of 2027
About Styrkás
Styrkás is a service company dedicated to
supporting the Icelandic economy. The company has outlined a
strategic plan for both organic and acquisition-based growth across
five core sectors: energy and chemicals, machinery and equipment,
environmental services, industrial operations, and asset
management. Its portfolio includes leading companies such as
Skeljungur, Klettur, and Stólpi Gámar. In 2023, the consolidated
EBITDA of Styrkás’ group companies amounted to ISK 2.6 billion,
with a net profit of ISK 1.2 billion after taxes.
The company’s shareholders aim to list all
shares on a regulated market on the Iceland Stock Exchange by the
end of 2027. Styrkás is led by CEO Ásmundur Tryggvason. For more
information, visit the company’s website at www.styrkas.is.
Styrkás' advisors in this process are Akrar
Consult and BBA // Fjeldco.
For further information, please contact Ásgeir
Helgi Reykfjörð Gylfason, CEO fjarfestar@skel.is
Skeljungur (LSE:0RL0)
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