- July 2020: *Kleven Verft applies for bankruptcy, looking for new owners* In January, the Croatian industrial player DIV Group acquired the Ulsteinvik-based shipyard Kleven Verft from Hurtigruten. Now, DIV Group has given up on the shipyard, and applied Kleven Verft for bankruptcy. Despite the situation, the yard`s 435 FTEs have not laid down their work, and hope to find new Norwegian owners. The process on this matter, has already started.
- July 2020: *EQT considering an exit in waste management firm Synagro* Bloomberg reports that EQT is exploring a potential sale of its US-based waste management company Synagro. The company describes itself as the largest recycler of organic byproducts in North America and could fetch a USD 500m price tag. Moving overseas, sources also report that Suez SA is looking to sell its continental Europe waste management business.
- July 2020: *Suez SA is looking to sell its Swedish waste management business* Bloomberg reports that Paris-based Suez Group is looking to sell its continental Europe waste management business in a deal that could fetch a EUR 3bn price tag. The divestment, which includes operations in Germany and Benelux would be the French utility´s biggest ever. Suez has separately started a sales process for its Swedish waste unit, that could fetch a EUR 400m price tag.
- July 2020: *Tafjord, Tussa and SFE newly merged company, plans M&A;* West Norway-based companies Tafjord (45 pct.), Tussa (22.5 pct.) and SFE (32.5 pct.) have announced that they have merged their end-user power sales companies, thus gathering 92,000 customers and 40 FTEs. CEO Erik Espeset in Tafjord states that the ambition is to gain more customers, which is why the new entity is running a decentralized structure, which makes it easier to attract new partners or to make acquisitions.
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Civil Engineering, Information Technology and Services, Management Consulting
Johan Olof Markus Glennmo
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Next generation's role
Sigma Group, the Swedish IT Consultancy, which in December 2019 established a London-office, is preparing itself for further growth as 14 new job openings are now available at their website. Sigma recently announced that they had partnered with software solution firm Formpipe to support its UK growth. Dan Olofsson (70y) and his family today owns the 22 pct. CAGR company, which was delisted from the Stockholm Exchange in 2013.
Earlier this week Rasta Group, Sweden's largest family-owned restaurant group, acquired Ringarums Värdhus. Mikael Tervaniemi (48y) from the family who owns 99 pct. of Rasta, states that acquisitions are hard to execute in these times, but holds a positive industry outlook post-crisis. The previously listed 25.6 pct. 3y CAGR firm follows an acquisition strategy where numerous new near-road hotels and restaurants have been added over the years.
Vida to invest SEK 100m in newly acquired sawmills
Earlier this week Vida acquired Bergs Timber`sawmills in Orrefors, Vimmerby and Mörlunda. Vida CEO Måns Johansson states that SEK 100m will be invested in the new sawmills where the goal is to increase production from 40.000 to 50.000 cubic meters annually. Vida has a 3y CAGR of 15.2 pct., and is majority owned by David Calabrigo (60 pct.,61y).
Nanna Hedlund has been appointed new CEO in sporting goods company Casall Sport, as founder and main owner Carl-Axel Surtevall (98 pct., 64y) steps down as CEO. Hedlund comes from a CEO role in children’s wear brand Polarn O. Pyret and has been on Casall`s board for 2 years. The company has expressed its ambitions of doubling its revenues from current 2019 levels at SEK 343.8m the next coming years.
Rusta rebrands in Finland and looks to expand further
In 2018, the Swedish low-price retail chain Rusta with founding owner Anders Forsgren (41 pct., 68y), acquired Finland-based Hong Kong. As part of a Finnish expansion strategy the Hong Kong subsidiary now changes it name to Rusta, and announces that several new stores will be opened during the year. Rusta reported revenues of SEK 7.1bn with an EBITDA of SEK 324.3m in FY ending 2019-04.
Snapshot from our weekly "Family-Owned Highlights"