BEWI Invest AS has come to an agreement with shareholders representing in aggregate 44.4 per cent of the ownership (the “Sellers”) in SinkabergHansen AS (“SBH”) to acquire their shares in SBH (the “Transaction”). The purchase price for the 44.4 per cent ownership is agreed to be NOK 2.2 billion, implying an enterprise value of SBH on 100 per cent basis of NOK 5.0 billion. The consideration will comprise of a combination of cash, hybrid bonds in BEWI Invest and newly issued shares in BEWI Invest, whereby the Sellers will become significant minority shareholders in BEWI Invest. The Transaction is expected to close 28 April.
SBH is an integrated salmon farmer attractively located in central Norway with operations in Nærøysund, Bindal, Brønnøy and Herøy with head office and processing plant located on Marøy. SBH has a strong financial and operational track-record and had revenues of NOK 3 487 million and EBITDA of NOK 796 million in 2022 (proforma).
SBH is a highly attractive addition to the BEWI Invest portfolio and a milestone in the ongoing creation of a strong and profitable seafood business to complement BEWI Invest’s other investments, mainly 51 per cent ownership in the industrial company BEWI ASA and 43 per cent ownership in the real estate company KMCP Properties ASA, both listed on the Oslo Stock Exchange.
The Transaction represents an important milestone for BEWI Invest in establishing a strong foothold within seafood. SBH has a strong operating platform with significant capacity for continued sustainable growth, and BEWI Invest has proven capabilities of unlocking the value creation potential in its portfolio companies leveraging its broad knowledge, experience, and network.
A private placement in BEWI Invest of NOK 500 to 700 million (the “Private Placement”) is contemplated to finance the cash consideration of the Transaction. BEWI Invest has already received binding commitment from new and existing investors exceeding NOK 500 million and intend to launch the Private Placement during April.
The Transaction and Private Placement has reinforced BEWI Invest’s intentions to list on the Oslo Stock Exchange, alternatively Euronext Growth Oslo, and the Board of Directors has an intention to apply for such listing within 12 months from closing of the Transaction.
BEWI Invest is a Norwegian industrial owner with a high-quality portfolio mainly comprised of companies within industry, real estate, and seafood. The company has a long-term perspective and has demonstrated a proven track record of value creation and growth. Through active and responsible ownership, BEWI Invest has been instrumental in the growth and value creation in its portfolio companies with sustainability at the core.
DNB Markets, a part of DNB Bank ASA, acts as financial advisor to BEWI Invest in connection with the Transaction, and DNB Markets, Carnegie, Sparebank 1 Markets and Danske Bank act as joint bookrunners in connection with the Private Placement (the “Managers”). Arntzen de Besche acts as legal advisor to BEWI Invest in connection with the Transaction and Private Placement. Wikborg Rein acts as legal advisor to the Managers in connection with the Private Placement.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and was published by Monica Sagosen, CFO of Bewi Invest AS, on 29 March 2023 at 12:00 CET.
Contact:
Bjørnar André Ulstein,
CEO BEWI Invest,
+47 402 30 785