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Stena Adactum and venture capital firm Altor are offering just over 30 percent more than the latest share price of security firm Gunnebo. Despite the generous offer, Gunnebo was valued nearly double both nearly ten years ago and at the most recent peak in the summer of 2017.
The action has below many years had a rather sad development. It also took a lot of beatings when it hit the crown, with the supply level not really reaching what Gunnebo was paid in early 2020.
The preliminary results report released in connection with the offer that was announced Monday also shows that Gunnebo has continued to fight, with the results of the pandemic being described as “very noticeable.” Profitability is low. Equities have fallen during the year and, especially in relation to the result, net debt is high.
Stena Adactums yd Martin Svalstedt also tells GP that Gunnebo’s finances are one of the reasons the company is struggling to implement the required changes, for example with company acquisitions.
Investment in Gunnebo in recent years has not exactly lived up to that goal. Hopefully it goes better now that Altor has a stronger grip on the steering.
In practice, however, Stena Adactum brings in very little new money at this stage. Altor will clearly be the primary owner, and Stena will transfer her former 26 percent stake in Gunnebo to a newly formed and jointly owned company.
But that is probably necessary In addition to money in the future, Stena Adactum will have to contribute capital so Gunnebo can implement the changes that the company has struggled to make on its own.
Martin Svalstedt also states in conversations with GP that even if interest rates are low, it is even more important than before to be financially strong, it offers completely different opportunities.
At the same time it comes The Gunnebo purchase just days before Martin Svalstedt stepped down as CEO of Stena Adactum last September, after nearly 20 years at Stenasphere. He will then be replaced by Chalmers engineer Anders Wassberg, who since 2009 has been CEO of Stena Adactum’s wholly-owned subsidiary Ballingslöv.
When Stena Adactum introduced Anders Wassberg as the incoming CEO, the company stated that the net asset value as of last December was close to SEK 9 billion. The turnover of the portfolio companies, of which Ballingslöv, Envac, Blomsterlandet and Captum are wholly owned and Stena Renewable, Gunnebo, Midsona, Beijer Group, Svedbergs and current Gunnebo are partly owned, amounts to a total of 18,000 million Swedish crowns.
Stena stimulating fungerar as an investment company that should be largely unsecured. But it is undeniable that the financial muscle is there.
So the chances are even greater if Stena chooses to do business with a company like Altor like now. Last fall, the venture capital company carried out a high-profile raid alongside Norwegian hotel king Peter Stordalen when they took over the failed travel group Ving. But if Gunnebo suffered from covid-19, there is nothing against what Ving has done. Here, a lot of effort is required to reverse development.
But like Stena Adactum, Altor has a lot of money.
Stena Adactum’s own statement of the program is that the company has a long-term strategy, where it is not about doing business quickly. At the same time, the goal is for the value of the invested capital to double every five years.
In recent years, investment in Gunnebo has not exactly lived up to that goal. Hopefully it goes better now that Altor has a stronger grip on the steering.
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