4. júlí 2023

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 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.