Agreement reached on acquisition of 69% holding in Ölgerðin
An agreement has been reached on the acquisition of a 69% holding in Ölgerðin Egill Skallagrímsson ehf. The sellers are Eignarhaldsfélagið Þorgerður ehf., F-13 ehf., and Lind ehf. The buyers are represented by venture capital funds Akur slhf. and Horn III slhf. and a group of private investors. The purchase agreement, which has now been signed, is subject to the approval of the Competition Authority. Advisors for the purchaser group were Íslandsbanki and Lagahvoll.
“Ölgerðin Egill Skallagrímsson is a highly interesting company, and we are looking forward to joining the group of owners. It is one of Iceland’s leading companies and has the potential to grow even further and take advantage of opportunities for expansion in the market,“ says Hermann Már Þórisson, Managing Director of Horn III.
Ölgerðin’s current Chairman of the Board, Októ Einarsson, and its CEO, Andri Þór Guðmundsson, are not participating in the sale and will therefore continue to own the largest single holding in the company through their holding company OA Eignarhaldsfélag ehf. Following the acquisition, the owners aim to increase Ölgerðin’s share capital in order to support the company’s plans for organic growth.
“We welcome new owners to Ölgerðin’s investor group. Ölgerðin is a 103-year-old company that is well run and has a special place in the minds of Icelanders, with its strong brand and vast opportunities, not least in exports,“ says Chairman of the Board Októ Einarsson.
About Ölgerðin Egill Skallagrímsson:
As one of the largest companies in its field, Ölgerðin manufactures, imports, distributes, and sells food and specialty products of various kinds. The company employs a staff of over 400 and estimates its year-2016 turnover at nearly ISK 22bn.