The Norwegian packaging and insulation producer BewiSynbra announces ambition to list on the Oslo Stock Exchange during the fourth quarter. This means that the company is on the stock exchange before the new year.
"BewiSynbra owners believe that listing of the company's shares is an important platform for future growth and is definitely a milestone for the company," says Gunnar Syvertsen, Chairman of the Board.
BewiSynbra, which originates from Frøya's fish care, was formed by Svenn Bekken and his cousin, salmon farmer Gustav Witzøe almost 40 years ago, including Bjørn Rune Gjelsten on the owner's side.
Earlier this year, it became known that Gjelsten Holding entered the Bewi Synbra Group with approximately SEK 165 million in a private placement. The healthy capital made it possible to acquire the Dutch company Synbra.
In connection with the listing, the main shareholders, including Gjelsten, sell in BewiSynbra.
How did the investor respond when DN asked earlier this year if he used an old strategy to visualize values through listing;
"Yes, this is a very exciting company, where systematically compiles synergies between the 24 factories in several European countries," said Gjelsten to DN at that time.
It was announced that the target of the merged isopors company with 1100 employees would be on the Stockholm Stock Exchange next year.
President Gunnar Syvertsen points out in today's report that Oslo has always been the first choice.
– Since the company's roots and main owners are Norwegian, Oslo was the first choice for listing of the company's shares. In addition, several of the largest EPS players in Europe are family-owned Norwegian companies, says Syvertsen in the announcement.
Looks out half a billion
BewiSynbra is an important manufacturer of fish packaging, technical packaging and construction systems, including low-energy housing.
Raw materials are produced at factories in Finland and the Netherlands, while the high-voltaic cellular plastic product (EPS) is manufactured closer to the final market in order to avoid transport costs.
EPS is often called isopor, a trademark owned by the manufacturer Sundolitt for the hearing of the Sunde family in Ålesund.
BewiSynbra expects sales in 2018 of SEK 5 billion and an adjusted operating profit before tax, interest and depreciation of more than SEK 500 million based on figures per third quarter.
It's no coincidence that the industrial company has its headquarters in Frøya, where the first fishing funds became the light of the day, known as Bewi, in the early 80's.
Frøya municipality and nearby municipality Hitra are the two largest aquaculture companies in Norway.
Also the listed salmon giant Salmar, established by Gustav Witzøe in 1991 and today valued at almost SEK 60 billion, originates and home port on Frøya.
Davien CEO of Bewi, Svenn Bekken, pointed out in an interview with DN in 2013 that it has become a nutrient associated with aquaculture that is very strong in international competition.
"There is an intense match between all players to achieve the best output and highest profitability. They drive each other and drive us into the supplier industry for continuous improvement," says Bakken to DN da.
The icebergs spilled by the Bewis machines are available at the fish farms within a few hours. They fill them with salmon and ice and set the course to customers worldwide in express shipping.
– Most boxes are only used for 15 to 20 hours before they are scrapped. We think it's a pity and we are now working on developing solutions that are more environmentally friendly and cost-effective, "says Bekken to DN.
The listing of BewiSynbra on Oslo Børs is scheduled for the current quarter and involves a private placement of institutional and professional investors, where the Bekken family Gjelsten and Verdane sell themselves.
Principal owners Frøya Invest and Bekken family will, however, be the company's major shareholders with more than 50 percent of the company after listing.
In addition, a posting of newly issued shares with a profit of approximately SEK 150 million will be done to reduce debt and strengthen financial flexibility against the company's acquisition strategy, according to the report on Monday.
The listing is subject to approval by Oslo Børs and Finansinspektionen in addition to "current market conditions" according to the announcement.
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