Press release February 11, 2016
Pegroco Invest sells its holdings in Diakrit International Ltd to the media group News Corp, Australia in a cash sale. Pegroco receives approximately 140 million Swedish crowns in cash.
Pegroco has been an active owner in Diakrit since 2004 and has, together with the company’s management and SEB Venture Capital, been the main owners of the company. In the transaction Pegroco receives, depending on the dollar exchange rate, approximately 140 million Swedish crowns.
– Pegroco has actively supported Diakrit from when the company was a start-up in Laholm, Sweden, with a strong vision, to today’s situation with world-leading digital products and services for estate agents, rental portals and property developers all around the world. Diakrit now has a base of around 2000 customers, says Fredrik Bergman, CEO of Diakrit.
– We think Diakrit is a good example of showing that Pegroco’s form of active and tong-term ownership works. It is especially pleasing that the considerable investments made during recent years, in Diakrit’s product development and services, and in the making of an ultra modern production facility in Bangkok with over 450 employees, have been successful and have given a good return on invested capital, comments Thomas Brue, CEO of Pegroco. The company is now well prepared and positioned for the next step in its development, now under the ownership of one of the world’s leading and most dynamic media groups.
The parties have agreed to keep the terms of the agreement confidential.
The seller’s financial advisors were Pagemill Partners, a Duff and Phelps business, based in Palo Alto, California http://www.pmib.com. The legal advisors were Setterwalls, Göteborg http://www.setterwalls.se. Consensus Asset Management AB is Pegroco’s Certified Adviser on Nasdaq First North Stockholm.
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Pegroco is an investment company that invests in smaller and medium sized unlisted companies, predominantly in Sweden. Pegroco is an active owner and primarily seeks companies with an established market position and preferably those that have a need for a major change. This need can be structural or business oriented. It can for example be when management wants to buy out the operation from the owners, or when the entrepreneur owner wants to expand the company into new business opportunities but lacks resources.
Pegroco also has a professional services business area, Pegroco Advisory, which offers services within capital procurement, company transactions and business development.
Pegroco currently has six investments. Pegroco’s preference share is listed on Nasdaq First North, Stockholm.