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SKEL fjárfestingafélag hf.: Styrkás signs a term sheet setting out terms and conditions for the acquisition of Stólpi Gámar ehf. and related companies


Today Styrkás ehf., a company 69.64% owned by SKEL fjárfestingafélag hf., signed a term sheet setting out the main terms and conditions for the purchase of 100% of the shares in six subsidiaries of Máttarstólpi ehf.:

-              Stólpi Gámar ehf., id. 4601211590, Klettagörðum 5, 104 Reykjavík;

-              Stólpi Smiðja ehf., id. 4601211750, Klettagörðum 5, 104 Reykjavík;

-              Klettaskjól ehf., id. 4601210510, Klettagörðum 5, 104 Reykjavík;

-              Stólpi ehf., id. 460121-0430, Klettagörðum 5, 104 Reykjavík;

-              Tjónaþjónustan ehf., id. 460121-1670, Klettagörðum 5, 104 Reykjavík;

-              Alkul ehf., id. 491020-0830, Haukdælabraut 48, 113 Reykjavík.

collectively referred to as "the sold companies". These companies will continue to be operated on a consolidated basis.

This agreement is subject to the parties finalizing a purchase agreement for the transaction, financing, the results of the due diligence and the approval of the Competition Authority.

The enterprise value of the sold companies according to the agreement is 3,548 million ISK. After deducting the estimated liabilities, the purchase price of the equity of the sold companies amounts to 2,970 million ISK. Upon the delivery of the sold companies, 55% of the purchase price will be paid in cash and 45% will be paid with a seller loan and new shares in Styrkás.

Ásgeir Þorláksson, chairman and owner of Máttarstólpi:

“Stólpi ehf. began its operations in 1974. I took over as the main owner and managing director of the company from my father in 1999, and since then other companies have joined the group. Now it is time for others to take over and lead the continued development of the company. I am convinced that the future is bright, as the company has an elite group of employees and has built solid business relationships lasting decades. I will continue to participate in the company's journey as a shareholder in Styrkás and look forward to working with the new owners."

Ásmundur Tryggvason, CEO of Styrkás:

“With the purchase of Stólpi Gámar and related companies, an important step has been taken to expand Styrkás’ services and establish a third staple of the company’s operations. Stólpi Gámar is a market leader in container and house unit solutions for businesses and individuals, container repairs and claims services for insurance companies. There are great opportunities to build upon the good foundation that Ásgeir Þorláksson and his colleagues have laid and further improving customer service."

Börkur Grímsson, CEO of Stólpi Gámar:

"The operation of Stólpi Gámar has been extremely successful under the solid management of Ásgeir Þorláksson. This transition creates new opportunities and I look forward to taking targeted steps for further growth with new owners and partners. Stólpi Gámar’s vision for the future fits particularly well with Styrkás's corporate strategy and there are great opportunities lie in becoming part of a larger whole."

About Styrkás

Styrkás is 69.64% owned by SKEL fjárfestingafélag hf. and 29.54% by Horns IV slhf., a private equity fund managed by Landsbréf hf. Styrkás corporate strategy is to build on the strong foundations of the group with internal and external growth in the fields of energy and chemical products, industrial solutions, equipment management, waste and recycling services, heavy machinery and equipment management. Today, Styrkás consists of Skeljungur and Klettur, leading companies in their fields.

The objective of Styrkás shareholders is to list the company on the Icelandic stock market before the end of 2027.

Styrkás' advisors in the process are Íslandsbanki and BBA // Fjeldco and Máttarstólpa's advisors are &Pálsson and Landslög.

For further information, Ásmundur Tryggvason, CEO of Styrkás,

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