Incus Investor ASA is selling Scana Propulsion AS
INCUS Investor ASA ("INCUS Investor") has on 19. of December 2016 entered into an agreement to sell Scana Propulsion AS ("Scana Propulsion") to Brunvoll AS.
The transaction includes Scana Propulsion's subsidiaries Scana Volda AS and Scana Mar-El AS in Norway and some smaller subsidiaries in the US and Asia. Scana Volda AS was bought by INCUS Investor in 1998. Scana Mar-El AS was bought by INCUS Investor in 1996. Scana Volda and Scana Mar-El together with the subsidiaries abroad were organized into the Scana Propulsion group of companies in 2012.
In 2015 Scana Propulsion had a turnover of approximately NOK 318 million and a negative result before tax of approximately NOK 1 million.
Proceeds from the sale is NOK 84 million on an Enterprise value (EV) basis, on a cash and debt free balance at closing. The sale will result in an accounting profit of approximately NOK 46 million in INCUS Investor.
-The sale is part of INCUS Investors strategy to create shareholders value thru active ownership, and acquisitions and sale says Bjørn Torkildsen, CEO in INCUS Investor AS.
Closing of the transaction is planned to take place March 15. March 2017, but pending on the acceptance from the Norwegian Competition Authority.
The parties have also agreed on a potential future acquisition of the property company Scana Eiendom Volda AS on certain terms and conditions.
Based on the above and on customary terms, INCUS Investor's loan agreement with the existing bank syndicate will be extended by 12 months to June 2019. The first repayment date is postponed to 22 March 2018 with subsequent quarterly repayments. The current simplified covenant structure requiring a liquidity reserve of NOK 20 million will be extended until the third quarter of 2017.
For further information please contact:
Mr. Bjørn Torkildsen, CEO INCUS Investor ASA, Mobile +47 91 91 97 42
Mr. Kjetil Flesjå, CFO INCUS Investor ASA, Mobile: +47 90 04 12 13