Solwers expands to logistics consulting in Sweden and organizes a directed share issue
Solwers Plc Company release 17 May 2022 at 15.00 EEST
Solwers Plc is expanding its service portfolio to the logistics consulting sector and today, 17 May 2022, Solwers Sweden AB has signed an agreement to acquire all shares in Establish Schening AB in Sweden. The acquired company will be consolidated in the group reporting as of 1st May 2022.
Founded in 2008, Establish Schening AB operates in Stockholm, Sweden, and employs 12 people. The company's net sales in 2021 were SEK 20 million. The company's core expertise is in logistics consulting, and the customer base consists of companies in both public transport, manufacturing and trade. Establish Schening AB helps its customers streamline their supply chains and optimise their logistics operations through fact-based analytics combined with broad knowledge delivering a scalable operating model for customer benefit.
“We see Establish Schening and their logistics expertise in the field of supply chain management as a welcome addition to Solwers. The growing demand for sustainable mobility, efficient public transport and major changes in commercial logistics flows are generating momentum and demand for Establish Schening's logistics services. Establish Schening is active in a wide range of business development areas, focusing on sustainable logistics and supply chain management: From developing public transport, to creating strategies for the placement and establishment of new industrial operations and streamlining logistics solutions. These are areas in which Solwers wants to build and develop its expertise. The company is profitable and has a good order book that has been unaffected by the recent geopolitical turmoil.,” says Leif Sebbas, Chairman of the Board of Solwers Plc.
“By becoming part of Solwers, we are gaining access to a wide network of skilled resources and potential project areas, where our expertise in logistics and analytics can further strengthen our offerings and our business. This means that we can continue developing, while staying Establish Schening and safeguarding what we have built up until now,” says CEO and founder of Establish Schening, Magnus Schening.
“We are extremely optimistic about Solwers' acquisition of Establish Schening. We see major opportunities for us to develop together with other Solwers companies, while continuing to uphold the same culture and brand in our operations as before. We also see how our expertise and tools can benefit the other Solwers companies and projects,” says Lars Brunius, co-founder and Chairman of the Board of Establish Schening.
Directed share issue
Solwers Plc will organize a directed share issue to the sellers as part of the acquisition. The share issue will be organized in deviation from the shareholders' pre-emptive right to shares, based on the authorisation given by Solwers Plc's Annual General Meeting to the Board of Directors on 22 April 2021.
The subscription price for the new shares is EUR 6.94, which is the volume-weighted average price of Solwers Plc's shares on the First North Growth Market marketplace for the month prior to the acquisition. The number of shares to be directed to the sellers is 54,978 shares. The registration of the new shares is expected to take place in June 2022. The total number of shares issued by Solwers Plc will increase from 8,799,804 to 8,854,782 shares. A two-year lock-up restriction on the new shares will be recorded in the sellers' book-entry accounts. The conditional part of the purchase price is determined by Establish Schening AB’s operating performance over the years 2022-2024 and will be paid in cash to the sellers in 2025 assuming that the agreed conditions are met.
Solwers Plc
Board of Directors
Further information
Leif Sebbas, Chairman of the Board, Solwers Plc, tel. +358 50 044 7744
Lars Brunius, Chairman of the Board, Establish Schening AB, tel. +46 70 566 5318
Certified advisor:
UB Securities Oy, Ville Väisänen, CEO, tel. +358 40 588 6769,
email: [email protected]