Catella has agreed to acquire 55% of the share capital and voting rights in Enskild Kapitalförvaltning AB. Catella has made an offer to acquire the remaining shares for the same price.
Enskild Kapitalförvaltning is one of the larger independent asset managers in the Swedish market, with assets under management of approximately SEK 4 billion (approx. 450 million) under management. For many years, Enskild Kapitalförvaltning has generated favorable value growth for its clients.
The acquisition of Enskild Kapitalförvaltning will be a complement to the existing private banking business in Luxembourg and should be viewed as a step to establish a full-scale private banking operation in Sweden and the Nordic region. The acquisition price for the shares amounts to equity at day of taking possession plus SEK 11 million. The expected equity of the acquired shares amounts to SEK 17 million at day of taking possession. Total acquisitions price for 55% of the shares is therefore expected to amount SEK 28 million. The acquisition is subject to approval by the Swedish Financial Supervisory Authority. Accordingly, access to the shares is not expected to occur until the second quarter of 2011.
Enskild Kapitalförvaltning is an independent asset manager with a track record of favorable management performance. It conducts its business from the company's head office in Stockholm and a local office in Växjö. Enskild Kapitalförvaltning has 29 employees and is an account-operating institution, clearing member and manager in Euroclear/VPC. Enskild Kapitalförvaltning has approximately SEK 4 billion under management and its clients include private individuals, businesses, foundations and organizations.
"Through the acquisition of Enskild Kapitalförvaltning, we can now reveal a part of Catella's comprehensive strategy work. Enskild Kapitalförvaltning will constitute the platform for Catella's private banking initiatives in the Nordic market," says Johan Ericsson, MD of Catella AB.
"We aim to become a leading independent asset manager in Sweden, where we see a distinct need for professional management of peripheral services involving fiscal and family law. Since we will establish additional units in Sweden, we are looking for people who are interested in developing a modern private bank," says Fredrik Sauter, CEO of Banque Invik.
"The merger with Catella provides Enskild Kapitalförvaltning with substantial resources that will safeguard the continued favorable development of the company. The transaction will benefit our clients and our employees," says Gunnar Ericsson, principal owner and MD of Enskild Kapitalförvaltning.