Stockholm (HedgeNordic) – Publicly listed asset manager Case Group has entered into a letter of intent to acquire the fund operations of Celina Fondförvaltning, formerly Catella Fondförvaltning. Case intends to bring Celina’s seven funds and three fund management agreements under its umbrella, corresponding to SEK 14.2 billion in assets under management.
For the acquisition of Celina’s fund operations, Case is offering a cash portion of SEK 100 million consisting of own funds and bank loans, as well as about 12.8 million new shares in Case. The current owner of Celina, Athanase Industrial Partners, will own approximately 39 percent of shares in Case following the completion of the acquisition, which reflects the dilution effect from the new issue. The parties involved now plan to initiate the due diligence process, aiming to complete the acquisition by the second quarter of 2022.
“Our expectation is that the acquisition will provide the Case Group with gross sales in excess of SEK 120 million with good profitability already in 2022,” comments Johan Andrassy, the CEO of Case. “The costs after the acquisition will be significantly reduced through realizable synergy effects.”
“We have looked at different types of deals to strengthen the customer offering, distribution capacity and economies of scale. This deal delivers on all criteria.”
“We have looked at different types of deals to strengthen the customer offering, distribution capacity and economies of scale,” comments Stefan Charette, Chairman of Celina’s Board. “This deal delivers on all criteria,” he continues. According to Charette, through this deal, “Athanase gets a significant stake in Case, the staff at Celina gets a safer home and conditions for continued acquisitions exist.”
Celina, a wholly-owned portfolio company of Athanase Industrial Partners, conducts active and alternative asset management aimed at private and institutional investors. Celina has been managing funds since 1998 and currently has a fund range that includes equity, fixed income and hedge funds. On February 28, Bodenholm founder Per Johansson started in his role as Chief Investment Officer (CIO) of Celina Fondförvaltning. Johansson and his team at Boden Capital, which he launched in late 2020 with a select group of former Bodenhom employees including Bodenholm’s former CEO Erik Orving, have all joined Celina Fondförvaltning.