Stockholm (HedgeNordic) – Asset manager Case Group has acquired Celina Fondförvaltning’s fund operations for SEK 365 million. The publicly listed asset manager is bringing under its umbrella Celina’s seven active funds – including three members of the Nordic Hedge Index – and three fund management agreements that oversee a combined SEK 14.1 billion in assets under management.
The purchase price of SEK 365 million consists of a cash portion of SEK 100 million obtained from own capital and bank loans, and a convertible loan of SEK 265 million with a maturity date of December 31, 2026. The convertible loan gives the right to convert the loan into about 10.8 million shares in Case, with the 10.8 million shares accounting for 35.2 percent of Case after full conversion. Case’s acquisition of Celina’s fund operations from Athanase Industrial Partners gives Case the opportunity to broaden its product range and reach more customer segments.
“The acquisition suits our business very well, as we will now be able to offer our customers and partners a much larger range of attractive funds,” comments Johan Andrassy (pictured), CEO of Case. “The acquisition means that Case’s management of shares and fixed-income securities will now be the same size,” he adds. “Our expectation is that the acquisition will provide the Case Group with gross sales in excess of SEK 100 million and provide clear cost savings through realizable synergy effects.”
“The new business will be very competitive. We have a complementary product range and several new funds ready for launch.”
“The new business will be very competitive,” says Fredric Calles, CEO of Celina Fonder. “We have a complementary product range and several new funds ready for launch,” he continues. “Our staff contributes with high competence in several important functions. The dynamism and entrepreneurship in the combination of Celina and Case is clear.”
Case Group entered into a letter of intent to acquire the fund operations of Celina Fondförvaltning, formerly Catella Fondförvaltning, in early March. On April 22, the parties entered into binding agreements to complete the transaction, which is conditional on, among other things, Finansinspektionen issuing the necessary permits.
Picture courtesy of Case Group.