Stockholm (HedgeNordic) – Mangold AB has agreed to buy an additional 18.4 percent stake in KredFin, formerly Skandinaviska Kredifonden, to become the largest owner with an ownership stake of 45.6 percent. KredFin provides alternative financing to Nordic companies through alternative investment funds such as its flagship direct lending vehicle Scandinavian Credit Fund I.
With this agreement, Mangold is set to increase its ownership stake in KredFin from 27.2 percent to 45.6 percent. The purchase price for the additional stake of 18.4 percent amounts to about SEK 18.4 million, paid through newly-issued Mangold shares corresponding to about SEK 9.2 million and a cash payment of SEK 9.2 million. The acquisition is subject to the approval of the Swedish Financial Supervisory Authority.
“We have seen that KredFin has generated a good return and we have high hopes that we can continue to develop KredFin’s business.”
“Mangold has for a longer period intended to diversify the group’s income. Investments in associated companies are an important part of increasing recurring revenue that is not directly correlated with Mangold’s operations,” comments Per-Anders Tammerlöv (pictured), CEO at Mangold. “We invested in KredFin for the first time in 2016 and now see an opportunity to increase our ownership at an attractive price,” he continues. “We have seen that KredFin has generated a good return and we have high hopes that we can continue to develop KredFin’s business.”
KredFin’s two largest alternative investment funds include Scandinavian Credit Fund I and Nordic Factoring Fund. Scandinavian Credit Fund I offers direct lending to small and medium-sized companies that need financing for expansion, investment, restructuring, or other needs. Kreditfonden’s second fund, Nordic Factoring Fund, focuses on the Nordic market for factoring loans. KredFin oversees assets under management in excess of SEK 4.8 billion.
