Skeljungur hf.: Skeljungur purchases Basko ehf.
Today, September 17th 2019, Skeljungur signed an agreement to purchase all outstanding shares in Basko ehf. The transaction is subject to certain conditions, including the approval of the Icelandic Competition Authority.
Basko owns five 10-11 convenience stores and runs fourteen Kvikk branded stores in Skeljungur service courts. In addition, Basko owns the Bad Boys Burgers & Grill restaurant, the Kvosin convenience store and further shops in Reykjanesbær and Akureyri. Excluded from the agreement is Basko's 50% share in meal delivery company Eldum rétt ehf. Horn III slhf., a private equity fund, is a majority owner of Basko.
Skeljungur plans to operate Basko through a subsidiary.
The purchase price is ISK 30m. In addition, Skeljungur will take over net interest bearing debt of ISK 300m. The purchase price is based on information provided by the seller, including drafted financial statements.
It is anticipated that Basko's total assets following a financial restructuring will amount to ISK 1,000-1,100m. Revenue for the ongoing year is forecast at ISK 5,000-5,200m. The purchase will have a minimal effect on Skeljungur's EBIDTA forecast for the current year and will not give cause for an amended EBITDA guideline.
Following a financial restructuring it is anticipated that Basko will have a positive annual EBIDTA effect of around ISK 100-200m on Skeljungur Group.
Árni Pétur Jónsson, CEO of Skeljungur:
"The acquisition provides number of opportunities. In 2014, Skeljungur entered into an arrangement with Basko to operate the stores of Skeljungur’s main gas stations. With today’s acquisition we revert to running our own retail operations in the Skeljungur service courts and gain additional retail locations. This will improve the services we provide and by merging Orkan and Kvikk we’re able to operate in more efficient manner. In addition, the Basko shops are well located and particularly popular among tourists visiting Iceland. Within Basko there is a valuable retail knowledge that will benefit us. We are now taking decisive steps into the retail space, with the aim of further growth in the future."
For further information contact Árni Pétur Jónsson, CEO, via .
