Skeljungur hf.: Skeljungur executes purchase agreement for all shares in Port I. ehf., holding company of Dælan ehf. and Löður ehf.
An agreement was signed today, November 27th, 2020, by Skeljungur hf., on the purchase of all the shares in Port I ehf., owner of Dælan ehf. and Löður ehf. With the purchase, Skeljungur will acquire both Dælan and Löður.
The acquisition is subject to several conditions and reservations, e.g. approval by the Competition Authority.
Dælan operates five fuel stations in the capital area. Löður operates fifteen car wash facilities, including thirteen in the capital area, one in Akureyri and one in Reykjanesbær. Plots and real estate are included in the purchase agreement.
The acquisition price paid by Skeljungur will amount to ISK 910 to 1,150 million ISK, but the acquisition price is subject to certain premises regarding operations in the coming years, in addition to various conditions laid down in the purchase agreement. The arrangement of payment of the acquisition price is that 282,5 million ISK will be paid on delivery, and interest-bearing debt amounting to ISK 627,5 million will be taken over. The remainder, up to 240 million ISK, is subject to certain assumptions regarding operations and other conditions.
It is assumed that the operation of Dælan and Löður will return an annual EBITDA in the range of 140-180 m ISK. on Skeljungur.
Árni Pétur Jónsson, Skeljungur CEO:
“We believe that Dælan and Löður are a good fit with Skeljungur's operations, and we see a number of opportunities for the acquisition to expand Skeljungur’s business. Dælan´s stations are well located in the capital area and we see various opportunities related to them. Our objective is for Dælan’s fuel sales to be operated under the Orkan brand.
It is our belief that the operation of environmentally friendly car washes is the future, and Skeljungur is working on closing down its washing stations, e.g. for environmental reasons. We are interested in opening further Löður car wash facilities on Skeljungur’s sites, which would fit in with our strategy of strengthening our positional advantages and expanding the services provided at our stations."
For further information, please contact Árni Pétur Jónsson, CEO .
