New major shareholder in Nynas
Davidson Kempner investment vehicle to acquire entire equity stake in Nynas from Bitumina Industries
NYNAS AB have confirmed that a binding agreement has been signed by an investment vehicle managed by Davidson Kempner Capital Management LP (together with their affiliates and affiliated investment vehicles) for the acquisition of the entire equity stake (49.9%) in Nynas from Bitumina Industries Ltd.
Following completion of the acquisition, Davidson Kempner Capital Management will be the largest individual shareholder in Nynas.
Davidson Kempner Capital Management are US-registered global institutional investment managers with more than 35 years’ experience and a focus on fundamental investing with a multi-strategy approach. The firm has more than US$36 billion in assets under management with over 400 professionals in five offices in New York, Philadelphia, London, Hong Kong and Dublin.
With around 1,000 employees, production facilities in Europe and offices in more than 30 countries, Nynas research, produce and supply specialty naphthenic oils and bitumens to the global market.
Davidson Kempner played an active role in the financial restructuring of Nynas, which was undertaken during the second half of 2020, restoring Nynas’ balance sheet equity to SEK4.6 billion on 31 December 2020, with an equity to assets ratio of 39.4%.
Since that restructuring, Davidson Kempner have played an ongoing role in the financing of Nynas, providing further loan facilities to support Nynas’ working capital requirements and putting Nynas on a solid financial footing.
‘We welcome Davidson Kempner as a shareholder in Nynas and look forward to the continued development of Nynas’ business with the strategic and strong financial backing that Davidson Kempner will contribute,’ said Bo Askvik, president and chief executive officer of Nynas.
‘We are very satisfied with our strong trading result in the first half of 2021 and will continue to pursue our mission to deliver long-lasting, high-performance specialty products for sustainable use in our industry with the support of Davidson Kempner, who already are one of the largest financiers of the company.’