STOCKHOLM, SWEDEN / ACCESSWIRE / December 27, 2023 / STRAX (STO:STRAX)(FRA:NOBC) STRAX AB has, through its subsidiary STRAX Holding GmbH, divested its ownership of Urbanista AB for at total consideration of the equivalent of approximately MEUR 25 to P Capital Partners AB ("PCP"), with a potential future upside for the Group.
STRAX acquired Urbanista in 2014 and has since developed Urbanista to become a brand represented globally with a very relevant and solid product portfolio.
Urbanista has had a strong development the last couple of years but have been constrained because of financial challenges of the STRAX Group in general. Under new ownership Urbanista will have the chance to reach its full potential.
The consideration of approximately MEUR 25 will be fully assigned towards the outstanding loans under the facility agreement with PCP. The sale will also lead to a capital gain of approximately MEUR 15.
About PCP
PCP is a Swedish-based European credit investor managing funds of around €4 billion, which acts as a strategic financial partner to family businesses and entrepreneurs. Founded in 2002, PCP provides tailored funding solutions for expansion, acquisition financing and refinancing. Over the last two decades, PCP has partnered with and invested in around 170 companies and helped them maximize their potential.
About Urbanista
Urbanista was born in 2010 in Stockholm, Sweden out of love for cities and urban life. Our products are rooted in Scandinavian design tradition and inspired by music, arts, fashion and urban culture. We believe that lifestyle audio products should not only sound great, but also look good. Today, our products are available in over 90 countries, and sold in 30,000 stores worldwide.
For further information please contact:
Ingvi Tomasson, Board member & co-founder, STRAX AB, +354 698 2277
About STRAX
STRAX is a global leader in accessories that empower mobile lifestyles. Our portfolio of branded accessories covers all major mobile accessory categories: Protection, Power, Connectivity, as well as Personal Audio.
Own brands are Urbanista, Clckr, Planet Buddies and RichmondFinch. Our brands reach a broad customer base, through 70 000 brick and mortar stores around the globe, as well as through online marketplaces and direct-to-consumers.
Founded as a trading company in 1995, STRAX has since expanded worldwide and evolved into a global brand business. Today we have approximately 90 employees in 6 countries. STRAX is listed on the Nasdaq Stockholm stock exchange.
Discontinued operations include Health & Wellness and licenced brand portfolio of adidas and Diesel.
This information is information that STRAX is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-12-27 06:35 CET.
Attachments
Divestment of Urbanista for MEUR 25
SOURCE: STRAX
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