TO: THE DANISH FINANCIAL SUPERVISORY
NO. 12/2016, 9 SEPTEMBER 2016
Schouw & Co. agrees to sell its shares in Kramp at a price of just over DKK 1 billion
Schouw & Co. has agreed with co-shareholder NPM Capital to sell its 20% ownership interest in Kramp at
million relative to the carrying amount at 30 June 2016.
Schouw & Co.’s involvement in spare parts and accessories to the agricultural sector dates back to the
original paper and packaging operations. The Grene transaction was the first step in building the current
industrial conglomerate, and all through the years, Grene has made important and stable contributions
to the development of the Schouw & Co. Group.
In 2013, Schouw & Co. merged its wholly owned subsidiary Grene with Dutch company Kramp in return
the company to a position as the absolute leading supplier of spare parts and accessories to the
agricultural sector in Europe and creating substantial shareholder value.
The shareholders have for some time discussed their preferences for the future ownership structure, and
be able to exercise the desired active ownership. In coming to this conclusion, the parties have reached
agreement about a sale of Schouw & Co.’s ownership interest at a price reflecting an enterprise value of
approximately 14.5x Kramp's guided FY 2016 EBIT, which is considered a reasonable reflection of
Schouw & Co. acquired Grene in 1988 at a price of DKK 49 million and has received dividends totalling
business area has produced an annualised internal rate of return of 15%.
The sale of the shares will be effected with due consideration for the shareholder agreement concluded
expected to close by the end of the year. As a result of the sale, Schouw & Co. raises its guidance for
profit in associates and joint ventures to DKK 560-570 million from the previous forecast of DKK 140-150
Jens Bjerg Sørensen, President, tel. +45 8611 2222