Lauritz.com Group A/S - Stockholms Auktionsverk Fine Art
Copenhagen, 5 March 2019
Lauritz.com Sverige AB has today bought 51% of the shares in Stockholms Auktionssverk AB from our partner Gelba Management AB, returning full ownership of the Fine Art business to Lauritz.com.
In March 2018 Lauritz.com separated Stockholms Auktionssverks Fine Art business into a company owned 51% by Gelba Management AB and 49% by Lauritz.com Sverige AB. A structure that both partners was expecting to be beneficial to the Fine Art business as well as to the Online business that remained under 100% Lauritz.com ownership. It has shown that the split ownership is not the optimal solution in relation to the daily operations of Stockholms Auktionsverks Fine Art business, resulting in the decision to buy back the shares from our partner.
The transaction is not expected to impact the profit of the Group for 2018 as published in the 2018 Q4 report. In relation to our expectations for 2019 the expected EBITDA remains unchanged at DKK 15-25m.
Bengt Sundström, chairman of Lauritz.com Group A/S comments:
The creation of a new financing structure for Lauritz.com, has given us improved possibilities for creating a long term strategy. During the last year we have learned that the split ownership of Stockholms Auktionssverks Fine Art business is not the optimal solution in relations to the daily operations. As a result we have chosen to buy out our partner Gelba. We would like to thank Gelba for an always forthcoming and constructive dialog. We will continue to operate the Fine Art business as a separate organisation, that has to strengthen the proactive, outgoing profile towards our customers to manifest our position in the exclusive Fine Art segment. The return of the Fine Art business to our full ownership will not impact the operation of the 6 online auction houses in Sweden that are currently showing satisfactory growth with a base in our democratic approach and diverse range of products available in the auctions.
Per Taube, chairman of Gelba Management AB comments:
In connection with Lauritz.com's creation of a new financing structure we have been offered to sell back our 51% of Stockholms Auktionsverk AB which we have chosen to accept. We part as good friends and wish Lauritz.com and Stockholms Auktionsverk all the best for the future.
Lauritz.com Group A/S
For interviews with Bengt Sundström please contact:
Susanne Sandsberg Klubien
Contact persons for Gelba Management AB:
Per Taube, Chairman of the board
Leif West, Group CEO
Certified Adviser: Erik Penser Bank AB
Telephone number: +46 8-463 83 00
Market place: Nasdaq First North Stockholm
This information is information that Lauritz.com Group A/S is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 13.15 CET on 05 March 2019.