We have some major news to announce – Frictape has a new main shareholder, Lagercrantz Group, a specialized, publicly listed investor in SME B2B companies. We continue to operate independently within the group and expect no changes to the way we work with our customers globally. See press release below – it can be found also at Lagercrantz pages.
Lagercrantz has today via a newly established Finnish company acquired the shares in Finland-based Frictape Net Oy and in the Estonian company Frictape Net Oü. The operations are a leading supplier of safety products for helidecks, primarily offshore, all over the world. Frictape generates annual revenue of approximately MEUR 7, with good profitability. For a presentation of the operations see www.frictape.com. The acquisitions are being carried out together with the former owners Jaakko and Tellervo Uotila, where Lagercrantz will become the majority owner with just over 70 percent and the former owners will remain as owners of just under 30 percent of the shares with call and put options, which means that Lagercrantz can become the complete owner in four years at the earliest.
“Lagercrantz seeks well-established product companies with leading positions in expansive niches. Frictape fits well into this description and we look forward to continue developing the company internationally based on an established platform,” comments Jörgen Wigh, President and CEO of Lagercrantz Group.
“We view Lagercrantz as a strategic, long-term partner and owner that can help us to develop and continue Frictape’s international expansion,” say Frictape’s former principal owners Jaakko and Tellervo Uotila.
Frictape Net group will become part of the Lagercrantz Mechatronics division. The acquisition is expected to generate a small positive addition to the Group’s earnings per share on an annual basis.