15. March 2019

FREYJA acquires a 49% stake in Ísmar ehf.

FREYJA equity fund, which is managed by Kvika banki, has acquired a 49% holding in Ísmar ehf. from Sjávarsýn ehf., which will continue to be the majority shareholder of the company.

Ísmar is a sale and service provider company which supplies products and services to most sectors of the economy. The company operates almost solely in the corporate market, but the core of its activities are consultancy and the sale of technical equipment to, among others, public institutions, fisheries, contractors, engineering companies and energy companies. The company sells, among other things, measuring equipment and engine controllers, GPS meters, laser devices, optical sensors, thermal cameras, telecommunications equipment, ventilation equipment and house management systems. The company’s greatest power rests on the strength and quality of its brands (such as Trimble, Spectra, Flakt Group, Motorola, FLIR, Honeywell and Teledyne Marine), as well as its long history and vast knowledge of its staff.

Ísmar’s operations have performed well, since its revenue has grown by over 20% year-on-year over the past five years. The owners’ strategy is to carry on along the path which the company has followed over the past years. FREYJA representatives will sit on the board of directors of the company and play an active role in supporting the ongoing development of the company.

In parallel with the change in ownership, Jón Tryggvi Helgason is stepping down as CEO after decades of work for the company and will become its chairman. The new CEO, who will be stepping in at the beginning of April, is business administrator Gunnar Sverrisson. Gunnar has many years’ experience in management.  In recent years he has worked for the Oddi printers and umbúðir ehf, where for over 15 years he worked as chief financial officer and later became the managing director of ÍAV.

Bjarni Ármannsson, chairman of Sjávarsýn:

It is satisfying for Ísmar and its customers to see FREYJA become part of the company as an active shareholder. I would like to thank FREYJA and its management for the trust they have shown in Sjávarsýn and Ísmar with this investment. I would also like to thank Jón Tryggvi for his successful collaboration and decades of work for Ísmar. With a great staff, Jón Tryggvi has built up a powerful company which has certainly lived up to the company's motto: “We recommend the best.” Similarly, it gives the company great satisfaction to use the working power of its new CEO Gunnar Sverrisson. The company is well prepared to continue its long-term development under his leadership.

Margit Robertet, Managing Director of FREYJA:

The acquisition of a 49% stake in Ísmar is the first investment of FREYJA equity fund. We are extremely pleased to be given this opportunity to support the ongoing growth of Ísmar in partnership with Sjávarsýn and a new CEO.

About Freyja and Kvika

FREYJA is an ISK 8 billion equity fund managed by Kvika banki. The fund invests in unlisted companies with good operating records and interesting growth opportunities. FREYJA was founded in mid 2018 with subscription pledges from about 20 shareholders, pension funds and other professional investors.

For further information please contact:

Margit Robertet, Managind Director of FREYJA, Tel. +354 858 6506.