STOCKHOLM, SWEDEN / ACCESSWIRE / May 11, 2024 / STRAX (STO:STRAX)(FRA:NOBC) STRAX AB has, through its subsidiary STRAX Holding GmbH, divested its 40 percent ownership of Matter Brands LLC for at total consideration of the equivalent of approximately MEUR 11 to P Capital Partners AB ("PCP"), with a potential future upside for the Group.
STRAX divested Clckr, Jewel and Fundamental as well as key customer contracts and the majority of the US organization to Matter Brands LLC in the beginning of April, 2024, paying for the assets by issuing new shares corresponding to a total of 40 percent of outstanding shares in Matter Brands, LLC.
The consideration of approximately MEUR 11 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 5.
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 Matter
Matter is a portfolio of premium tech accessories designed to improve the relationship between humans and their tech. The company is focused on protecting devices from their people, people from their devices and protecting the world from our waste. Our products are made of innovative materials and technology as well as cutting edge design. Our portfolio is made of authentic and purpose driven brands. We believe in trusted relationships with our consumers, retailers, and distributors. And we focus on top tier operations as well as excellence across our digital experiences. Our brands include Alara, phone cases that reduce exposure to potentially harmful electromagnetic fields; Atom Studios, industry-leading tech accessories rooted in sustainability, design and performance; Clckr, phone cases made with G-Form and Gadget Guard, screen protectors made with innovative science.
For further information
For further information please contact Ingvi Tomasson, Chairman of the Board and 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 brands and categories: Protection, Power, Connectivity, as well as Personal Audio. The remaining own brand is Planet Buddies. We 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.
Divested own brands consist of Urbanista, Gear4 and Clckr.
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 2024-05-12 01:02 CEST.
Attachments
Divestment of shares in Matter Brands LLC for MEUR 11
SOURCE: STRAX
View the original press release on accesswire.com
