MAQS represented the sellers in connection with the sale of shares in Pexymek AB to Seafire AB (publ)

In 2020, Pexymek AB had net revenues of SEK 43.8 million with a EBITDA margin of SEK 10.4 million. Pexymek AB was established in 1969 and the company currently has 19 employees with operations in Falkenberg. Pexymek AB carries on its operations within the property owned by the subsidiary Maströret Fastighets AB, which was also acquired in connection with the transaction. Following Seafire AB’s (publ) takeover of Pexymek AB, the sellers will continue in their respective operational roles in the company.

Seafire AB (publ) is a company group that was founded in 2016 and focuses on acquiring profitable, smaller companies with development potential. Following the acquisition of Pexymek AB, Seafire has a portfolio consisting of eight companies and a turnover of approximately SEK 467 million pro forma.

Pexymek AB is currently a leading supplier within cable protection, cable clamps, antenna mounts and cold defects to the Nordic market. The company also have a significant contract production within pipe bending, sheet metal punching and edge pressing. Pexymek AB is expected to have sales of over SEK 44 million with an EBITDA margin of over SEK 10 million in 2021.

The purchase price for Pexymek AB amounted a maximum of SEK 65 million and was divided into a cash payment of SEK 55 million paid on closing, and an earn-out of 75% of EBITDA over SEK 6 million during the period 2021-2022. The earn-out can amount to a maximum of SEK 5 million per year. Of the total purchase price for Pexymek AB, SEK 6 million was paid with shares in Seafire AB (publ) at a price of SEK 26.70 per share. The property, which is owned by Maströret Fastighets AB, has rental income of SEK 2.2 million per year and was acquired at the same time for SEK 25 million.