Everysport Group divests shares in subsidiaries
Everysport Group AB (publ) ("Everysport") has today entered into an agreement with Grundbulten 1117333 AB under name change to Padel och Träning AB (hereinafter "the buyer") on the divestment of 80 percent of the subsidiaries Uppsala Padelcenter AB and Every Padel i Västerås AB. The agreement also includes an option for the buyer to acquire Everysport's remaining share of 20 percent. The purchase price amounts to a total of SEK 12.5 million, of which SEK 1 million is paid in cash and the remaining SEK 11.5 million through a promissory note that is amortised over a five-year period. The closing date is 1 April 2023.
"We continue to implement strategic decisions that create conditions for long-term growth and shareholder value. The transaction frees up resources and enables a greater focus on our subscription-based core business, which showed strong growth in 2022. The strategic review of Every Padel continues by optimising the remaining fixed assets," says Hannes Andersson, CEO, Everysport Group.
Background and rationale
To meet the changed market conditions and enable the Group to continue to grow the subscription-based core business in sports media, Everysport initiated a strategic review of business area Every Padel in 2022.
On January 9, 2023, the outcome of the above-mentioned strategic review was announced, which is expected to provide a total profit improvement of approximately SEK 13 million in 2023 compared to the full year 2022. In the same press release, the plans for continued optimisation work on remaining fixed assets were communicated.
The transaction
In the transaction, Everysport divests 80 percent of the subsidiaries Uppsala Padelcenter AB and Every Padel i Västerås AB to Grundbulten 1117333 AB under the name change to Padel och Träning AB. The agreement also includes an option for the buyer to acquire the remaining 20 percent provided that the promissory note is first repaid in full. The divestment includes the Every Padel facilities: Fyrislund, Librobäck, Hälla and Kopparlunden. The closing date for the acquisitions is 1 April 2023.
Purchase price
The purchase price amounts to a total of SEK 12.5 million, of which SEK 1 million is paid in cash and the remaining SEK 11.5 million through a five-year promissory note that is amortised annually with generated profits. If the debt remains after five years, Everysport is entitled to convert the debt into shares in the purchasing company.
This disclosure contains information that Everysport Group AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-03-2023 18:04 CET.
Any questions answered by:
Hannes Andersson, CEO, Everysport Group AB, tel: +46 70 736 56 25
e-mail: hannes.andersson@everysport.com
Everysport Group is a group within sports. The business is divided into two business areas: Everysport Media and Every Padel. Within Everysport Media, digital platforms and services in sports are owned and developed, and within the business area Every Padel, operations are conducted within the fast-growing sport of padel. The group has a total of approx. 130 employees. The head office is in Stockholm, the company also has offices in Norway and the USA. Everysport Group AB (publ) is listed on Spotlight Stock Market (EVERY).