Everysport Group divests shares in subsidiary
Everysport Group AB (publ) today announces an agreement with Grundbulten 118007 AB (under name change to DRW Padeltour AB) concerning the divestment of 80 percent of the shares in the Group’s subsidiary Grundbulten 117847 AB (under name change to Every Padel Hedenstorp AB). The transaction relates to the Group's padel facility in Hedenstorp, Jönköping and was completed on May 1, 2023.
"We continue to implement strategic decisions that create the conditions for long-term growth in the core business, which started the year strongly with increased net sales, positive EBIT and profit contribution in the first quarter of 2023. The strategic review of Every Padel continues by optimizing the remaining fixed assets," says Hannes Andersson, CEO, Everysport Group.
Background and rationale
To meet the changing market condition and enable long-term growth, Everysport initiated a strategic review of the business area Every Padel in 2022. At the beginning of 2023, the Group has continuously executed on the communicated plan and significantly reduced the number of padel facilities. Following the transaction, the portfolio consists of two wholly-owned and five minority-owned facilities, one of which is being decommissioned.
The transaction
The agreement provides that Everysport divests 80 percent of the subsidiary Grundbulten 117847 AB under name change to Every Padel Hedenstorp AB and refers to the Group's padel facility in Hedenstorp, Jönköping. The agreement also includes an option for the buyer to acquire Everysport's remaining share of 20 percent provided that the promissory note is first repaid in full.
Purchase price
The purchase price amounts to a total of SEK 2 million, and is paid through a five-year promissory note that is amortized annually with generated profits. If any debt remains after five years, Everysport is entitled to convert the corresponding amount into shares in the purchasing company.
For more information, please contact:
Hannes Andersson, CEO, Everysport Group AB, tel: +46 70 736 56 25,
e-mail: hannes.andersson@everysport.com
About Everysport Group
Everysport Group AB (publ) is a group operating in sports. Everysport is divided into two business areas: Everysport Media and Every Padel. Everysport Media owns and develops digital platforms and services in sports, and the Every Padel business area operates in the fast-growing sport of padel. The group has a total of about 130 employees. The head office is located in Stockholm, and the company also has offices in Norway and the US. The group is listed on the Spotlight Stock Market (EVERY).