Loudspring sells its ownership in ResQ Club
Loudspring Plc
Company Release
24 June 2021 at 10.00 (EEST)
Loudspring has entered into an agreement to sell its 24% ownership in ResQ Club Oy, a company operating an online marketplace for surplus restaurant food in Finland, to a consortium of Finnish private investors. The sales price is approximately 1.5MEUR and the transaction does not have a significant impact on Loudspring’s result. The necessary approvals have been obtained and the transaction is expected to close by the end of June 2021.
Loudspring has been an early investor and the largest owner in ResQ Club and the sale of ResQ Club ownership is a step in Loudspring’s strategy to focus more resources on its subsidiary Eagle Filters, and to maximize positive environmental impact. Eagle Filters has a proprietary and scalable high performance air filtration product portfolio as well as by far the largest potential to reduce global CO2 emissions. In 2020 Eagle Filters reduced its customers' CO2 emissions by approximately 150 000 tons. Eagle Filters’ industrial markets offer long term stability of revenues, helping to de-risk Loudspring’s portfolio and accelerate the path to dividend income for Loudspring shareholders.
Loudspring still has a portfolio of minority owned companies that will be exited at a suitable point in time and will provide resources for accelerating Eagle Filters' growth in the future.
Loudspring CEO Jarkko Joki-Tokola: “We are happy to have reached a deal for the sale of our ResQ Club shares. We wish ResQ Club all the best in its important mission. Loudspring is tightening its focus around Eagle Filters and we estimate that the resources released from ResQ Club investment will give our shareholders significantly better return when deployed into Eagle Filters' growth. Eagle Filters already has customers in all continents, except for Antarctica, and has a truly significant growth potential from its current levels. This is largely due to Eagle’s premium air filtration products that can significantly increase the efficiency and reduce CO2 emissions of the world's energy infrastructure. ”
Contact information:
Jarkko Joki-Tokola, CEO, Loudspring Oyj. Tel. +358 40 637 0501, jarkko@loudspring.earth
Erik Penser Bank AB, Certified Adviser. Tel. +46 8 463 83 00, certifiedadviser@penser.se
Loudspring in brief
Loudspring is an investment company focused on saving natural resources. We own and operate Nordic growth businesses that are fighting climate change and making a big environmental impact. We have a diversified business portfolio with technologies that save energy, water and materials in industry, real estate and in everyday life.
The company group is listed on First North Growth Market Finland under the ticker LOUD and on First North Growth Market Stockholm under the ticker LOUDS.
LinkedIn: https://www.linkedin.com/company/loudspring/
Twitter: @loudspring
FB: @loudspringco