Norvik Hf (“Norvik”) sells 17 million shares in Bergs Timber AB (publ) (“Bergs”) to a number of institutional investors

In May 2018, Norvik became the largest shareholder in Bergs (BRG B) as a result of Bergs acquisition of Norvik’s businesses in the Baltics and the UK. Bergs today has a revenue of about SEK 3 billion with strong result and financial position. Bergs has a decentralised business model and presented a new strategy in early 2021 with a clear ambition for growth through investments and acquisitions.

In 2018, Norvik declared the intention to reduce its shareholding in Bergs to increase the free float and widen the ownership structure. Norvik has investigated the capital market and there has been a clear interest from investors to invest in Bergs. Norvik has today sold 4.9 % of the outstanding shares in Bergs to a number of institutional investors. Among those investors are Lupus alpha and Cervantes Capital. Norvik holds 58.7% of the shares after the transaction, and has entered into a nine month lock-up agreement for its remaining holding. Pareto Securities has brokered the block trade of 17,000,000 shares at 5 SEK.

The owners and management of Norvik see Bergs as a good investment option and welcome the interest that investors have in Bergs. The step has now been taken to strengthen the shareholder group with a wider group of investors.

"We believe it is a good step to sell a small part of our shares in the company at this time, but we want to be clear that Norvik intends to remain a core investor in Bergs. Bergs has shown very good results recently and investments have been made in companies that fit well with the strategy, for example Performance Timber Products Group that was acquired in June 2021. We see opportunities for growth through acquisitions of companies that process timber and timber products.", says Gisli Jon Magnusson, CEO of Norvik in an announcement.

For further information, please contact Gisli Jon Magnusson, CEO of Norvik (gjm@norvik.is).