SIBS strengthens and scales up the activities within SIBS Modular

SIBS AB (publ) (“SIBS”) hereby announces that:

• SIBS will pool its building system and industrial production activities into a newly established wholly-owned subgroup SIBS Modular,
• A new CFO and Board has been appointed to SIBS Modular with comprehensive international industrial experience,
• A process has been initiated to broaden the shareholder base with industrial and/or financial owner(s) through a share issue in SIBS Modular, and
• SEK 125m in new equity raised by SIBS from existing shareholders 

SIBS is a global leader in the industrial production of apartment buildings as well as a developer and long-term asset manager of residential buildings. During the last year, the growth within the industrial production business has been rapid, driven by increasing demand from international customers. This has resulted in a substantial ramp-up and an internationalization of the business.  Turnover for the first half of 2024 of circa SEK 3.5bn and an EBITDA of circa SEK 600m. That is an increase in turnover of more than three times compared to the same period last year.

SIBS has thus decided to concentrate SIBS’s all activities related to its building system and industrial production business into a new wholly-owned subgroup under SIBS Modular AB (“SIBS Modular”). The restructuring is estimated to be completed before year-end. Erik Thomaeus will be CEO of SIBS Modular, in addition to his role as CEO of SIBS. As CFO, SIBS Modular has appointed Johan Dufvenmark, currently CFO of Beijer Alma AB and previously with Northvolt AB and Gränges AB.

To the board of SIBS Modular, Henrik Ehrnrooth has been appointed as chairman and Karl-Henrik Sundström, Ivo Bozon, Jonas Ramstedt , Johan Karlsson, Erik Thomaeus and Pär Thomaeus appointed as members. Henrik Ehrnrooth was until recently CEO of Kone Corporation and is currently  chairman of UPM-Kymmene Corporation.  Karl-Henrik Sundström was previously CEO of Stora Enso AB and is currently chairman of Boliden AB, Mölnlycke Healthcare AB and board member of i.e. Vestas Wind Systems A/S, NXP Semiconductors N.V, and Ahlstrom Capital Oy. Ivo Bozon is emeritus senior Partner at McKinsey & Co.

“I am thrilled to join the board of SIBS Modular as chairman. The company has an enormous potential to continue growing and changing the construction industry. I am impressed with the SIBS leadership, technology and integrated value chain. This has enabled a step change, at scale, in productivity and construction time. SIBS has also already proven that it can replicate its business in multiple geographies. I very much look forward to contributing to the journey ahead,” says Henrik Ehrnrooth.

In addition to establishing SIBS Modular with the clear strategy to continue ramping up production capacity to meet growing demand and new opportunities in various regions, SIBS has initiated a process to raise additional equity in SIBS Modular by offering a minority stake to industrial and/or financial owner(s). The activities within SIBS’ project and asset management company Sveaviken AB (“Sveaviken”) will be unaffected by this reorganization and streamlining of the industrial activities. It continues as a subsidiary of SIBS.

During Q3, SEK 125m of equity has been raised by SIBS from its existing shareholders led by Neptunia Invest AB.

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