ActivumSG Capital Management, the opportunistic real estate fund manager, has completed its acquisition of KPC Holding on behalf of ActivumSG Fund VI and will combine the company with its peer CASA to form Denmark’s largest residential-focused construction contractor and developer.
Fund VI and co-investors acquired KPC from the family of Founder Kurt Poulsen and its CEO, Bo Knudsen. They will retain a minority interest in the entity formed from the merger of KPC with CASA, the real estate developer and turnkey contractor owned by the Fund since last year. The terms of the acquisition are not being disclosed.
The Danish Competition and Consumer Authority has cleared the merger which establishes a platform that in 2021 generated revenue of 5.3 billion kroner (€700 million) and EBIT in excess of 600 million kroner, on a pro forma basis. CASA’s CEO Torben Modvig will head the companies post-merger, leading almost 500 employees at offices in Aarhus, Copenhagen, Herning and Horsens. Bo Knudsen will serve as a senior adviser.
Saul Goldstein, Founder and CEO of ActivumSG, said: “We’ve assembled a platform with the financial health, scale and expertise to access the best opportunities arising from Denmark’s attractive rental housing market. There are excellent medium- to long-term prospects in CASA-KPC’s target markets for those who can deliver mid-priced rental housing through development or refurbishment. It’s a strong theme in our pan-European residential strategies of our most recent funds, which also include a separate investment in the Dutch residential developer VanWonen.”
Source: activiumsg.com on the 14th of June
https://www.activumsg.com/activumsg-assembles-denmarks-largest-integrated-construction-and-development-platform-in-casa-kpc-merger/