K-Fast Holding AB: K-Fastigheter buys share of Mjöbäcks Entreprenad

K-Fast Holding AB (publ) ("K-Fastigheter") acquires 25 percent of the house manufacturer Mjöbäcks with annual sales of approximately SEK 475 million, 72 employees and head office in Mjöbäck.

"Mjöbäcks is an incredibly well-run company and a good investment for K-Fastigheter", says Jacob Karlsson, CEO of K-Fast Holding AB. "We know the Nergården family and its operations well and see great potential in their business and competent organization."

Mjöbäcks Entreprenad AB was founded in 1970 and has previously been owned by the brothers Kjell and Göran Nergården, where Kjell's daughter, Julia Nergården, has been CEO since 2009.

"We build about 300 homes per year, equal distribution between villas and tenant owned apartments, with a total living space of about 35,000 square meters. We have our own construction business and manufacture houses in the factory in Mjöbäck. With K-Fastigheter as a partner, we can create synergy effects in how we develop the residential areas of the future," says Julia Nergården.

"Our roots are in the small town of Mjöbäck, which is located in the forests on the border between Västergötland and Halland. There is a long house-building tradition here, which is a big part of the explanation why we have been successful," says Göran Nergården, founder of Mjöbäcks. "I look forward to working with Julia and K-Fastigheter to take the company forward in a way that creates continued growth and security for all our employees."

Mjöbäcks Entreprenad AB's profit after tax in 2020 amounted to approximately SEK 67 million. K-Fastigheter will provisionally take over the shares on 1 August 2021. Following the acquisition of K-Fastigheter, Julia Nergården owns 50.1 percent, K-Fastigheter 25 percent and Göran Nergården the remaining 24.9 percent.

For further information, please contact:

Jacob Karlsson, CEO, e-mail: jacob.karlsson@k-fastigheter.se,telephone: +46 738 219 626
Anders Antonsson, IR Manager, e-mail: anders.antonsson@k-fastigheter.se,telephone: +46 708 730 900

As a property company, K-Fastigheter's objective is to add value for tenants by creating attractive homes with superior comfort. The Group's operations encompass active property management, project development and proprietary construction operations. To enhance cost efficiency and cut construction times, K-Fastigheter has chosen to work with three concept buildings, developed in-house and constructed for proprietary management. K-Fastigheter provides some 2,240 homes in several locations in the Öresund region, in the province of Småland and in western Sweden, and is assessing new markets as production capacity increases. The Group's property portfolio has a book value of approximately SEK 6.9 billion, with an annual rental value of about SEK 265 million. Since November 2019, the company's class B shares have been traded on Nasdaq Stockholm (ticker: KFAST B). Read more at www.k-fastigheter.com