Nynas changes hands again
After a turbulent few years, tyre industry supplier, Nynas AB has changed hands again signing a binding agreement with an investment vehicle managed by Davidson Kempner Capital Management LP for the acquisition of the entire equity stake (49.9%) in Nynas from Bitumina Industries Limited, making it the largest individual shareholder of Nynas.
Davidson Kempner Capital Management LP is a US-registered global institutional investment management firm with more than 35 years of experience and a focus on fundamental investing with a multi-strategy approach. Davidson Kempner has over $36 billion in assets under management with over 400 professionals in five offices, including New York, Philadelphia, London, Hong Kong and Dublin.
According to the company, Davidson Kempner played an active role in the financial restructuring of Nynas which was undertaken during the second half of 2020, restoring Nynas balance sheet equity to SEK 4.6bn on 31 December 2020, with an equity to assets ratio of 39.4%. Since that restructuring, Davidson Kempner has played an ongoing role in the financing of Nynas, providing further loan facilities to support Nynas working capital requirements and putting Nynas on a solid financial footing.
”We welcome Davidson Kempner as a shareholder in Nynas and look forward to the continued development of Nynas’ business with the strategic and strong financial backing that Davidson Kempner will contribute. We are very satisfied with our strong trading result in the first half of 2021 and will continue to pursue our mission to deliver long lasting, high performance specialty products for sustainable use in our industry with the support of Davidson Kempner, who already is one of the largest financiers of the company,” said Bo Askvik, Nynas President & CEO.