Pelican Self Storage has acquired Selstor from institutional backer Smedvig Capital for an undisclosed amount.
Smedvig Capital initially backed Selstor back in April 2008 and then went on to provide £24 million of investment.
Selstor was established in 2006 by Michael Fogelberg to target the Swedish self storage market. Smedvig Capital has been involved with the hiring of additional executives and creating different debt financing structures.
Copenhagen and Helsinki-based Pelican Self Storage are themselves backed by US real estate investment and advisory firm M3 Capital Partners. The new combined venture will look to operate on a wider Scandinavian basis.
More on Smedvig Capital deals:
- Ocean Outdoor exits from Smedvig Capital after four years
- Streetcar backers make new investment
- Kabbee hails funding
Johnny Hewett, CEO of Smedvig Capital and GrowthBusiness columnist, comments, ‘We are pleased with the outcome of this exit which delivered attractive IRRs and a substantial capital gain; even more so when achieved through such troubled capital markets.
‘Whilst our intention was a longer-term hold, it was immediately clear when we were first approached, that Pelican was a strong partner for Selstor. They can now use their combined strength to expand the business into the wider Scandinavian market.’