BICO has divested Ginolis through a management buy-out to Ginolis’ current CEO Kauko Väinämö. The purchase price amounted to €1.
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Signing agreement
The transaction is estimated to result in a divestment loss of SEK 25m, which is a non-cash item. Final divestment result will be reported and disclosed in the Q4 report.
IP-rights and licenses related to the patented PMBi dispensing pump has been carved out from the transaction and transferred to BICO. Ginolis House will also be carved-out from the transaction. Closing of Ginolis House is subject to establishment of a Finnish entity with real estate VAT registration at the Finnish tax authorities.
BICO is entitled to 70% of net proceeds if the company is sold within three years after closing.
The rationale behind the divestment is that the company has not transitioned fast enough to mitigate the post-pandemic downturn. Ginolis has been right sized during 2023, but order intake has not been restored according to expectations.
