Smedvig exits SelStor to Pelican Self Storage

Smedvig first invested £15m (SEK 175m) in SelStor in May 2008. Prior to Smedvig's original investment SelStor had one storage building, less than five members of staff and no revenue. By the time of exit SelStor had eight centres, in excess of 50 employees and significantly more revenue.

The buyer approached Smedvig Capital directly. Pelican was a good geographical fit for SelStor, providing the business with an opportunity to continue its growth in Sweden, the GP told unquote".

Pelican Self Storage is owned by Nordic Real Estate Partners and US real estate investment and advisory firm M3 Capital Partners. Established in 2009, the company is focused on the development, redevelopment, acquisition and operation of self-storage facilities in Scandinavia. The combined entity seeks to create a leading pan-Scandinavian self-storage company.

Company
SelStor was founded in 2006 by Michael Fogelberg to take advantage of the under-penetrated Swedish self-storage market. It opened its first Stockholm centre in autumn 2008. The business has expanded its footprint since 2008 and today has eight – soon to be 10 – sites located across Sweden.

People
Johnny Hewett is the CEO of Smedvig. Michael Fogelberg is the CEO of SelStor.

Advisers

Company - Vinge (Legal)
Acquirer - Linklaters (Legal), PWC (Financial due diligence)

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