The investment, in the equivalent of 170 million SEK, consists largely of the investment firm’s conversion of a convertible loan from 2019 into shares. Kinnevik made his first investment in Kolonial 2018.
Kinnevik’s investment was part of an investment round led by Softbank and Prosus, who will become new owners in the company. In the round, Kolonial raised 1.2 billion NOK by selling new shares. In addition, the current owners, whose names were not mentioned in Kinnevik’s press release, sold shares worth NOK 1.0 billion.
As a result of the funding round, Kinnevik’s contribution will decrease from 24 to 21 percent. But after the tour, Kennefick became the food company’s largest owner, according to the press release.
Kolonial’s stake in Kinnevik’s financial statements was worth 1,087 million SEK, something with the financing round, the company’s investment and plans will increase by just over 40 percent to just under 1.6 billion SEK.
The press release also states that Kolonial will change its name to Oda, as part of the company’s international expansion.
The recently raised capital will be used to fund Kolonial’s international expansion plans, which begin in Finland with the opening of a new warehouse in Helsinki later this year. The company is also preparing to launch 2022 on the German grocery market with a value of 220 billion euros, ”writes Kennefick.
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