Trade exit for Smedvig Capital as it sells Selstor business

London-based venture capital fund Smedvig Capital has sold its interest in self storage business Selstor to a trade buyer.

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:

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.’

Hunter Ruthven

Bernard Williamson

Hunter was the Editor for GrowthBusiness.co.uk from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

Related Topics

Venture capital funding