Press Release                                                                                     14 July 2016                                                                               

MedicoPack becomes a part of SP Group

MedicoPack A/S, at the latest owned by the Icelandic IEI II ehf, has today been acquired by SP Group A/S, a Danish plastic and coating Group listed on the Danish Stock Exchange.

MedicoPack is Manufacturer of primary plastic packaging for the Medical and Healthcare industries Worldwide.

Torben Bruhn will as part of the agreement continue as Managing Director, and the Chief Executive Officer of SP Group, Frank Gad becomes new chairman of the board at MedicoPack replacing Mrs Herdis Fjeldsted.

The employees at MedicoPack are expected to continue their work at MedicoPack. There are 80 employees at MedicoPack in Langeskov, Funen, and the Company supply blow moulded plastic solutions and assembly parts to Medico customers in more than 15 countries. The strong and well-known brand of MedicoPack will continue as well.

As a consequence of the transaction, MedicoPack increases its capital by increasing the share capital from DKK 10 million to DKK 20 million (Seller converts DKK 13.6 million into equity capital). SP Group has secured new credit lines with Financial institutions for future investment and growth at MedicoPack A/S.

Frank Gad says: ”We are looking forward to work with Torben Bruhn and his skilled team. Due to their efforts, MedicoPack is back on track and is well-running and well-positioned. We have a clear expectation that together we will benefit from MedicoPack’s and SP Group’s great experience within R & D, production and sales of medico products in plastics to create an even stronger group with  even better services and products for the benefit of both present and future customers”.

Torben Bruhn says: ”MedicoPack is back in good shape. However, I am convinced that we can become even stronger as a part of SP Group for the benefit of both customers and employees and I am looking forward – together with the employees at MedicoPack – to be member of a big and very competitive group.”

Herdis Fjeldsted, CEO, The Enterprise Investment Fund, representing Seller says: ”We are impressed by the amazing turn-around, made by Torben Bruhn and the employees at MedicoPack during our time as owners. As Investment Fund, our time as owners is limited. Therefore, we are happy that we have made an agreement with SP Group about the future of MedicoPack. I am convinced that the new arrangement will be of benefit for the customers, for MedicoPack and its employees, and for SP Group and its shareholders.”

SP Group manufactures moulded plastic components and performs coatings at its production sites in Denmark, Poland, Latvia, Slovakia, China, the USA and Brazil. Further sales and support organizations in the Netherlands, Sweden, Germany and Canada. SP Group owns blow moulding machines in clean rooms (Injection Blow Moulding and Extrusion Blow Moulding) and has around 385 injection moulding machines, many of them in clean rooms, and manufactures also products in Polyurethane, Telene and vacuum forming as well as coatings in among others PTFE.

After the acquisition of MedicoPack, SP Group has around 1,600 employees and a revenue of around DKK 1.5 billion in the last 12 months (including MedicoPack). The goal is to reach a revenue of DKK 2.0 billion within a short number of years.

For further information:

Torben Bruhn, Managing Director, MedicoPack A/S, Phone (+45) 51 34 58 57

Frank Gad, Chief Executive Officer, SP Group A/S, Phone (+45) 70 23 23 79

Herdis Fjeldsted, Chief Executive Officer, The Enterprise Investment Fund, Phone (+354) 571 70 80