Begunje na Gorenjskem, Slovenia (September 15, 2015) — Post-closing conditions, that were part of the Share Sale and Transfer Agreement (SPA) for Elan, signed in July, have been completed in a timely manner. This process formally concludes the sale of Elan. The most important condition was fulfilled on Friday, September 11th, 2015, and relates to the return of the State Aid, based on an EU Commission Resolution from September 19th, 2012. With the return of funds to the State of Slovenia, Elan also formally met its obligation with regard the EU resolution.
»The final stage of the Elan sales process has been concluded. On one hand this enables the Elan Group to stabilize operations, on the other hand we also believe that Elan enters into a new period of dynamic growth and business development which will continue throughout the next few years« commented the Elan management board.
Stabilization of company operations after signing of the SPA is already showing promising results with a 5% increase in January through August revenues compared to the same period last year.
»Following an actual order back-log for this year we anticipate that the total revenues of the Elan Group in the fiscal year of 2015 should increase by at least 5% compared to the year before” added Mrs. Andreja Košir, President of Elan.
Elan is growing its market share in the alpine skis division. In 2015 the company once again received, for the third time, the PlusX Award for Most Innovative Brand in the category of sports equipment. Last year the Elan Marine division recorded a remarkable growth in sales of its yacht brands. This will also continue in 2015. Also in the past 12 months the Wind Energy Division of Elan started important new projects that will contribute to a significant growth in this fiscal year and represents the cornerstone of the future development of this division. Elan Inventa, a seating system specialist, expects to grow in its segment based on successfully completed projects in Qatar where the company played an important role in equipping the sport halls for the Handball World Championships.
»The recent strengthening of Elan core businesses and increase in the market share, as well as numerous innovation and design awards proves, that Elan has an excellent growth potential and numerous continuing development opportunities” added Leon Korošec, Vice President of Management board.
As reported in a press release from July 30th, 2015; Slovenian Sovereign Holding (SSH), together with Triglav Naložbe, d.d., D.S.U., d.o.o. and Modra zavarovalnica, d.d., have signed the Share Sale and Transfer Agreement, transferring a 100 % stake in Elan, d.o.o. to the buyers Merrill Lynch International and Wiltan Enterprises Limited, a wholly owned subsidiary of VR Global Partners, L.P. (VRGP).
Richard Deitz, the president of VR Capital Group, the parent of VR Global Partners, L.P. commented: “We are pleased to see the conclusion of Elan’s sale process. The new shareholders have demonstrated their support for Elan, including through the repayment of State Aid. With these steps completed, Elan has settled its legacy financial issues and is in position to dedicate all its attention and efforts on its business. With world-famous brands supported by innovative technologies and high- quality engineering, Elan is well positioned to defend and grow its market share across its divisions. We will now turn our attention to working with management on a business plan that will allow the company to capitalize on its strengths to generate sustainable growth of revenues and profitability in the near future. As a national- champion company, Elan enjoys an iconic status in Slovenia and we look forward to building on its legacy.”
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Additional information: Secretary of the Board, Mrs. Tatjana Justin – firstname.lastname@example.org, phone: +386 4 5351 101