US investment firm secures Nynas stake; becomes its largest shareholder

Swedish specialty naphthenic oils and bitumen products manufacturer Nynas AB confirms that a binding agreement has been signed by an investment vehicle managed by Davidson Kempner Capital Management LP (together with its affiliates and affiliated investment vehicles, Davidson Kempner) for the acquisition of the entire equity stake (49.9%) in Nynas from Bitumina Industries Limited. Following completion of the acquisition, Davidson Kempner will be the largest individual shareholder of Nynas.

Davidson Kempner, a US-registered global institutional investment management firm with over US$36 billion in assets under management, played an active role in the financial restructuring of Nynas during the second half of 2020. It restored Nynas’s balance sheet equity to SEK 4.6 billion on  31 December 2020, with an equity to assets ratio of 39.4%.  Since that restructuring, Davidson Kempner has played an ongoing role in the financing of Nynas, providing further loan facilities to support Nynas working capital requirements and putting Nynas on a solid financial footing.

Bo Askvik, Nynas President & CEO stated that the company’s strong trading result in the first half of 2021 was satisfactory. The company, he said, will continue to deliver long lasting, high performance specialty products for sustainable use in the industry with the support of Davidson Kempner, who already is one of the largest financiers of the company