2021-22: Sale of 50% shares in new/demerged property development company to PWS Eiendom AS
Godhavn has in more than 40 years been active in development and administration of property development projects in the Trondheim region. The company has high competence within property development from leads/prospecs and acquisition of land to completed projects. In addition, they have a rental portfolio with dormitories and apartments centrally located. Godhavn is owned by the Godhavn family (father and two sons) and key employees. Godhavn was approaching a generational change among both owners and employees, and engaged Impello to define an owner’s strategy and alternative owner solutions (sales, part sales, merger, capital raise etc.) The project resulted in a new company structure with a division of the development portfolio (six early-stage development projects) and other business (organization, rental portfolio, and projects near completion or in guarantee period). A partner search for the development portfolio was initiated and dialogue with alternative financial and strategic investors took place. The result was a transaction with PWS Eiendom AS buying 50% of the shares in the new/demerged PWS Godhavn Utbygging AS. The owners behind PWS are the Paulsen, Williksen and Syltern families. Impello was the project leader through the entire process from definition of owner’s strategy, valuation in the reorganization (demergers, mergers), preparation of investor presentation, partner search, price negotiations, LOI and support in negotiation of SPA/SHA in cooperation with legal advisor.
«Impello was engaged to find a owner/co-owner with financial muscles to realize some of the values we have created thus far, and at the same time create the foundation for further growth and development of our property development activities. Impello has beeen a professional and patient advisor through a lengthy process, and we have experienced the cooperation with Impello as constructive and trusthworthy. They have handled dialogue with several interested parties which resulted in a good solution with PWS Eiendom AS. This strengthens our competence within property and construction as well as gives access to larger financial muscles. The owners of Godhavn Holding are satisfied with having found a partner like PWS and we believe this builds a strong foundation for cooperation on both existing project and new potential projects in the future.» - Øyvind Estenstad, CEO