Press Releases
Selstor and Smedvig to capitalise on Europe's emergent self store market
Smedvig backs SelStor with £15 million investment
Smedvig Capital and SelStor AB are pleased to announce that Smedvig Capital
will invest £15 million (175 million SEK.) in SelStor AB (or "the Company"),
the newest entrant on to the emerging European self storage market.
SelStor was set up in 2006 to build and develop self storage sites across Sweden. SelStor has an exceptional management team with unique experience in the self storage sector. The Company's Managing Director, Michael Fogelberg, co-founded Shurgard Self Storage, the European market leader, in 1992. SelStor is chaired by Patrick Metdepenninghen, former CFO and co-founder of Shurgard, and includes among its directors Carl Ameln, the founder of City Self Storage.
Michael Fogelberg, Managing Director of SelStor commented: "Smedvig have chosen to partner with us in an exiting time of rapid expansion for SelStor. Their experience in property development is a valuable addition to our business strategy and we look forward to a close working relationship establishing SelStor as a leader of the European self storage market."
Rob Toms, Managing Director of Smedvig Capital added: "Smedvig is delighted to be supporting such an outstanding team in a market with tremendous growth opportunities. We are excited about the market potential in Europe, particularly when compared with the US or even the UK. SelStor is in the process of developing an attractive portfolio of sites within a buoyant Swedish market, which will place it in a strong position to move into less developed geographies within a few years."
The European self storage market is in its infancy, particularly when compared with the United States. There are currently 1300 self storage units across Europe, 680 of which are in the UK which equates to 0.4 sq ft per UK resident. In the United States there are 51,000 units, or 6.8 sq ft per person. This striking difference is despite fact that Europe is more densely populated, has a higher population and the drivers of demand are similar.
For further information please visit www.smedvigcapital.com / www.selstor.com or contact:
Rob Toms
Smedvig Capital
Tel: +44 (0)20 7451 2100
rt@smedvigcapital.com
Michael Fogelberg
SelStor AB
Tel: +46 (8) 400 50 510
michael@selstor.com
Clemmie Carr / John West (for Smedvig)
Tavistock Communications
Tel: +44 (0)20 7920 3150
michael@selstor.com
Notes to Editors
Smedvig Capital
Smedvig Capital is a London based private equity firm that has been instrumental in the growth of over 30 businesses since its founding in 1996. Smedvig believes that equity investing should incorporate high levels of involvement and support, working with management on strategy, finance, operational improvements and business development initiatives. The team shares a common background in strategy consulting, with additional experience in operations, start-ups and banking. Other portfolio companies include Almondy AB the Gothenberg-based bakery, and Streetcar Limited the UK¿s leading car club.
Direct investments are usually in UK businesses, from development capital through to small buyouts, equity commitment typically £2 to £10 million. Smedvig Capital is authorised and regulated by the Financial Services Authority.
SelStor
SelStor was founded in 2006 to build and develop self storage sites across continental Europe, starting in Sweden. The Company is opening its first Stockholm centre in Autumn 2008, has a strong pipeline for the near future, and is currently pursuing an aggressive land acquisition programme for new sites, which will enable it to open up to four sites a year going forward. Once it has consolidated a significant presence in the Swedish market, SelStor aims to expand operations to selected European markets.
SelStor was founded by Michael Fogelberg, Patrick Metdepenninghen, Ake Fogelberg and Carl A Ameln.