Strong performance in 2018
General news /10.04.2019
The family-owned investment company Kirk Kapital came out well in 2018 looking at the recently published financial statements.
In 2018, Kirk Kapital will made a profit of DKK 164 million and ends the year with equity of DKK 4.5 billion.
Kirk Capital’s CEO, Kim Gulstad, is pleased with the result.
“Over the past year and a half, we have been through a process where we have significantly changed our investment strategy – both in relation to our strategic investments and our financial investments. At the same time, we have built two new teams around these two pillars in our company. At the same time, this process succeeded in 2018 to deliver a satisfactory result. There is reason to rejoice”, says Kim Gulstad.
He explains that 2018 was the year in which Kirk Kapital divested the company’s shipping activities, while at the same time new companies were added to the strategic investment portfolio.
“We are actively continuing to look for larger minority positions in mid-sized and larger companies that have market-leading positions in long-term growth industries,” says Kim Gulstad.
In 2018, Kirk Kapital acquired a significant minority position in 3 new companies: Globeteam, a growing IT consulting firm, Beck Pack, the world leader in packaging for frozen fish blocks, and TPS, a provider of logistics solutions consisting of foldable IBC containers and bags.
“We have also divested a 65% ownership stake in Exxit 59, a business park strategically located at Exit 59 motorway outside Vejle. We continue to own 25% of Exxit 59, in line with our strategy of being an active major minority shareholder. We now own larger minority holdings in nine companies. This number will hopefully increase in the coming years,” says Kim Gulstad.
In the area of financial investments, Kirk Kapital has a broad portfolio of listed equities, fixed income investments and other alternative investments.
“2018 has been a difficult year in our financial investments. Many investors have suffered losses on, among other things, the listed stock market. So have we. However, we can see that we have succeeded at the level of the institutional investors we compare to. In addition, our strategic investments have performed really well, “says Kim Gulstad.
The last business leg of Kirk Kapital is the so-called ‘Vejle investments’. These include the company’s new headquarters, Fjordenhus, which was inaugurated in 2018. The building is designed by Danish-Icelandic artist Olafur Eliasson and presents works of art and new construction methods united in one building.
“Fjordenhus not only serves as the headquarters of Kirk Kapital, it has also very quickly become a landmark and tourist attraction in the Vejle area. The ground floor is open to the public and since the official opening in June, more than 180,000 people have visited Fjordenhus. We are incredibly pleased with the reception that has been from Fjordenhus,” says Kim Gulstad.
Morten Huse Eikrem-Jeppesen, PressConnect for Kirk Kapital, +45 53 85 07 70