Last year, artist Bjarne Brøndbo (58), best known as the frontman of DDE, sold half of the family business Bil1Din to Bilia.
The company started as a car wrecker in 1975, and concentrates on the sale of used car parts.
To Finansavisen Brøndbo admits that the sale happened at a bad time, and that the company was initially worth much more at the time of sale.
In the first instance, Bilia secured 50.1 per cent of the shares in the company, for which they had to shell out 20 million.
Furthermore, the plan is for Bilia to buy a further 19.9 per cent of the family business in 2026, as well as 20 per cent in 2033. This means that in the long term Bilia owns 90 per cent of Bil1Din, while the Brøndbo family is left with ten per cent.
– The scheme we have is actually worth more than what Bilia paid. When they calculated the value, they looked at the worst years after the fire. In that sense, the timing of the sale is lousy.
The fire Brøndbo is talking about hit the company’s production premises in 2019, and the company spent both time and resources rebuilding the facilities after the fire.
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– Secured forever
However, Brøndbo is clear to Finansavisen that the financial framework has never been decisive when it comes to an acquisition of the family business.
Previously, the family politely turned down Swedish Autocirc, as they did not want to let go of the entire company.
Large international players have bought up more and more in Norway, which worries Brøndbo. He therefore approached Bilia himself, and suggested selling half the company.
– With Bilia, the family is guaranteed ownership for eternity. I’m not going to say that the money is uninteresting, but it’s certainly not the motivation behind the sale, he says to Finansavisen.
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2023-09-09 09:41:55
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