Industry growth in 2023: Karbon Invest, Rugseth, and PetXL Updates

– The industry in general has grown by 5 to 6 percent in 2023. That is much lower than the growth in previous years, but still good, says Skjærstad.

Rugseth and partner Rune Syversen are the main owners through Karbon Invest, and with regular new capital injections the division is growing. Other main owners are Felleskjøpet Agri and the Steensland family.

Another investor is technical analyst Petter Kongslie. Every day, he advises his clients to buy shares in the companies Rugseth Link Mobility and Crayon, but his employer, SpareBank 1 Markets, refuses to invest in the sector he is analyzing. He then bet NOK 14 million on PetXL, but now he has stopped.

– Although retail is not a sector I am responsible for, in retrospect I should not have invested in companies linked to the system’s customers. This is the first and last time, says Peter Kongslie.

When PetXL last summer introduced a new NOK 52 million at level 175, Kongslie subscribed for NOK 3 million. Karbon Invest brought in 17 million, the Steensland family joined the property side with 23 million and the pop duo Eva Weel Skram and Thomas Stenersen put in 5 million.

Wrong direction

In addition, NOK 37 million was converted from debt to equity at a rate of 122.50. For Kongslie it was around NOK 2 million, for Karbon Invest NOK 18 million and for Felleskjøpet Agri NOK 17 million.

In January of this year, PetXL was again in financial trouble, and the shareholders had to step in. Then neither Kongslie nor the pop duo would be involved anymore. The technical analyst is not allowed to comment on private investments, but nevertheless says the following:

– The company has not developed in the direction I hoped, but I have learned a lot about sales.

At the extraordinary general meeting in January, a loan of NOK 16 million was converted into equity at the rate of NOK 60. It priced PetXL at almost NOK 80 million before new money came in. Karbon Invest was mainly responsible for the loan and the Steensland family.

In addition, the company’s capital was increased with a cash contribution of NOK 4.4 million. At the top, the big owners had to give guarantees to Nordea to extend the company’s loan. Most likely, it is only a matter of time before PetXL needs to replenish capital again. Then it is reported that Rugseth and Syversen are ready again.

– Karbon Invest has not changed its opinion about the company, and will continue to capitalize the company to implement the strategy laid down. Beyond this, we have no ideas, says Breddam.