– The industry in general has grown by 5 to 6 per cent in 2023. That is far lower than the growth in previous years, but still good, says Skjærstad.
Rugseth and partner Rune Syversen are the dominant owners through Karbon Invest, and with constant new capital injections, the share is increasing. Other major owners are Felleskjøpet Agri and the Steensland family.
Another who has invested is tech analyst Petter Kongslie. On a daily basis, he advises his clients to buy shares in the Rugseth companies Link Mobility and Crayon, but his employer, SpareBank 1 Markets, refuses him to invest in the sector he is analyzing. He then bet NOK 14 million on PetXL, but now it has stopped.
– Although retail is not a sector for which I am responsible, in retrospect I should not have invested in companies connected to customers of the system. It will be the first and last time, says Petter Kongslie.
When PetXL last summer brought in a fresh NOK 52 million at a rate of NOK 175, Kongslie subscribed for NOK 3 million. Karbon Invest injected 17 million, the Steensland family entered the ownership side with 23 million and the pop duo Eva Weel Skram and Thomas Stenersen injected 5 million.
FULL STOP: Tech analyst Petter Kongslie in SpareBank 1 Markets went for PetXL when he could not bet on technology shares. It has been an expensive experience so far. PHOTO: Thomas Bjørnflaten
Wrong direction
In addition, NOK 37 million was converted from debt to equity at a rate of 122.50. For Kongslie it was about NOK 2 million, for Karbon Invest NOK 18 million and for Felleskjøpet Agri NOK 17 million.
In January this year, PetXL was again in financial trouble, and the shareholders had to step in. Then Kongslie or the pop duo would no longer be involved. The tech analyst is not allowed to comment on private investments, but nevertheless says the following:
– The company has not developed in the direction I had hoped for, but I have learned a lot about retail.
At the extraordinary general meeting in January, a loan of NOK 16 million was converted into equity at a rate of NOK 60. It priced PetXL at almost NOK 80 million before new money came in. It was mainly Karbon Invest and the Steensland family who were responsible for the loan.
In addition, the company’s capital was increased by a cash contribution of NOK 4.4 million. At the top, the large owners had to provide guarantees to Nordea in order to extend the company’s loan. Most likely, it is only a matter of time before PetXL again needs capital replenishment. Then Rugseth and Syversen are reportedly ready again.
– Karbon Invest has not changed its opinion of the company, and will continue with the capitalization of the company in order to implement the strategy that has been laid. Beyond this, we have no comments, says Breddam.
