Pervan Family Takes Majority Stake in Välinge

Viken, Sweden, Feb. 2, 2011 --  Välinge Invest AB, owned by the Pervan family, will become the majority owner of the Välinge Group.
 
Välinge Innovation is controlled by the holding company Välinge Flooring Technology, with Nordstjernan and Välinge Invest AB holding 50% each. A shareholders agreement gives Välinge Invest the right to acquire the majority.
 
Nordtjernan said it wants to sell its shares to Välinge Invest or spin off Valinge Flooring Technology in an initial public stock offering. In either case, Välinge Invest AB will stay as a majority shareholder and continue its successful business, according to a press release.
 
According to the release, Nordstjernan has received dividends which are more than three times the initial investment.
 
However, the investors apparently disagreed about the value of the company and how much Darko and Tony Pervan should be compensated. The release said the pair's inventions have resulted in 700 patents.

“Nordstjernan and especially its chairman Tomas Billing has in this process acted in a strange and incorrect way and has not supported the IPO process or Välinge as stipulated in our agreement," said Valinge CEO Darko Pervan in the release.

"I will therefore dismiss Mr.Tomas Billing as chairman as soon as Välinge Invest AB has executed its majority holding. Nordstjernan has not contributed in the recent years to increase the value of Välinge and Välinge Invest AB has sufficient capital resources to make all necessary R&D investments."