The Swedish whisky distillery Mackmyra has experienced significant turbulence in recent times, particularly with tensions between the former board and major shareholder and lender, Lennart Hero. The financial instability reached a breaking point when the company suddenly found itself without liquidity after the bank withdrew a large line of credit, leading to Mackmyra’s bankruptcy.
However, there is now positive news as Lennart Hero has repurchased the company’s assets, raising speculation that the bankruptcy may have been a strategic move to eliminate problematic shareholders and bad loans. Hero has teamed up with the investment firm No 1 Capital AB to secure the future of Mackmyra, with ambitious plans ahead.
Hero explained that No 1 Capital AB had previously shown interest in Mackmyra but withdrew due to concerns about the company’s financial health. Once bankruptcy was declared, Hero reopened discussions, resulting in a successful acquisition.
“They had looked at Mackmyra before, but the financial situation wasn’t stable. Now, after the bankruptcy, we were able to reach an agreement,” said Lennart Hero.
Purchase price and future plans
The acquisition price for Mackmyra was just over 100 million SEK, though Hero is uncertain if their offer was the highest. What mattered most, according to Hero, was that the bankruptcy administrator believed their vision was the best for Mackmyra’s future.
“I think the bankruptcy administrator felt we had the best concept for Mackmyra’s future,” Hero stated, emphasizing the importance of working closely with the staff, who he praised for their extensive knowledge and passion for the company.
Ensuring cask owners’ rights
One of the new owners’ immediate priorities is to guarantee that all cask owners, both private individuals and companies, will be able to bottle their whisky as per their existing agreements. This has been a significant concern for many of Mackmyra’s customers during the bankruptcy process.
“Our priority is to ensure that all cask owners can bottle their whisky according to their contracts,” Hero assured.
Looking ahead, Hero is optimistic about Mackmyra’s future now that the financial issues have been addressed.
“It feels good. Now that we’ve cleared out the problems, we can hopefully build something really great from this,” he concluded.