Byggmästaren announced that its portfolio company Team Olivia, in which it holds a ~17.5% stake, has signed an agreement to divest its Danish operations to Carelink Gruppen. We view this as a logical continuation of Team Olivia's ongoing streamlining process, transforming the company into a pure-play Swedish personal assistance provider. The transaction is expected to close in late Q3'26 and will likely pave the way for a cash distribution to Byggmästaren later this year. As Team Olivia is an unlisted holding valued at Byggmästaren's reported value in our derived NAV, the announcement does not trigger any immediate changes to our estimates.

Reasonable valuation for the Danish operations

The divested Danish business, Attrives, generated roughly 694 MDKK in revenue and 40 MDKK in EBITA in 2025 (EBITA-%: ~5.8%). The transaction values the operations at 282 MDKK on a cash- and debt-free basis, which translates to an EV/EBITA multiple of approximately 7x. In our view, this is a sensible valuation for a care operator, particularly when compared to listed Nordic peers. Following the divestment, Team Olivia will consist solely of its Swedish personal assistance operations, with revenues slightly below 2 BSEK and an EBITA margin of >3%. Following a broader portfolio reshaping that began in 2023-2024 with the sale of its Swedish care operations and its Norwegian business, we would not rule out a further structural deal for the remaining Swedish operation down the line. Such a move is, in our view, plausible given that Team Olivia is not currently a core holding within Byggmästaren's portfolio.

Setting the stage for a capital distribution

For Byggmästaren, the most tangible near-term impact will likely be a cash injection. The press release notes that Team Olivia's capital structure will be adjusted during the autumn of 2026 to support the remaining operations. Given that Team Olivia already held a net cash position of 209 MSEK at the end of Q1'26, we believe the addition of the 282 MDKK in divestment proceeds creates room for a capital distribution to its owners. Byggmästaren's 17.5% stake was valued at 190 MSEK in its Q1'26 report. We expect a potential dividend to further bolster Byggmästaren's already strong liquidity position. At the end of Q1'26, this stood at 465 MSEK (235 MSEK cash and 230 MSEK in undrawn credit facilities), providing additional dry powder for new investments.