Our eleventh update email tracks recent actions and news concerning European Family Investment Companies (FICs). This Edition contains news items featuring 24 FICs from Norway, Germany, Switzerland, France, UK, Belgium, Finland, Sweden, Denmark and Greece, again examining how European FICs are managing as the pandemic continues and the world adapts.
And FICs seem to be managing well, again underlining the resilience of the FIC model of family control, entrepreneurship, strong values, diversification, low-leverage and high liquidity. Once more this month we see FICs grasping opportunities, making new and follow-on investments, both directly in companies as well as in funds; forging partnerships and winning contracts, in a broad range of sectors including maritime, Sustainable, Disruptech, healthcare, food and transport. New H1 results further underpin the resilience of the FIC model and show increasing optimism for the future. FIC flexibility is demonstrated with portfolio companies being merged, taken private, making investments and being partially or wholly divested; while another FIC spins off two new companies from its in-house entrepreneurship programme. Other FICs and family leaders show leadership by taking tough business and personnel decisions. Meanwhile, FICs continue to make senior appointments and see other executives move on. We have further coverage of the governance battle going on at a major listed FIC, involving three prominent families, an ‘activist fund’ and now also a sovereign wealth investor. Finally, three families come together to launch a SPAC (Special Purpose Acquisition Company) which raises the question: Is this a new form of Multi-Family FIC?
The News Briefing concludes with 12 practical Takeaways, our interpretations of what the news means for family investment companies.
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