Our twenty-eighth update email tracks recent actions and news concerning European Family Investment Companies (FICs). This Edition contains items featuring 22 FICs from Denmark, Belgium, Germany, Finland, Bermuda, The Netherlands, France, Sweden, Poland, Spain, Singapore and Italy. Again, we examine how European FICs are managing as the crisis of war in Ukraine shows no sign of abating.
FICs continue to respond to the war in Ukraine by raising money, supporting NGOs and charities, providing accommodation for refugees and coordinating portfolio companies to provide direct aid and supplies. The moral dilemmas posed by the war are often not straightforward as one FIC decides to continue its operations in both Ukraine and Russia. More 2021 annual results are published, again showing robust growth despite the pandemic; however, now faced by the additional challenge of war, many FICs remain cautious in their outlook for 2022. New investments are made, this month in digital health and education, real estate, healthcare and software, with another FIC launching a country-specific seed investment programme. One FIC enters into a partnership to strengthen a market position, another sells an investment held with a fellow evergreen investor and a further one exits a company to support its strategic change plan. Yet more evidence of FIC flexibility is demonstrated as plans are made to take a portfolio company private. ESG and sustainability goals are supported by one FIC opening a solar energy plant at a portfolio manufacturing company and one other linking the terms of a loan extension with meeting ESG targets. Values are strengthened by a FIC opening a training centre and the family Chairman of another celebrating the long service of four employees. Also, a FIC successfully transitions leadership of its heritage business from the 4th to the 5th generation.
The News Briefing concludes with 17 practical Takeaways, our interpretations of what the news means for family investment companies.
NOTE: EFIC News Briefing is sent to our subscribers to The European Family Investment Company Report, members of our Advisory Network and selected others at our discretion. We hope it is of use in these challenging times. We will be happy to answer any questions or discuss anything further. And do send us your comments, ideas and suggestions and any news stories you see.
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