Smedvig Capital Exits Selstor to Pelican Self Storage

Smedvig Capital has sold Swedish self storage company Selstor. The business has been acquired by Pelican Self Storage, another self storage player, operating in Copenhagen and Helsinki.


Smedvig Capital, the London-based venture capital firm, has sold Swedish self storage company, Selstor. The business has been acquired by Pelican Self Storage, another significant self storage player, operating in Copenhagen and Helsinki, where it has a market leading position. Established in 2009, Pelican Self Storage is focused on the development, redevelopment, acquisition and operation of self storage facilities in Scandinavia.

Selstor was founded in 2006 by Michael Fogelberg to take advantage of the underpenetrated Swedish self storage market. Smedvig Capital first invested in Selstor in 2008 and has been closely involved in the business, working extensively with management in a variety of areas. This included structuring the ongoing financing for the business through the highly challenged debt market that followed the financial crisis of 2008. The business built a strong pipeline during this period and today has eight, soon to be ten, sites located across Sweden.

This step holds exciting potential for both Selstor and Pelican, who are backed by US real estate investment and advisory firm, M3 Capital Partners. The combined entity seeks to create a leading pan-Scandinavian self storage company and enjoys many synergies across its existing operations. M3’s ambitious plans and resources coupled with the combined management strength represent a significant opportunity.

Johnny Hewett, CEO of Smedvig Capital commented: “We are pleased with the outcome of this exit which delivered attractive IRRs and a substantial capital gain; even more so when achieved through such troubled capital markets. Whilst our intention was a longer term hold, it was immediately clear when we were first approached, that Pelican was a strong partner for Selstor. They can now use their combined strength to expand the business into the wider Scandinavian market.”

For further information:

Matt Ridsdale/Teresa Towner
Tavistock Communications T: 020 7920 3150

Notes to editors:

Smedvig Capital was founded in 1996 and has invested over £500m of internal capital. They invest £2-10m in fast-growing UK and Nordic businesses, and seek to back ambitious teams that are building businesses with the potential to become market leaders. Smedvig Capital’s model is to invest in a small number of businesses each year, and then commit time to working closely with management, providing advice and hands-on support.

Smedvig Capital is authorised and regulated by the Financial Services Authority.

Teresa Towner
Tavistock Communications
131 Finsbury Pavement
London, EC2A 1NT

Tel: +44 20 7920 3150
Mob: +44 7971 832 542