Santa Fe Group, the last remnant of the EAC conglomerate founded by H.N. Andersen back in 1884, has sold its relocation business, including the moving company’s debt to Proventus Capital Partners, for 1 million Euro.
The business was sold because Santa Fe was not able to get its financing in place. Santa Fe has for some time been in a form of public brawl with its lifeline Proventus Capital Partners, which in its time granted Santa Fe a loan.
The buyer is a company set up to take over the business called “Santa Fe Intressenter AB”, which is controlled by the Lazarus Equity Partners capital fund with support from Proventus Capital Partners.
Santa Fe Relocation has offices in most countries in Asia. In China, it has offices in Beijing, Chengdu, Dalian, Guangzhou, Nanjing, Shanghai, Shenzhen/Shekou, Suzhou and Tianjin. It the rest of South East Asia, it has offices in Hong Kong, Cebu, Manila, Bangkok, Taipei, Kuala Lumpur, Penang, Singapore, Yangon, Jakarta, Balikpapan, Sumatra, Hanoi and HCMC.
After selling the relocation company, there is no longer any operational activity left in the Santa Fe Group, except it does own a minority shareholding in two Chinese and one Thai company. The sale includes the name Santa Fe, so the Group will soon call an extraordinary meeting and take a new name.
“I am pleased that Santa Fe Relocation has been retained as a continuing company, with 1,800 jobs that will continue to serve the company’s customers and creditors in the future,” says Henning Kruse Petersen, Chairman of the Santa Fe Group.
“We hope that we can sell the minority items at a reasonable price, which could benefit Santa Fe Group’s shareholders,” he adds.
EAC was for over 100 years the pride of Denmark. It was the largest company in all of Scandinavia in terms of revenue, and in 1973 it had 35,000 employees.
Santa Fe Intressenter AB has appointed Mr. Yann Blandy as the new CEO and Runar Nilsen as new deputy CEO of Santa Fe Relocation. Both are indirect owners of Santa Fe Intressenter AB.
The company states, that these ownership and management changes will in essence not impact Santa Fe Relocation services and operations: Service delivery between Santa Fe Relocation and its clients on a local and global basis will not be affected.