With its valuation, Orthex is becoming a private equity (buy-out) investor’s wet dream. A market leader, with a track record of expansion in Europe and a lot of untapped potential. A stable industry, very good cash flow, and above all, the balance sheet is starting to be in excellent condition, which would allow a buy-out investor to pump the balance sheet full of debt and aggressively pursue growth as an unlisted company.
Why is Matti Kaski cornering the company? He already owns nearly 4% of the share capital. The share capital is quite dispersed, and I believe that Conficap wants to develop its ownership. Adelis (note: Puuilo) Equity Partners’ Co-Managing Partner Rasmus Molander has also personally appeared on the ownership list. What does he see in this? Other Corporate Finance influencers have also been active on the ownership list. Are they cornering a piece of the company with Kaski, which would provide a better backbone for executing a buy-out? It would probably be difficult for Adelis to visibly buy shares from the market without the share price reacting more strongly.
This is, of course, pure speculation, but it looks interesting.