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SAS Group sells Jetpak Group to Polaris Private Equity

December 8, 2005 08:29

The SAS Group has agreed to sell its holding in the Jetpak Group to Denmark-based Polaris Private Equity. The sales price amounts to approximately MSEK 490 and the positive effect on cash flow and net debt is on a corresponding level. The capital gain for the SAS Group totals approximately MSEK 410. The transaction is expected to close before the end of the year and is conditional upon the approval of the appropriate authorities.

“There has been extensive market interest in Jetpak. We have created a strong platform for Jetpak and Polaris foresees favorable opportunities for the further development of the company,” says Jørgen Lindegaard, CEO and President of the SAS Group. “This sale is a further step in our strategy to focus on core operations.”

The divestment of the Jetpak Group is also part of the SAS Group’s program to free up capital.

“The SAS Group has been an excellent owner of the Jetpak Group and has enabled us to achieve our strong position in the Nordic region,” says Erik Lautmann, President of the Jetpak Group. “A new owner can ensure that we continue to grow in the Nordic countries as an independent supplier and in adjacent markets.”

About Jetpak
The Jetpak Group is a company that offers express deliveries in the 0-12-hour time span, door-to-door, with a focus on transports within and to/from the Nordic region. The services comprise local deliveries as well as integrated air express services. Jetpak operates in more than 150 locations in the Nordic region and has approximately 700 courier vehicles. In 2004, Jetpak’s sales amounted to MSEK 459 and income after financial items was MSEK 18. Prior to the end of September 2005, income after net financial items had improved by slightly more than 40 percent. The number of employees totaled 162 during the first six months of 2005.

About the SAS Group
SAS AB is the Nordic region’s largest flight and travel group and offers air transport and flight-related services based in northern Europe. Scandinavian Airlines flies from Scandinavia, to/from Europe, North America and Asia. Scandinavian Airlines is a member and one of the founders of the world’s largest global airline alliance – Star Alliance™. The other airlines in the Group are Spanair, Widerøe’s Flyveselskap and Blue1, as well as the part-owned carriers airBaltic and Estonian Air. The Group’s Airline Support Businesses and Airline Related Businesses business areas include companies that support airline operations. The Group also includes hotel operations through Rezidor SAS Hospitality.

About Polaris Private Equity
Polaris Private Equity is a Danish investment company that invests in well-established, small and medium-size Danish and Swedish business with a favorable development potential and sales exceeding MSEK 200. Polaris currently has investments in six businesses that have combined sales that exceed SEK 9 billion and more than 7,000 employees. Polaris develops companies through active ownership for between three and seven years, prior to selling to strategic investors or a stock-exchange listing. The companies behind Polaris include A.P. Moller-Maersk, Danske Bank and ATP Private Equity.

For further information, please contact

SAS Group
Hans Ollongren
Senior VP, Corporate Communications &
Public Affairs
Tel: +46 70 997 1950

Sture Stölen
VP, Investor Relations
Tel: +46 70 997 1451


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