(Bloomberg) -- German investment group Mutares SE & Co. said that its portfolio company Serneke Sverige AB has filed for bankruptcy in Sweden in the latest collapse of a builder in the biggest Nordic country.
The filing at the Gothenburg District Court follows a “drastic financial deterioration during the second half of 2024,” according to a statement on Wednesday.
The Swedish construction and real estate unit was agreed to be bought from Serneke Group AB in July last year and the transaction was completed in November. Mutares said the bankruptcy filing has “no significant impact” on its business operations or its other portfolio companies.
In 2023, the wider Serneke Group was itself bought by Doxa AB, which saw its share price tumble 50% in Stockholm on Tuesday, with some of the losses pared on Wednesday.
Doxa said in a separate statement that its exposure to the bankrupt unit is limited to performance guarantees linked to certain construction projects. Doxa estimated that its result will be negatively affected by about 150 million kronor ($13.4 million).
--With assistance from Christopher Jungstedt.
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