Kim Axelsen, owner and director of PA Savværk, has acquired, a furniture factory in Haarby, Denmark, which had been struggling financially. The factory, established in 1945, went bankrupt in early November 2024, prompting the trustee to seek new ownership to resume operations. Axelsen, along with QB Invest and investor Peter Blohm, stepped in to save the Kristoffersen Møbelfabrik, which had been a neighbour to Axelsen's sawmill in Korinth and had long collaborated with it.
Photo: Dreamstime.
Axelsen noted the importance of synergy between a sawmill and a furniture factory. His sawmill had already been evolving to produce finished goods, making the acquisition a strategic move. He explained that running just a sawmill was not sustainable and that diversifying into furniture production was necessary for survival. Despite acknowledging the risks, as the factory had accumulated a loss of 2.3 million DKK over two years and ended 2023 with negative equity of 1.1 million DKK, Axelsen is confident in his ability to turn around struggling companies, having done so successfully in the past.
To manage costs, Axelsen plans to integrate some administrative functions through PA Savværk, which will help streamline operations. He also pointed out that the sawmill's access to materials would be an advantage the factory had not previously had. Thomas Sander, who took over Kristoffersen Møbelfabrik in 2017, will remain as director, continuing to oversee the business under the new ownership.
Source: www.wood-supply.dk