When the Bank Said No: Change of Ownership at Resolux

Camilla Nellemann

Research output: Other contributionTeaching case


Owner-manager Ole Teglgaard has been running the manufacturing company Resolux since 1995. The company employs about 50 employees and has an annual turnover of almost DKK18 million. When order quantities started to drop at the beginning of the financial crisis, towards the end of the 2000s, the bank demanded that Ole finds some co-investors. He succeeded in selling 60% of Resolux to two equity consortiums for DKK 8 million. With the necessary capital, Ole avoided suspension of payments and found the mental energy to continue to develop the company. However, it is difficult for Ole to get used to the new investors. He is hesitant about their demands and finds it difficult to communicate with them. The question is how can Ole make the best of this situation? The case is based on semi-structured interviews with Ole Teglgaard, carried out by Carsten Steno and Camilla Nellemann from 2015 to 2016, as well as on the company accounts.
Original languageDanish
Publication date8 Aug 2017
Place of PublicationCranfield
PublisherCase Centre
Number of pages5
Publication statusPublished - 8 Aug 2017

Bibliographical note

Case - Reference no. 317-0275-1


  • Ownership and control
  • Ownership transfer
  • Business psychology
  • Financial crisis 2008
  • Banking and finance
  • Co-ownership
  • Co-investment
  • Collaboration vs staying independent

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