The Leklandsbolaget that took over the world – with the help of EKN
Published: August 18, 2022, 2:02 p.m. Updated: August 22, 2022, 9:43 a.m.Mikael Wettergren, founder of SPI Global Play.SPI Global Play supplies playgrounds and attraction centers globally. The customer list includes amusement parks, hotel chains – and David Beckham. – We would never have been able to grow so quickly without EKN, says founder Mikael Wettergren.Read more about how you can offer your customers competitive credit terms
SPI Global Play works with so-called leisure activities. They design, build and install destinations that are made for play, experiences and activities. – We have around 50 concepts that we start from, for example playgrounds, attraction centres, water parks and trampoline parks. Then we tailor them according to the customer’s wishes, says SPI Global Play founder Mikael Wettergren.
Beckham on the customer list
In 2012, SPI Global Play began investing outside the Nordics and today the company is the global market leader in the play and leisure segment. The client list includes companies such as Leos Lekland, international hotel chains and the film production company Universal theme parks, but also kings, presidents – and David Beckham, who bought a facility for his children. Two of the company’s main customers are the British activity center chain Flipout and Thai Harbor Land. Flipout is on a global expansion journey and Harbor Land is now establishing the world’s largest playland in Bangkok. – We built Harbor Land’s first facility. Now they have 15 and will build seven more this year alone. At the same time, Flipout plans to open 19 new facilities. The costs for each facility are around SEK 15-20 million – and we will use EKN’s guarantee for the whole bunch, says Mikael Wettergren.
EKN provides competitive advantages
The Export Credit Board – or EKN – is an authority that issues government guarantees to protect companies and banks in export transactions. The guarantee that Mikael Wettergren talks about is EKN’s guarantee for accounts receivable, which covers the risk that a buyer abroad does not pay as agreed. The reduced risk that EKN’s guarantee entails makes it easier for SPI Global Play to offer its customers attractive credit terms, which is a major competitive advantage for the company. – Take Harbor Land as an example. In Thailand, the interest rate is higher than in Sweden. Getting credit through us will then be much cheaper for our customer than turning to the local bank. When they have the financing ready, they can also sign leases and so on. Offering that security and simplicity gives us as a supplier a completely different competitive position, says Mikael Wettergren.
Part of the business model
In cases where SPI Global Play’s customers must instead pay the majority of their order in advance, they often want a guarantee to secure their advance payment. That guarantee is issued by SPI Global Play’s Swedish bank – and the bank in turn wants a guarantee to reduce its risk. Here another EKN guarantee comes into play: the counter guarantee. – By using EKN’s counter guarantee, our bank can issue an advance guarantee to our customer who can then pay us a generous advance without having to worry, says Mikael Wettergren. Today, EKN’s various guarantees are a natural part of SPI Global Play’s business model. They help the company to expand and build long-term relationships with customers. – A large part of our success is due to having EKN as support. Without their guarantees and short lead times, we would never have been able to grow so quickly.This is how EKN can help you secure your paymentsThe article is produced by Brand Studio in collaboration with EKN and not an article by Dagens industri