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UNILEVER to sell its spreads business to KKR for EUR6.825 bn

KKR

London/Rotterdam,– December 15 2017 – Unilever, one of the world’s leading suppliers of Personal Care, Home Care and Food and Refreshment products, has received a binding offer from KKR to purchase its global Spreads business for €6.825 billion on a cash-free, debt-free basis.

Paul Polman, CEO of Unilever said “In April of this year we set out our 2020 programme to accelerate sustainable value creation. After a long history in Unilever we decided that the future of the Spreads business would lie outside the Group. The announcement today marks a further step in reshaping and sharpening our portfolio for long term growth. The consideration recognises the market leading brands and the improved momentum we have achieved. I am confident that under KKR’s ownership, the Spreads business with its iconic brands will be able to fulfil its full potential as well as societal responsibilities.”

Nicolas Liabeuf, CEO of Spreads, who will continue to lead the business, added “There is a positive momentum in the performance of the Spreads business and we are excited about continuing this journey with KKR. We are confident that our business and the entrepreneurial spirit of our people will thrive further under new ownership.”

Johannes Huth, Head of KKR EMEA said: “The strength of the portfolio of consumer brands in Spreads provides a firm foundation for future growth. We look forward to deploying our global network and operational expertise to support the business’s growth ambitions, while continuing to follow Unilever’s responsible sourcing policies, including working towards the goal of sourcing 100 per cent sustainable palm oil by 2019.”

The investment is being funded by both the European and N. American private equity funds of KKR.

The offer is subject to certain regulatory approvals and employee consultation in certain jurisdictions. Completion is expected mid-2018. Unilever intends to return the net cash realised to shareholders, unless more value-creating acquisition alternatives arise. The transaction constitutes a class 2 transaction for the purposes of the UK Listing Rules. Further information about Unilever’s Spreads business is provided below.

For further information:
Unilever PLC
Unilever House
100 Victoria Embankment
London EC4Y 0DY
United Kingdom

Unilever NV
Weena 455
3013AL Rotterdam
Netherlands

Media:

Paul Matthews
+44 775 276 8888
Paul.Matthews@unilever.com

Treeva Fenwick
+44 779 903 3391
Treeva.Fenwick@unilever.com

Jonathan Sibun
+44 777 999 9683
jsibun@tulchangroup.com

Media:
Fleur Van-Bruggen
+31 615 008 293
Fleur-van.bruggen@unilever.com
Media Relations Rotterdam: +31 (0)10 217 4844

Unilever Investor Relations:
+44 (0)20 7822 6830
investor.relations@unilever.com

KKR:
Alastair Elwen
Finsbury
+44 207 251 3801
alastair.elwen@finsbury.com

About Unilever Spreads
Unilever’s Spreads business includes brands such as Becel, Flora, Country Crock, Blue Band, I Can’t Believe It’s Not Butter, Rama and ProActiv. It operates across 66 countries around the world. In 2016 the business had a turnover of €3,032 million, EBITDA (before any carveout adjustments under new ownership) of €680 million, and assets of €1,108 million.

This announcement, including the information contained in this release, excludes the South Africa Spreads business. As previously announced, Unilever will acquire Remgro’s 25.75% shareholding in Unilever South Africa Holdings (Pty) Ltd (Unilever SA) in exchange for the Unilever Spreads business in Southern Africa as well as a cash consideration.

About Unilever

Unilever is one of the world’s leading suppliers of Personal Care, Home Care and Food and Refreshment products with sales in over 190 countries and reaching 2.5 billion consumers a day. It has 169,000 employees and generated sales of €52.7 billion in 2016. Over half (57%) of the company’s footprint is in developing and emerging markets. Unilever has more than 400 brands found in homes all over the world, including Persil, Dove, Knorr, Domestos, Hellmann’s, Lipton, Wall’s, PG Tips, Ben & Jerry’s, Magnum and Lynx.

Unilever’s Sustainable Living Plan underpins the company’s strategy and commits to:

* Helping more than a billion people take action to improve their health and well-being by 2020.
* Halving the environmental impact of our products by 2030.
* Enhancing the livelihoods of millions of people by 2020.

The USLP creates value by driving growth and trust, eliminating costs and reducing risks. The company’s sustainable living brands are growing 50% faster than the rest of the business and delivered more than 60% of the company’s growth in 2016.
Unilever was ranked number one in its sector in the 2017 Dow Jones Sustainability Index. In the FTSE4Good Index, it achieved the highest environmental score of 5. It led the list of Global Corporate Sustainability Leaders in the 2017 GlobeScan/SustainAbility annual survey for the seventh year running. Unilever has pledged to become carbon positive in its operations by 2030. For more information about Unilever and its brands, please visit www.unilever.com. For more information on the USLP: www.unilever.com/sustainable-living/

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit and, through its strategic manager partnerships, hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside its partners’ capital and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Cautionary Statement/Safe Harbour:

This announcement may contain forward-looking statements, including ‘forward-looking statements’ within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements related to underlying sales growth and underlying operating margin. Words such as ‘will’, ‘aim’, ‘expects’, ‘anticipates’, ‘intends’, ‘looks’, ‘believes’, ‘vision’, or the negative of these terms and other similar expressions of future performance or results, and their negatives, are intended to identify such forward-looking statements. These forward-looking statements are based upon current expectations and assumptions regarding anticipated developments and other factors affecting the Unilever Group (the “Group”). They are not historical facts, nor are they guarantees of future performance.
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Among other risks and uncertainties, the material or principal factors which could cause actual results to differ materially are: Unilever’s global brands not meeting consumer preferences; Unilever’s ability to innovate and remain competitive; Unilever’s investment choices in its portfolio management; inability to find sustainable solutions to support long-term growth; customer relationships; the recruitment and retention of talented employees; disruptions in our supply chain; the cost of raw materials and commodities; the production of safe and high quality products; secure and reliable IT infrastructure; successful execution of acquisitions, divestitures and business transformation projects; economic and political risks and natural disasters; the effect of climate change on Unilever’s business; financial risks; failure to meet high and ethical standards; and managing regulatory, tax and legal matters. These forward-looking statements speak only as of the date of this announcement. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Further details of potential risks and uncertainties affecting the Group are described in the Group’s filings with the London Stock Exchange, Euronext Amsterdam and the US Securities and Exchange Commission, including in the Annual Report on Form 20-F 2016 and the Unilever Annual Report and Accounts 2016.

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Mika Sutinen appointed as industrial partner in VAAKA Partners

Mika Sutinen has been appointed as Industrial Partner in the private equity company Vaaka Partners as of November 27, 2017. Vaaka Partners has an extensive industrial advisor network covering various industries and geographies to support the current and prospective companies through experience, knowledge and networks. With Mika’s nomination, his long experience especially in consumer business is now available to Vaaka’s companies.

“It’s great to have Mika’s experience available for our companies. In seven years, he built Musti&Mirri as the largest chain of pet supply stores in Scandinavia. When we acquired Musti&Mirri, the net sales were approximately 24 million euros. When Mika left the company, the net sales had grown to approximately 170 million. This is exactly what we do as a growth-focused private equity firm; we build a strong growth strategy in co-operation with company’s management as well as bring additional resources and expertize into the company. The average net sales growth in our companies over the last 12 months has been +23%, which is a strong proof of successful execution of growth strategies”, comments Juha Peltola, CEO of Vaaka Partners.

“Good ownership is a matter of professionalism. It is a great pleasure to work with a highly skilled and growth focused owner, boards and as well as the competent management teams. As private equity, we provide companies with resources that often open up strong growth opportunities. Together we accomplish more”, states Mika Sutinen, Industrial Partner, Vaaka Partners.

Contacts:
Juha Peltola, CEO, Vaaka Partners Oy, Tel. +358 50 514 84 01
Mika Sutinen, Industrial Partner, Vaaka Partners Oy, Tel. +358 400 600 999

Vaaka Partners Oy, Kasarmikatu 36, 00130 Helsinki, Finland

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Atlas-backed I-O specialist Kyn comes out of stealth mode

Atlas Venture

The immuno-oncology sector has yet another player. Kyn Therapeutics just made its debut after almost two years of gestation at Atlas Venture with three immuno-metabolism platforms and $49 million in first-round funding.

Explaining the rationale behind the new company, CEO Mark Manfredi told us that “the dramatic successes of checkpoint inhibitors have made their deficiencies and opportunities for improvement a hot topic in the industry, and a major driver for investment.”

“We believe immuno-metabolism is the next big area for immuno-oncology therapeutics, as it has the potential to generate broad-spectrum immune stimulation either alone or in combination with checkpoint inhibitors.”

Kyn comes out of stealth mode with a pair of preclinical programs targeting the kynurenine pathway, which is implicated in a number of diseases including cancer, as well as ARY-007, a prostaglandin E2 (EP4) receptor antagonist licensed from Japan’s AskAt Inc. that will be developed alongside affiliate company Arrys Therapeutics.

ARY-007 has already been through human trials outside of cancer and will be Kyn’s first clinical candidate, starting phase 1b trials next year, said Manfredi. The company has a big-hitting rival for the program, however, as Bristol-Myers Squibb has just licensed an EP4 receptor antagonist from longtime immuno-oncology partner Ono Pharma for $40 million upfront.

“The literature has increasingly evidenced a broad-ranging immunosuppressive function for this receptor, through multiple cellular mechanisms,” said the CEO. “Once we understood this, it was an obvious choice to assess in the cancer immunotherapy setting.”

Kyn’s kynurenine pathway candidates are further back in development but have “substantial” preclinical data showing they can improve anti-tumor immune responses, according to Manfredi.

The first focuses on Kynase—an enzyme that degrades kynurenine directly and addresses both IDO (indoleamine 2,3-dioxygenase) and TDO (tryptophan 2,3-dioxygenase) immunosuppression pathways—and grew out of work the University of Texas at Austin.

There’s no shortage of other groups working on IDO—with BMS, Incyte and NewLink currently leading the charge—but fewer have focused on TDO. Kyn’s approach of targeting Kynase may lead to “efficacy in tumors that overexpress either IDO, TDO or both [and] therefore … could address a broader patient population than IDO inhibitors alone,” according to Manfredi. Added to that, its candidates seem to be much stronger at blocking kynurenine than IDO inhibitors in clinical trials.

The third pillar of Kyn’s portfolio is an in-house program geared towards developing aryl hydrocarbon receptor (AHR) antagonists that aim to block immunosuppression activated by various metabolites, including kynurenine.

The IDO/TDO and AHR programs are closely linked. In cancer cells, IDO and TDO stimulate the formation of kynurenine, which in turn activates AHR receptors and leads to an increase in immunosuppressive T cells in the tumor microenvironment. Moreover, AHR can also be activated by ligands other than kynurenine.

“In terms of clinical development, immunometabolism-based therapies are the next most advanced area within immuno-oncology,” he said, adding, “We think there is a lot of potential for our candidates in multiple solid tumors, but we’re not ready yet to talk specifics.”

“We also have a potential aid to efficiency in that the pathways we are exploring have several biomarkers—including the target metabolites themselves—that could lend themselves to patient enrichment approaches to study design.”

The $49 million in series A funding from Atlas and OrbiMed will be split two ways, with Arrys allocated $21 million for the EP4 project—which is subcontracted to Kyn—and the remaining $28 million going to the IDO/TDO and AHR programs, which should have lead development candidates selected in the next 12 to 18 months.

“We expect to add about 5 to 8 new employees internally over the next 12 months,” Manfredi told us. “Several of those employees will focus on candidate optimization and preclinical studies but we will also grow our internal clinical program management expertise.”

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Funds Managed by Affiliates of Apollo Global Management to Acquire Sun Country Airlines

Apollo

NEW YORK–(BUSINESS WIRE)–Dec. 14, 2017– Funds affiliated with Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (NYSE: APO) today announced that they have signed a definitive agreement to acquire Sun Country Airlines (“Sun Country” or the “Company”), the largest privately-held fully independent airline in the United States, from brothers Marty and Mitch Davis. The transaction, which is subject to regulatory approvals and other customary conditions, is targeted to close during the first quarter of 2018. Terms of the deal were not disclosed.

Sun Country, based in Minnesota, flies passengers to leisure destinations across the U.S. and internationally and specializes in flying from cold weather locales to warm weather destinations. The Company, which currently flies approximately 2.5 million passengers per year, enjoys significant brand presence in the Minnesota region and greatly values its connection to the local community.

“We are tremendously excited about the acquisition of Sun Country,” said Antoine Munfakh, Partner at Apollo. “Sun Country presents compelling opportunities for innovation, efficiency and growth. Underpinned by a solid foundation of assets and people, including an outstanding team of executives and talented flight crews, we believe Sun Country has a very bright future. We look forward to supporting CEO Jude Bricker in delivering the next chapter of Sun Country’s growth through the combination of operational excellence and the relentless pursuit of delivering customer service and value.”

Jude Bricker, who will remain as CEO of Sun Country, said: “I’d like to thank Marty and Mitch for their strong support and stewardship of this very special airline. I look forward to working with Apollo to further enhance and grow Sun Country’s business.”

Sun Country Chairman Marty Davis said: “We are particularly pleased to sell Sun Country to Apollo because it has a proven track record for successfully helping companies grow and generate long-term value. With Jude at the helm, along with the dedicated employees who make Sun Country what it is today, we are confident the company is well-positioned for continued expansion and its evolution beyond its Minnesota base.”

Barclays served as financial adviser to Sun Country Airlines on this transaction.

About Apollo Global Management

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, St. Louis, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management (AUM) of approximately $242 billion as of September 30, 2017 in Private Equity, Credit and Real Assets invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.

Forward Looking Statements

This press release may contain forward looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, discussions related to Apollo’s expectations regarding the performance of its business, its liquidity and capital resources and the other non-historical statements in the discussion and analysis. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this press release, the words “believe,” “anticipate,” “estimate,” “expect,” “intend” and similar expressions are intended to identify forward-looking statements. Although management believes that the expectations reflected in these forward looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. These statements are subject to certain risks, uncertainties and assumptions, including risks relating to our dependence on certain key personnel, our ability to raise new private equity, credit or real estate funds, market conditions, generally, our ability to manage our growth, fund performance, changes in our regulatory environment and tax status, the variability of our revenues, net income and cash flow, our use of leverage to finance our businesses and investments by our funds and litigation risks, among others. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in Apollo’s annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 29, 2016, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer of any Apollo fund.

Source: Apollo Global Management, LLC

For investor inquiries regarding Apollo:
Apollo Global Management, LLC
Gary M. Stein, 212-822-0467
Head of Corporate Communications
gstein@apollolp.com
or
Apollo Global Management, LLC
Noah Gunn, 212-822-0540
Investor Relations Manager
ngunn@apollolp.com
or
For media inquiries regarding Apollo:
Rubenstein Associates, Inc. for Apollo Global Management, LLC
Charles Zehren, 212-843-8590
czehren@rubenstein.com

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DN Capital leads €10 million round for Joblift

DN Capital

Joblift, a European job site in the UK, Germany, France and the Netherlands, has raised €10 million in a funding round led by DN Capital. The round was joined by Picus Capital and existing investors Cherry Ventures, btov and TruVenturo. The fundraising brings the total raised by two-year old Joblift to €12 million.

 

The Berlin-based startup aggregates jobs data from multiple job boards, corporates and recruiters to provide job seekers with a one-stop shop where they can look for positions that match their skills.

 

Lukas Erlebach, co-founder and CEO at Joblift, said: “People have been job hunting online for many years now and yet there is still no go-to destination that aggregates the thousands of sites where jobs can be listed. Joblift intends to be that place.”

 

Nenad Marovac, Managing Partner at DN Capital, said: “Joblift stands out against competitors because of the quality of its team and its product. I’m very impressed with the technology and engineering of the product and with the fact that they are building market share so rapidly, while achieving profitability in their core markets.”

 

Read more here: https://techcrunch.com/2017/12/13/berlins-joblift-raises-e10m-to-attack-legacy-sites-in-a-round-led-by-dn-capital/

 

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Nordic Capital acquires a majority stake in Ryds Bilglas

Nordic Capital

Nordic Capital Fund VIII (“Nordic Capital”) has signed an agreement to acquire 90 percent of the shares in Ryds Bilglas, one of the leading vehicle glass repair and replacement companies in Sweden. The shares will be acquired from Nalka Invest and the founding family Ryd. The Ryd family will remain as shareholders with 10 percent of the Company and will also remain on the Board of Directors. Nordic Capital sees great potential in supporting the acceleration of Ryds Bilglas’ growth agenda, including operational improvements and digitalisation initiatives.

Nordic Capital acquires a majority stake in Ryds Bilglas Image

Ryds Bilglas is one of the leading vehicle glass repair and replacement companies in Sweden and is also active in the Norwegian market. The company was founded in Sundsvall, Sweden by the Ryd family in 1947, has annual revenues of c. SEK 700 mn and has more than 100 workshops with over 350 employees. The market for vehicle glass repair and replacement is attractive and growing. Ryds Bilglas holds a strong market position in Sweden, with a robust platform catering for high customer satisfaction. Nordic Capital will support the Company’s continued growth strategy through further investments to strengthen its commercial excellence work, operational improvements and initiatives in digitalisation.

“Ryds Bilglas has a very experienced management team and a market-leading position which provides a solid platform for growth. The Company has a high-quality service offering and very high customer satisfaction. We share the Ryd family’s ambition to leverage on these attributes and expand the business. Nordic Capital has a long history and proven track record of growing businesses and looks forward to supporting the management team in its next phase,” says Andreas Näsvik, Partner at the Advisor to the Nordic Capital Funds.

“We have a period of strong growth behind us evidenced by the doubling of our sales in Sweden in the last five years. We have established a presence in Norway and we are in the process of expanding into Denmark. With Nordic Capital supporting the Company as new owners, we believe we will have the muscles needed to further strengthen our Nordic expansion,” says Anders Jensen, CEO, Ryds Bilglas.

“We in the Ryd family are very positive about our upcoming cooperation with Nordic Capital. We have cooperated with Nalka Invest for five years with great success and we anticipate further strong growth for Ryds Bilglas and that the collaboration with Nordic Capital will be successful,” says Leif Ryd, representative of the founding family Ryd.

Nordic Capital has had a high level of transactional activity in 2017, having completed the take private of Nordnet, a pan-Nordic digital savings platform; the combination of Lindorff with listed Intrum to create the global industry leader in credit management services; and the IPOs of Handicare and Munters on Nasdaq Stockholm. The acquisition of Ryds Bilglas further builds on this momentum for the Nordic Capital Funds, which have made eleven successful exits including six IPOs and eight new platform investments in the last two years including MFEX and Nordax in Sweden and Alloheim in Germany.

The parties have agreed not to disclose the financial terms of the transaction. The investment is subject to approval by the relevant authorities.

 

Media contacts:

Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

Anders Jensen, CEO
Ryds Bilglas
Tel. +46 70 727 34 80
e-mail: anders.jensen@rydsbilglas.se

 

About Ryds Bilglas

Ryds Bilglas is one of the market leaders in Sweden for the repair and replacement of automotive glasses. The business is represented with close to 100 workshops in Sweden, and 16 in Norway. In addition to its own workshops, there is also a network of franchisees under the brand name Samglas, which is a wholly owned subsidiary. For more information, please see www.rydsbilglas.se.

 

About Nordic Capital
Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 11 billion through eight funds. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com

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CapMan Nordic Real Estate II acquires commercial property in Oslo

CapMan Nordic Real Estate II acquires commercial property in Oslo

CapMan Nordic Real Estate II fund has acquired Lille Grensen 5, a retail and office property located in Oslo city centre from a German fund.

The property is a 4,700 sqm mixed retail and office building located on Lille Grensen, a well-known pedestrianised street in the heart of Oslo city centre which connects with both Karl Johans gate, the premier retail street in Oslo, and Grensen. The retail area is spread across basement, ground and first floors with offices in the 5 floors above. The property has 30% vacancy today and a number of leases are approaching expiry.  

“We are very excited about the purchase of this property, which is extremely well located from both a retail and office perspective. With some vacancy and leases coming up for expiry, we see an excellent opportunity to upgrade the premises for existing and potential tenants in order to create extra value,” comments Ed Williams, Managing Partner at CapMan Real Estate.

The acquisition of Lille Grensen 5 is CapMan Nordic Real Estate II’s second acquisition following closing of the Euro 425 million fund raising in August this year. The focus of the fund is to acquire mainly office, retail and residential properties located in established submarkets of major Nordic cities.

CapMan Real Estate has a team consisting of over 30 real estate professionals in Helsinki, Stockholm and Copenhagen. CapMan Real Estate was established in 2005 and it currently has over EUR 1.7 billion of assets under management.

For further information, please contact:
Ed Williams, Managing Partner, CapMan Real Estate, tel. +46 76 506 20 71

CapMan  
www.capman.com
twitter.com/CapManPE

CapMan is a leading Nordic investment and specialised asset management company. As one of the Nordic private equity pioneers we have actively developed hundreds of companies and real estate and thereby created substantial value in these businesses and assets over the last 28 years. CapMan has today 110 private equity professionals and manages €2.7 billion in assets. We mainly manage the assets of our customers, the investors, but also make direct investments from our own balance sheet in areas without an active fund. Our objective is to provide attractive returns and innovative solutions to investors and value adding services to professional investment partnerships, growth-oriented companies and tenants. Our current investment strategies cover Buyout, Growth Equity, Real Estate, Russia, Credit and Infrastructure. We also have a growing service business that currently includes fundraising advisory, procurement activities and fund management.

 

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Segulah V’s portfolio company Sandbäckens acquires Rörproduktion

Segula

Segulah V’s portfolio company Sandbäckens acquires Rörproduktion

Sandbäcken’s continues on its expansion strategy with the acquisition of Rörproduktion Sverige AB through its parent company Sandbäcken Utveckling AB.

Rörproduktion is a heating and sanitation contractor founded in 2010 by André Roos. In the past few years, Rörproduktion has successfully grown from 4 to 160 employees, with annual revenues reaching SEK 240 million. The business is active in Norrköping, Linköping, Nyköping, Katrineholm and Stockholm. André Roos will remain in the business as an important co-worker and part-owner, with continued responsibility for developing the business.

This is Sandbäckens’ third strategic acquisition and a part of the Company’s continued expansion plan. Through the acquisition, Sandbäckens further strengthens its position as one of Sweden’s leading heating and sanitation contractors.

“Rörproduktion is a very successful business which has shown stable and profitable growth under the leadership of André Roos. I am convinced that the culture and ambition of Rörproduktion’s organization will contribute strongly to Sandbäckens’ continued development. I look forward to supporting Rörproduktion in its continued growth as an important part of Sandbäckens”, says Håkan Bergqvist, Chairman of Sandbäckens.

About Sandbäckens

Sandbäckens is a leading contractor and service provider in heating, sanitation and sprinkler systems with a growing presence in industrial service. The company was founded in Linköping in 1993 and now has subsidiaries in 23 different locations in Sweden. Sandbäckens is owned by Segulah V L.P., management and directors of the board.

In 2017, Sandbäckens acquired the sprinkler companies Sprincom AB and Mälar Sprinkler AB. With the acquisition of Rörproduktion and the strong organic growth of the combined businesses, Sandbäckens annual revenues will reach SEK 1.2 billion and employ 700 people.

 

For further information, please visit www.segulah.com or contact:

Håkan Bergqvist, Chairman, Sandbäckens, +46 70 212 32 21

Peter Johansson, CEO, Sandbäckens, +46 70 538 52 39

Percy Calissendorff, Partner, Segulah Advisor AB, +46 73 347 62 81

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Ratos: Jonas Wiström new CEO of Ratos, Per-Olof Söderberg new Chairman of the Board

Ratos

Press release 13 December 2017

This information is information that Ratos AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 7:45 a.m. CET on 13 December 2017.

Ratos’s Board of Directors has appointed current Chairman of the Board, Jonas Wiström, as the company’s new CEO as of 13 December 2017. In conjunction with this change, Magnus Agervald will step down from Ratos effective immediately. The Board of Directors has appointed Per-Olof Söderberg as the company’s new Chairman of the Board, and Jan Söderberg to the new position of Deputy Chairman. The Board’s assessment is that these changes are necessary to enable the company to create value.

“The Board is not satisfied with Ratos’s performance. To succeed in implementing the new strategic direction established during the year, we believe a different leadership is needed. We believe Jonas Wiström’s experience and leadership is more relevant for the updated strategic agenda. During its more than 150 years as a company, Ratos has continuously changed and reinvented itself, and this type of change is more necessary today than ever before,” says Per-Olof Söderberg, the company’s new Chairman of the Board.

“I look forward to taking on an operational role at Ratos. The Board of Directors and I believe in the new strategic direction. Now my goal is to work with Ratos’s organisation to figure out how to best implement it. The management teams and boards of the portfolio companies possess critical expertise that I also want to leverage to ensure better value creation for Ratos as a whole. My task is clear: to increase shareholder value,” says new CEO Jonas Wiström.

Chairman of the Board Per-Olof Söderberg, concludes:

“The Board also wants to extend its sincere thanks to Magnus Agervald, who left an important mark during his time at Ratos. He has cut the company’s operational administration costs, discontinued underperforming companies and completed an important platform acquisition.”

According to his employment contract, Magnus Agervald is entitled to a notice period of 12 months, which will be offset against any income earned from new assignments. A maximum total cost will be recognised in Ratos’s next interim report.

For further information, please contact:

Per-Olof Söderberg, Chairman of the Board of Ratos, +46 8 700 17 98
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

Financial calendar from Ratos:
Year-end report 2017                                              16 February 2018
Interim report January-March 2018                         3 May 2018
Interim report January-June 2018                           17 August 2018
Interim report January-September 2018                  25 October 2018

Ratos owns and develops unlisted medium-sized companies in the Nordic countries. Our goal as an active owner is to contribute to long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 14 medium-sized Nordic companies and the largest segments in terms of sales are Industrials, Consumer goods/Commerce and Construction. Ratos is listed on Nasdaq Stockholm and has a total of approximately 13,400 employees.

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FSN Capital V acquires a majority stake in Gram Equipment

Fsn Capital

FSN Capital V (“FSN Capital”) has signed an agreement to acquire a majority stake in Gram Equipment, a global market leader in advanced process equipment for the consumer ice cream industry’s largest producers. New ownership will lead Gram Equipment to further global growth.

FSN Capital has signed an agreement to acquire the 116-year-old Danish company, Gram Equipment.

Over the last three years, Gram Equipment has achieved excellent growth rates of 15 percent annually, primarily through international expansion. In the same period, the company has more than tripled its earnings.

FSN Capital V acquires a majority stake in Gram Equipment

“Gram Equipment is a market leader in the production of advanced process equipment for leading international ice cream producers. The company has shown impressive growth. It now embarks on new growth ventures, not least in emerging markets and new customer segments. We look forward to supporting Gram’s continued growth,” says Thomas Broe-Andersen, partner in FSN Capital Partners, the investment advisor to FSN Capital.

FSN Capital also sees opportunities for further growth through strategic acquisitions.

In 2014, Gram Equipment merged with WCB Ice Cream, through which management succeeded in realising major synergies. Gram Equipment CEO, Lasse Viegand Hansen, looks forward to continued growth under the new owners: “With Procuritas, we integrated the acquisition of WCB Ice Cream and turned Gram Equipment into a global leader in its field. We’ve enjoyed several years of solid growth. Now we’re looking forward to the next phase and continued growth. FSN Capital will secure the financial and management resources we need to continue to expand with our customers around the world.”

Currently, Gram Equipment has more than 350 employees and is headquartered in Kolding. The company had revenues of 650 million DKK in 2016 and forecasts a turnover of 800 million DKK in 2017.

FSN Capital was advised by Alantra, Gorrissen Federspiel, White & Case, Bain & Company, PwC, Valcon, Implement, Ramboll, and JLT. Financing is provided by Danske Bank.

 

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