Nordic Capital completes the sale of Luvata Group

Nordic Capital

Nordic Capital Funds V and VI (together “Nordic Capital”) announce that they have completed the sale of their North American Tubes operations, the final remaining operating units of Luvata Group, (“Luvata”), provider in metal solutions manufacturing and related engineering services. Nordic Capital completes the sale of Luvata Group Image

Nordic Capital acquired Luvata in 2005 from Outokumpu Oyj, and the Group has evolved from a fabrication-based business to a solutions-driven company, earning leadership positions in many of the industries it serves today. The sale of the North American Tubes operations to Waybill USA Inc., together with the divestments in the last 18 months of other Luvata divisions as separate entities to Mitsubishi Materials Corporation, Modine Manfacturing Company, and Zhejiang Hailiang Co. Ltd, completes the sale of Luvata Group.

The parties have agreed not to disclose the financial terms of the transaction.

 

Media contacts:

Elin Ljung, Director of Communications and Sustainability

Advisor to the Nordic Capital Funds

Tel: +46 8 440 50 50

e-mail: elin.ljung@nordiccapital.com

 

Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. The Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. The Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory entities in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com

 

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PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

Hercules
PSW Group has been awarded a frame agreement for Capping & Containment with Spirit Energy Norway. The agreement has a firm duration of 1 year with 2 annual optional periods.
Spirit Energy, the E&P joint venture which combines Centrica plc’s E&P business with Bayerngas Norge AS, began trading as an independent oil & gas operator earlier this December. By combining forces the company is now one of the largest independent E&P companies in North-West Europe with more than 70 exploration licenses across the continent.

PSW Group awarded frame agreement with Spirit Energy for Capping & Containment

Under the new agreement, PSW Group will be responsible for the provision of a capping stack and related well control equipment, well incident team and emergency response services. The agreement may be applied to any license where Spirit Energy Norway is the operator. “We are very pleased to be awarded this contract as we have have strategically developed our capping stack services in response to industry demands, enabling us to provide a safe and efficient response to a well control incident”, says Oddbjørn Haukøy, CEO of PSW Group.

The PSW Arctic Capping Stack is 24/7-365 maintained and operationally prepared at the PSW Subsea & Drilling base at Mongstad. With this strategic storage facility close to one of Europe’s largest offshore supply bases, PSW Group will have the Arctic Capping Stack at quayside within 24 hours of notification and reach most offshore fields on the NCS within 1-5 sailing days

For futher information, please contact:

Oddbjørn Haukøy, CEO of PSW Group

Telephone: + 47 91 17 19 14

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3i announces sale of ATESTEO generating a euro money multiple of 4.4x

3I

3i Group plc (“3i”) announces the sale of ATESTEO, an international drivetrain testing specialist, to IHO Holding GmbH & Co. KG (“IHO Holding”), holding company of the Schaeffler family. Proceeds to 3i are estimated to be €307m subject to closing adjustments, representing a euro money multiple of 4.4x. This compares to a valuation of €207m (£182m) at 30 September 2017.

Founded in 1986 and headquartered in Alsdorf near Aachen, Germany, ATESTEO is the world leader in independent drivetrain testing. It has about 800 employees and 135 testing benches in Germany, Japan, China and North America. Based on cutting-edge testing technology, the company offers a cost efficient alternative to in-house durability testing for automotive OEMs and their suppliers. Its customers include virtually all the leading OEMs and transmission manufacturers.

In 2013, 3i invested in ATESTEO in an all equity deal. Since then, the company has delivered a number of growth initiatives and improvements to its systems and processes, leading to operational and financial out-performance. It has transitioned from a founder-owned business to a world leader in global testing services with a clear competitive advantage in lab-based testing. Its EBITDA has more than doubled, and it has seen a 30% increase in testing capacity. Over the course of 3i’s ownership, the business has been refinanced twice, and has invested €45m in capex for growth.

In 2017, ATESTEO made two strategic acquisitions to expand its testing services portfolio. The acquisition of TÜV SÜD’s Engine/Drivetrain Technology and Components Testing division increased group capacity by 10%, whilst the acquisition of straesser expanded the company’s offering in the field of road testing. ATESTEO has also expanded in the high growth Chinese market, doubling its capacity there since 2013 with an increase in its number of testing benches from 10 to 20.

Ulf von Haacke, Partner & Head of Industrial at 3i Germany, commented:

“During our investment period, ATESTEO has cemented its leading market position in the independent drivetrain testing space and has increased its exposure to hybrid and electric vehicle technologies. Today, the company is well positioned to lead the way in testing the quality of increasingly electrified and autonomous automotive technology. We would like to thank Wolfgang Schmitz and his team for their commitment, and we wish them well in the future.”

Wolfgang Schmitz, Chairman of the Management Board of ATESTEO, added:

“The 3i team has been a huge support in helping us to advance our international expansion and expand our footprint into growth markets such as China. We look forward to working with IHO Holding, who will enable us to further develop our offering and navigate the rapid changes taking place in the sector.”

– ENDS –

Download this press release  

For further information, contact:

3i Group plc
Kathryn van der Kroft
Media enquiries
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Silvia Santoro
Investor enquiries
Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

 

Notes to editors:

About 3i Group

3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America. For further information, please visit: www.3i.com

3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m – €500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrials and business and technology services industries.

About ATESTEO

ATESTEO GmbH, headquartered in Alsdorf, is the worldwide leading independent service provider for drivetrain testing with about 800 employees and 135 drivetrain testing test benches in Germany and China. Its customers include virtually all automotive and transmission manufacturers. The company offers quality assurance through efficient endurance tests and functional tests of manual and automatic transmissions, differentials, as well as hybrid and electric powertrains.

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Verdane VIII portfolio company Jupiter Bach has been elected Gazelle 2017 by Danish newspaper Borsen

Verdane Capital

Jupiter Bach – Gazelle 2017

We are very proud to inform that Jupiter Bach has been awarded Gazelle 2017 by Borsen, the leading financial Magazine in Denmark. This is not something we have applied for, but a recognition we get as we have doubled the company’s revenue or result within a four year period.

More specifically Borsen is stating that “A Gazelle company has within 4 financial years had positive growth and has doubled the revenue or result. These are tough requirements – and it is impressive that you have been able to meet them. Gazelle companies daily defy challenges like low growth, demographic headwind, disruption and having to attract qualified manpower, but they are still able to create success. They generate new employment and progress, and add value for their owners and for the local community which they are a part of.

The award was given at a Boersen award event November 30 at Sonnerupgaard Gods in Hvalsoe, Denmark. Representatives from management and employees participated in the prestigious event.

Our election as Gazelle 2017 bears witness to our growth and positive development within the last 4 years.

We would like to express our gratitude to our loyal customers and devoted team of employees, who have all contributed to this development.

We will continue to work hard to continue this growth journey together with you, and remain

devoted to wind!

 

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Croda Acquire Finnish Technology Company IonPhasE

Tesi

Croda International Plc, who create, make and sell speciality chemicals for some of the biggest, most successful brands in the world, today announced that it has acquired IonPhasE for €24m. IonPhasE is an innovative technology supplier of static electricity protection products headquartered in Tampere, Finland.

Operating in some of the fastest growing segments within the plastics market, IonPhasE has developed a unique range of anti-static additives that help to prevent damage to electrical components, increase the safety of chemical and food packaging and improve the long term appearance of consumer appliances. Focused on Electrostatic Discharge Protection (ESD) and Inherently Dissipative Polymers (IDPs), IonPhasE’s products use the most advanced technologies in the static electricity protection market, which work to release static electricity in a controlled way.

Maarten Heybroek, President Performance Technologies at Croda said: “This acquisition supports our growth strategy within high technology, consumer driven material markets. We are delighted that IonPhasE is bringing its industry leading knowledge in the rapidly growing market for Electrostatic Discharge Protection to Croda”.

IonPhasE’s products are a natural extension to Croda’s existing product portfolio and, by bringing together the expertise of both research and development teams, Croda will be able to offer a broader and more diverse range of products to its customers through its dedicated global marketing and sales force.

Heybroek continued, “The acquisition of IonPhasE presents a significant opportunity for us at Croda, with its differentiated and patented product range, operating in a niche, high value sector of the polymer market. The experience and knowledge of the IonPhasE management team, coupled with our innovation strength, global sales reach and complimentary technologies, will allow us to better meet the needs of our customers within our Smart Materials sector.”

Claus Carlsen, Chief Executive Officer at IonPhasE said: “For over 15 years, we have focused on developing our technology in response to the needs of our customers. We are looking forward to developing this further with Croda’s support and expertise, whilst being able to reach existing and new customers faster through a higher level of customer intimacy. All of the team here at IonPhasE is excited about our future within Croda.”

Heli Ahlroos, Director at Tesi said: “Tesi has been involved in financing IonPhasE’s growth and internationalisation since 2012. Now that the company has joined forces with a strong industrial player, IonPhasE will have significant resources to accelerate its global growth. We believe this transaction will support the development of IonPhasE’s technology and personnel in Finland well into the future.”

 

For more information:

Heli Ahlroos, Director, Tesi,
heli.ahlroos@tesi.fi, +358 40 077 2833

Jill Ullathorne, Global Marketing Manager – Polymer Additives
Croda Europe, Cowick Hall, Snaith, Goole, East Yorkshire, DN14 9AA, UK
jill.ullathorne@croda.com

About Crodawww.croda.com
Established in 1925, Croda is the name behind high performance ingredients and technologies in some of the world’s biggest and most successful brands: creating, making and selling speciality chemicals that are relied on by industries and consumers everywhere.
Croda has a network of over 4,200 passionate and committed employees, working together as one global team across manufacturing sites and offices in 36 countries. Croda Polymer Additives is a global business offering speciality additives into a wide range of polymer applications to provide effects such as anti-fog, anti-static, anti-scratch, mold release, pigment dispersion, slip & anti-block, torque release, UV absorption and speciality plasticisers.

About IonPhasEwww.ionphase.fi

Established in 2001, Finnish technology company IonPhasE is a leading manufacturer of static dissipative polymer additives, commonly known as permanent antistatic additives. These additives are used to control static electricity in plastics, which is utilised in wide range of global markets including electronics and semiconductor, chemical, food, automotive and consumer appliances.

About Tesi

Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company that accelerates companies’ success stories by investing in them directly and via funds. Tesi always invests together with other investors, providing them with access to high quality deal-flow in Finland. Our investments under management total 1 billion euros and we have altogether 723 companies in portfolio.
www.tesi.fi | @TesiFII

 

 

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Jyri Järvinen new CEO of LEDiL

Ratos

Jyri Järvinen has been appointed as the new CEO of LEDiL, a leading growth company in the global market for secondary optics for LED lighting, as Rami Huovinen hands over the leadership after seven years as CEO. With experience of successfully developing organisations undergoing change, Jyri Järvinen will now lead LEDiL on its continued expansion. He will assume his new position in February 2018.

Jyri Järvinen has more than 20 years of operational and international experience within the ABB Group. Most recently as Group Vice President Industrial Drives and Wind converters. Jyri will take over as CEO of LEDiL on 1 February 2018.

“Under the leadership of Rami Huovinen, LEDiL has implemented a number of growth and innovation strategies in recent years that have contributed to the company’s leading market position. As the company now enters the next stage of its expansion and its organisational and product development, we consider Jyri – with his leadership and operational experience – to be a highly suitable person to lead the company. LEDiL is well positioned to achieve organic growth in several application areas and markets, and Jyri’s experience of global sales development and customer focus will be highly valuable in these efforts,” says Robin Molvin, Senior Investment Director.

LEDiL is a leading Finnish company in the global market for secondary optics for LED lighting. LEDiL products are sold through its own sales force and through agents and distributors in Europe, North America, South America and Asia. Ratos acquired 66% of LEDiL in 2014 and the company has demonstrated continuous growth and a strong operational performance in recent years. Sales for the first nine months of 2017 amounted to EUR 31.1m and the EBITA margin to 30.5%.

For further information, please contact:
Robin Molvin, Senior Investment Director, +46 70 695 50 49
Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

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Latour acquires Hakaser Oy

Latour logo

Investment AB Latour has, through its subsidiary DENSIQ AB, part of Latour Industries, signed an agreement to acquire Hakaser Oy, based in Oulu Finland. Closing will take place with immediate effect.

The acquisition is part of DENSIQ’s strategy to strengthen its position as a supplier of complete solutions within sealing technology as well as to increase the geographical reach in the Nordic countries.

Hakaser is specialized in maintenance and repair of industrial valves for the Finnish process related industries. Hakaser has eight employees and annual sales of approximately EUR 1,4 million.

Krister Seleskog, CEO of DENSIQ AB comments on the acquisition: “With Hakaser we will further strengthen our position as a complete supplier of services, products and engineering within sealing technologies. It will also increase our geographical reach and get us closer to the customer, especially in the northern parts of the region”

“DENSIQ and Hakaser complement each other very well in terms of both range of services and customer focus. With DENSIQ we can continue to expand both our offer as well as our geographical reach”, says Olli-Pekka Keränen current CEO and part owner.

Göteborg, December 19, 2017

INVESTMENT AB LATOUR (PUBL)

Jan Svensson, CEO

For further information, please contact:

Krister Seleskog, CEO DENSIQ AB, +46 720 10 21 40

Maria Elm Olsson, Chairman of the Board in DENSIQ AB, +46 705 08 72 82

DENSIQ AB, with headquarter in Göteborg, has annual sales of almost SEK 150 m and about 60 employees in subsidiaries located in three different countries. DENSIQ AB is part of Latour Industries, which is one of four wholly owned business areas within Investment AB Latour.

Latour Industries AB consists of a number of operating areas, each with its own business concept and business model. The ambition is to develop independent entities, which can eventually become new business areas within Latour.

Investment AB Latour is a mixed investment company consisting primarily of wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 47 billion. The wholly-owned industrial operations generated a turnover of approximately SEK 8 billion in 2016.

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Affiliates of Apollo Natural Resource Partners II to Acquire Phoenix Services

Apollo

–Apollo to Support Continued Growth of Premier Steel Mill Services Company–

KENNETT SQUARE, Pa. & NEW YORK–(BUSINESS WIRE)–Dec. 15, 2017– Phoenix Services LLC (“Phoenix” or the “Company”), a premier provider of outsourced slag handling, metal reclamation, and other complementary services to leading steel mill customers around the world, today announced that Apollo Natural Resources Partners II, L.P. (“ANRP II”), a fund managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), has agreed to acquire the Company from its existing shareholders, including majority shareholder Olympus Partners. Terms of the transaction were not disclosed.

Phoenix, founded in 2006, is a leading global provider of value-added industrial services to steel mills serving world class customers such as ArcelorMittal, Nucor Steel, and US Steel, among others. The Company has a global workforce of approximately 2,100 employees and operates in 34 locations on four continents.

“We are excited to work with Phoenix Services and its outstanding management team and employees. We have been extremely impressed with the Company’s customer focus, track record of operational excellence, and strong commitment to safety,” said Gareth Turner, Senior Partner at Apollo. “We look forward to leveraging Apollo’s global platform and expertise to support Phoenix’s continued growth and superior customer service.”

About Phoenix Services LLC

Phoenix Services provides responsive world-class service to steel producers around the globe. Core services include slag handling utilizing slag pot carriers or the traditional slag pit digging with front-end loaders; the recovery and sizing of scrap metal to its customer’s specification; and processing slag for use by its steel mill customer or marketing processed slag material for aggregate use.

About Apollo Global Management, LLC

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 of approximately $242 billion as of September 30, 2017 in private equity, credit, and real estate funds 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.

Source: Apollo Natural Resources Partners II, L.P.

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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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

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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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