PRESS RELEASE, June 11, 2008
Investor has agreed to acquire 50 percent of Lindorff Group AB (“Lindorff”) and entered into a partnership agreement with Altor at an enterprise value of EUR 1,160 million.
Lindorff will be purchased through an acquisition company equally controlled by Investor and Altor. Lindorff’s management will also invest in the company. Investor will include Lindorff in its Operating Investments business area, where it will be accounted for as an associated company according to the equity method.
Investor’s total investment will be approximately EUR 360 m., of which EUR 335 m. in equity and convertibles, corresponding to 59 percent of the invested capital. In addition, Investor is investing EUR 25 m. in mezzanine debt.
Lindorff is the leading debt collection company in the Nordic region with a growing European presence. The company is headquartered in Oslo and operates in three major business areas: Payment (third-party debt collections), Capital (purchasing of primarily unsecured written-off debts) and Support Services (including credit scoring and invoicing services). In 2007, Lindorff had pro forma sales of EUR 349 m. and normalized EBITDA after portfolio depreciation of EUR 102 m.
“With strong market positions in an industry with attractive underlying fundamentals, Lindorff fits Investor very well. Together with Altor, we look forward to contributing to the growth and expansion of Lindorff in its next phase of development”, says Lennart Johansson, Head of Operating Investments at Investor AB.
“Altor has been majority owner and worked with Lindorff management for almost five years. Today, Lindorff is the leading Nordic receivable management company and is well positioned to capitalize on growth from increased credit losses, consolidation and geographic expansion in Europe. We have been searching for a partner to support us in the next era of Lindorff’s development. Investor brings the competence, network and credibility we need to support Lindorff on this journey and we look forward to work together going forward”, says Hugo Maurstad, Chairman of Lindorff and Partner of Altor Equity Partners.
Lindorff CEO Urs Baumann says: “We have exciting challenges ahead of us. We have a highly capable organization and management team that, with the support from Altor and Investor, will enable us to pursue the growth strategy we have laid out for Lindorff to build a world-class provider of outsourced receivables management services. The new owners have complementary strengths that Lindorff can benefit from going forward.”
The transaction is subject to, among other things, approval from the relevant competition authorities.
About Investor
Investor AB is the largest industrial holding company in the Nordic region. For almost a century, Investor’s business concept has been to generate solid long-term returns by investing in companies with attractive potential for value creation. We are an active owner who applies our experience, knowledge and network to develop both listed and unlisted holdings and make them best-in-class. Investor conducts investment activities from Northern Europe, the United States and Asia.
For more information, visit www.investorab.com
About Altor
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements.
For more information, please visit www.altor.com
PRESS RELEASE, May 29, 2008
Altor Fund II (“Altor”) has signed a binding agreement with STC Interfinans to acquire the Åkers Group. The new owners intend to accelerate the company’s global expansion, particularly in the emerging markets, during the coming years and to reinforce Åkers’ position as global market leader within rolls for the steel industry
Altor today announced the acquisition of the Åkers Group from STC Interfinans, which will remain as a significant minority shareholder. Åkers is the world leader within cast and forged rolls for the steel and aluminium industries. Supported by Altor, Åkers plan to accelerate growth and to secure world class operating efficiency.
“STC has built Åkers into a market leader and shepherded the company through some difficult years in the beginning of this decade. Åkers is now an excellent platform to drive growth and technology leadership within the roll industry”, said Fredrik Strömholm, Partner at Altor Equity Partners AB.
In 1985, the Swedish roll producer Åkers Styckebruk AB was acquired from Bofors AB by Interfinans AB (later to become STC Interfinans), which was owned by the Swedish businessman Mr. Holger Hjelm. During STC Interfinans’ period of 100 percent ownership, Åkers has, primarily through acquisitions, been developed into a worldwide group that is today the global market leader within rolls for the steel and metals industries.
“This successful transaction enables STC to surface significant value and to diversify our holdings, for the benefit of our stakeholders. We are very pleased that Altor, a leading and highly respected player in the private equity industry, will be the new majority owner of Åkers. STC, as a significant minority shareholder going forward, will be able to continue to support the company and to benefit from the positive outlook for the steel industry”, said Lars Sköld, CEO of STC Interfinans AB.
Altor has prior experience in development of industrial companies from its investments in Dynapac, Meyn, Aalborg Industries, Piab, Northstar and Constructor.
"We believe that the steel industry has a strong outlook for many years to come as it supports the industrialization, urbanization and consumption growth of the fast growing economies in Asia and South America. Åkers as a supplier of a mission critical consumable is in an excellent position to capitalize on this trend”, said Harald Mix, Partner at Altor Equity Partners AB.
During the past years, Åkers’ management team has been strengthened with several leading steel industry executives, including CEO Bengt Nilsson and CFO Anders Ruth. The management team has started comprehensive efforts in reinforcing Åkers’ leading customer service and technology advantage. Altor aims to accelerate these efforts and create a true world class industrial group.
“Åkers is a company with fantastic opportunities. We are excited about having Altor as the majority owner. With their excellent track record in developing industrial companies, I believe that this is extremely positive for Åkers and we look forward to accelerating our development agenda together with them” said Bengt Nilsson, President and CEO, Åkers Group.
The transaction will be finalized following customary statutory approvals.
Financing and advisors
Debt financing for the transaction has been arranged by Handelsbanken in Strängnäs. Altor was advised by Handelsbanken Capital Markets and Mannheimer Swartling. STC Interfinans and Åkers were advised by Carnegie Investment Bank and Vinge.
For further information, please contact:
Fredrik Strömholm, Partner, Altor Equity Partners AB, Tel: +46 8 678 91 00
Bengt Maunsbach, Director, Altor Equity Partners AB, Tel: +46 8 678 91 00
Lars Sköld, CEO, STC Interfinans, Tel: +46 8 666 6300
Bengt Nilsson, President and CEO, Åkers Group, Tel: +46 159 321 00
About the Åkers Group
The Åkers Group, with net sales of EUR ~340 million and operating profit of EUR ~30 million in 2007, is the world’s leading producer of cast and forged rolls for the steel and aluminium industries. The company was founded in 1580 and roll production commenced in 1806. The company is headquartered in Åkers Styckebruk, Sweden, and has ~2000 employees at its 12 production units in 6 countries. For more information, please visit www.akersrolls.com
About Altor
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Lindorff, AGR Group (Listed on the Oslo Stock Exchange), Relacom, Ferrosan, Meyn, Aalborg Industries, PaloDEx, Navico, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen, Euro Cater, Vatus, Northstar, Wrist, Q-matic, Constructor (Aker Material Handling) and Papyrus. Prior investments include ACO Hud AB (divested to Omega Pharma) and Dynapac (divested to Atlas Copco). For more information, please visit www.altor.com
About STC Interfinans
STC Interfinans is a private investment company based in Stockholm, Sweden. In addition to Åkers, STC Interfinans also operates in various industrial sectors such as real estate, forestry and fruit and vegetable distribution and processing.
PRESS RELEASE, Oslo, April 4, 2008
Altor Oil Service Invest AS (Altor), a company controlled by Altor 2003 fund and Altor fund II, issued a mandatory offer on March 5 this year for all outstanding shares in AGR Group ASA at NOK 40 per share. The offer period expired yesterday at 16h30 and Altor received acceptance for 19 781 323 shares, bringing its total ownership to 53 913 249 shares, or 76.63% of the company.
“We are pleased with the result which is in line with our expectations. This provides us with a strong platform to work closely with AGR management to further develop the company going forward. AGR has attractive growth options going forward, but capturing the full value of these is likely to require more investment, time and additional managerial focus. We will therefore seek to support AGR’s existing management ahead to focus on and deliver against this strategy,” said Hugo Maurstad, Partner at Altor Equity Partners.
Altor’s plans involve focusing each of AGR’s three stand-alone business areas, disposing of non-core projects over the next 18 months, and implementing a more rigorous discipline with respect to cost and capital, all in collaboration with the company’s existing top management. During this process Altor forees several possible transactions, from which AGR would benefit strongly from the support of Altor’s experienced transaction team.
Contact details: Hugo Maurstad, Partner, Altor Equity Partners, +47 2212 8380
About Altor:The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in medium sized companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Lindorff, AGR Group (listed on the Oslo stock exchange), Relacom, Ferrosan, Meyn, Aalborg Industries, PaloDEx, Navico, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen, Euro Cater, Vatus, Northstar, Wrist, Q-matic and Constructor (Aker Material Handling). Prior investments include ACO and Dynapac. For further information on Altor, please visit: www.altor.com
PRESS RELEASE, Stockholm, March 6, 2008
Today Altor has signed a binding agreement with Stora Enso to acquire Papyrus. The new owners aim at growing the company during the coming years and develop a European market leader in paper and packaging distribution
Altor today announced the acquisition of Papyrus, Stora Enso’s wholly-owned paper and packaging merchant. Supported by Altor, Papyrus will be able to pursue additional acquisitions within both existing and new markets as well as within new product areas. The company, with head office in Mölndal, outside Göteborg, Sweden, will continue to be headed by the existing management team.
“After successfully building up Papyrus in the last few years, we believe it is critical that this channel should continue to develop independently– and in fact drive the consolidation of merchanting in Europe. We also believe that Altor will be good owner for Papyrus able to take this consolidation forward”, said Jouko Karvinen, CEO of Stora Enso.
Altor has prior experience of driving organic and acquisitive growth within the wholesale and retail sector from its investments in Euro Cater, Wrist, Dustin and Byggmax.
“We are impressed how well Papyrus has developed over recent years and it is a very strong platform for future growth and development. Altor’s aim is to continue to develop Papyrus into the leading and most customer-oriented merchant in Europe. This will benefit Papyrus’s customers, employees and strategic suppliers”, said Claes Ekström, Partner at Altor Equity Partners AB.
As part of the transaction, Papyrus and Stora Enso have signed a supply agreement on arms length basis, which will ensure that Stora Enso continues to be one of the strategic suppliers to Papyrus.
"I am confident that Papyrus, together with the new owners, can continue the successful strategy towards becoming Europe’s a leading paper- and packaging merchant. The management team is looking forward to work with Altor and together with the whole organisation of Papyrus as we seek to expand through both organic and acquisitive growth”, said Mats Nordlander, President of Papyrus.
The transaction will be finalized following customary statutory approvals.
Financing and advisors
Debt financing for the transaction has been arranged by Handelsbanken in Mölndal. Altor was advised by Pöyry Capital, Ernst & Young, Mannheimer Swartling, Aon, Golder and DTZ.
For further information, please contact:
Claes Ekström, Partner, Altor Equity Partners AB, Tel: +46 8 678 91 00
Bengt Maunsbach, Director, Altor Equity Partners AB, Tel: +46 8 678 91 00
About Papyrus
Papyrus, with a net sale of EUR 2,006 million in 2007, is one of Europe’s leading paper merchants. It supplies 1.9 million tonnes of paper annually. Papyrus currently has a presence in 22 European countries and employs 3 100 people. Papyrus head office is located in Mölndal, on the outskirts of Göteborg, Sweden. Papyrus is represented locally both under its own brand name and as Schneidersöhne, Sihl+Eika, Scaldia and Classen-Papier. Although Papyrus operates under different names, the company has a coherent one-company commitment to offer quality products, high service levels and superior logistical solutions. For more information, please visit www.papyrus.com
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Lindorff, AGR Group (Listed on the Oslo Stock Exchange), Relacom, Ferrosan, Meyn, Aalborg Industries, PaloDEx, Navico, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen, Euro Cater, Vatus, Northstar, Wrist, Q-matic and Constructor (Aker Material Handling). Prior investments include ACO (divested to Omega Pharma) and Dynapac (divested to Atlas Copco). For more information, please visit www.altor.com
PRESS RELEASE, Oslo, February 26, 2008
Altor Oil Service Invest AS (the “Company”), a newly established company controlled by Altor 2003 fund GP Limited and Altor Fund II, has acquired 8,209,147 shares in AGR Group ASA (“AGR”), at a price per share of NOK 40.
The Company (together with related parties) now owns a total of 30,180,475 shares in AGR, representing 42.9 per cent of the total outstanding shares and votes in AGR. As a consequence of yesterday’s acquisition, Altor Oil Service Invest AS will launch a mandatory offer as soon as practically possible.
“We are satisfied with being able to increase our ownership significantly. We believe that AGR has an attractive growth outlook but that there is a significant amount of work, time and investment needed to fully realize the potential. We look forward to conducting this work in partnership with management and the other shareholders going forward,” said Hugo Maurstad, Chairman of Altor Oil Service Invest AS.
Contact details: Hugo Maurstad, Chairman, Altor Oil Service Invest AS, +47 2212 8383
About Altor:
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in medium sized companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Lindorff, AGR Group, Relacom, Ferrosan, Meyn, Aalborg Industries, PaloDEx, Navico, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen, Euro Cater, Vatus, Northstar, Wrist, Q-matic and Constructor (Aker Material Handling). Prior investments include ACO and Dynapac. For further information on Altor, please visit: www.altor.com
PRESS RELEASE, Oslo, February 25, 2008
Altor Oil Service Invest AS, a newly established company controlled by Altor 2003 fund and Altor fund II (the Company), announces today that it would like to increase Altor’s ownership in AGR.
The Company has mandated SEB Enskilda AS to purchase 13,367,700 shares corresponding to approximately 19.0% of the shares outstanding in AGR Group ASA at a price of NOK 40.00 per share. The closing price of AGR Group ASA today, 25 February 2008, was NOK 34.70. NOK 40 per share represents a premium of 30% relative to the volume-weighted average price over the last week of NOK 30.76 per share.
The Company (together with related parties) holds 21,971,328 shares in AGR corresponding to approximately 31.2% of the shares outstanding. In the event the order is completed, the Company will increase its stake to more than 1/3 of the shares outstanding and will therefore launch a mandatory offer for the remaining shares.
“In our opinion, AGR has a range of attractive growth options going forward, but capturing the full value of these may require more investment, time and managerial focus going forward. Thus, our aim will be to support the company’s existing management in focusing and delivering against this strategy,” said Hugo Maurstad, Partner at Altor Equity Partners.
Altor’s plans would involve focusing each of AGR’s three stand-alone business areas, disposing of non-core projects over the next 18 months, and implementing a more rigorous discipline with respect to cost and capital. This would be done in collaboration with the company’s existing top management. During such a process Altor would foresee several possible transactions, from which AGR would benefit strongly from the support of Altor’s experienced transaction team.
This announcement does not constitute an offer to purchase shares of AGR Group ASA.
Contact details: Hugo Maurstad, Partner, Altor Equity Partners, +47 2212 8383
About Altor:
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in medium sized companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Lindorff, AGR Group, Relacom, Ferrosan, Meyn, Aalborg Industries, PaloDEx, Navico, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen, Euro Cater, Vatus, Northstar, Wrist, Q-matic and Constructor (Aker Material Handling). Prior investments include ACO and Dynapac. For further information on Altor, please visit: www.altor.com
PRESS RELEASE, Oslo, September 10, 2007
Altor Fund II (“Altor”) has entered into an agreement to acquire Aker Material Handling (AMH),
a pan-European provider of storage solutions for industrial and commercial use, from Aker ASA.
AMH develops, manufactures and markets storage, archiving and logistic solutions for use in factories, warehouses, distribution centers and a range of other applications. AMH is divided into four strategic business areas, Constructor Scandinavia, Constructor Dexion, Bruynzeel and Dexion Comino.
AMH is expected to generate revenues of MEUR 230 in 2007, whereof a third comes from the Scandinavian markets and the rest from other European markets.
We are impressed by how the current management team has turned around AMH and created a very good platform for further expansion. We believe that we together with management, can further strengthen AMHs business through continued improvements in operational performance and active participation in consolidating its industry, says Hugo Maurstad, Partner in Altor Equity Partners.
I view the change of ownership as very positive for the company and our employees. Aker has been a good and responsible owner for AMH over many years. When they now have decided to sell, it is to a solid owner, with the necessary industry and financial competence to support the future development of the company, says Hallvard Muri, CEO of AMH.
As new owners, we can make available the capital necessary to upgrade and expand AMHs manufacturing facilities and further enhance its competitive position, says Reynir Indahl, Partner in Altor Equity Partners.
The transaction is expected to be closed mid October.
The financing was arranged by Kaupthing.
About Aker Material Handling:
Aker Material Handling is a leading edge manufacturer of high quality products, Aker Material Handling provides storage, archiving and logistic solutions for use in factories, warehouses, distribution centers, archives, offices, museums, libraries, medical institutions, retail outlets and numerous other applications. Aker Material handling has a strong local presence and continues to locally market brands, such as Constructor, Bruynzeel and Dexion. These brands have been built up over several decades and are all market leading brands in their own right. AMH has 825 employees in Europe and four manufacturing plants; one in Norway, two in Germany and one in the Netherlands. For further information on AMH, please visit: www.aker-mh.com
About Altor:
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in medium sized companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Lindorff, AGR Group (listed on the Oslo stock exchange), Relacom, Ferrosan, Meyn, Aalborg Industries, PaloDEx, Navico, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen, Dansk Cater, Wrist Group, Q-matic and Northstar. Prior investments include ACO and Dynapac. For further information on Altor,
please visit: www.altor.com
For further information please contact:
Hallvard Muri, CEO Aker Material Handling AS +47 915 80 750
Hugo Maurstad, Partner, Altor Equity Partners +47 9010 4308
PRESS RELEASE, July 12, 2007
Altor has today completed the acquisitions of Q-matic and QM Group in accordance with the earlier press releases.
For further information, please contact Fredrik Strömholm, +46 8 678 91 00
About Altor:
Altor invests in medium sized companies in the Nordic region. Altor is advised by Altor Equity Partners and focuses on value creation through growth initiatives, strategic development and operational improvements with a committed capital of EUR 1,150 million through Altor Fund II. Among Altor’s investments are Aalborg Industries, Ferrosan, Dansk Cater, Lindorff, Dynapac, AGR Group, Relacom, Meyn, PaloDEx, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen, Wrist and NorthStar. For further information on Altor, please visit: www.altor.com
PRESS RELEASE, Stockholm, July 5, 2007
The rapidly growing, global manufacturer of high performance batteries and standby power systems, NorthStar Battery Company, has entered into an agreement to be acquired by the Nordic private equity fund Altor Fund II.
NorthStar, which was founded in 2000, has rapidly become one of the leading global producers of high performance, lead-acid batteries and has developed a strong OEM offering of standby power systems through its SiteTel division. The Company employs some 400 persons worldwide with operations in Springfield (Missouri, US), Stockholm (Sweden) and Shanghai (China). Revenues for 2007 are forecasted to exceed USD 200 million.
With mobile telecom infrastructure equipment as its current main market, NorthStar serves some of the world’s leading telecom OEMs and operators. Through its SiteTel division, headquartered in Sweden, NorthStar also acts as a turnkey provider of standby power systems, providing design and sourcing, assembly and distribution logistics.
“We look forward to continue the development of NorthStar together with Altor. We have a strong foundation to build on and we will now be able to accelerate our global expansion”, says Larry Hill, CEO of NorthStar.
“NorthStar has built a strong platform for future growth based on its state-of-the-art manufacturing technology. We look forward to supporting management in the continued development of NorthStar and SiteTel and will actively look to expand the company’s global operations both through greenfield investments and as an active participant in further industry consolidation”, says Harald Mix, Partner of Altor Equity Partners.
Goldsmith Agio Helms acted as exclusive advisor to NorthStar for the transaction.
The deal is subject to customary regulatory approval.
For further information please contact:
NorthStar Battery Company
Larry Hill, CEO, telephone (+1) 314 963 7600
Altor Equity Partners
Harald Mix, Partner, telephone (+46) 8 678 9100
About NorthStar:
NorthStar Battery Company is a global manufacturer of high-performance, lead-acid batteries and related standby power systems for industrial applications in the telecom, commercial, and other specialty end markets. The Company was founded in June 2000 by a team of battery industry veterans to create the most world’s most advanced manufacturer and marketer of industrial batteries and related power systems.
For further information on the NorthStar please visit: www.northstarbattery.com
About Altor
The Altor funds (Altor) are private equity funds comprising the Altor 2003 Fund with EUR 650 million in capital and Altor Fund II with EUR 1,150 million in capital. It is advised by Altor Equity Partners with offices in Oslo and Stockholm. Altor focuses on Nordic investments with enterprise value ranging from SEK 500 million to SEK 4 billion with value creation opportunities based on growth, strategic re-positioning and operational improvements. Altor Equity Partners has 25 employees, highly qualified and experienced in supporting companies through the change process. Since its inception, Altor investments include Aco Hud (exited in 2004), Lindorff, Dynapac, Ability Group ASA (listed on Oslo Stock Exchange July 2006), Relacom, Ferrosan, Aalborg Industries, Meyn, PaloDEx, Navico (Simrad and Lowrance), Byggmax, Nimbus Boats, Scandpower, PIAB and Dustin. For more information go to www.altor.com
RELEASE, 20 June, 2007
Claes Ekström, Senior Director of McKinsey & Company, is joining Altor Equity Partners AB as a partner later in June.
“Altor is focusing on building world class companies, and Claes’ experience from working with leading companies in formulating winning strategies and implementing initiatives to build operational excellence will be a great asset to Altor and our portfolio companies”, says Harald Mix, partner at Altor Equity Partners AB.
“During my 23 years at McKinsey, I have been actively involved in helping companies and their management groups, boards and owners in creating shareholder value and I feel that adding the ownership role by joining Altor will be both a natural and challenging next step for me“, comments Claes Ekström.
For more information, please contact any of the following:
Harald Mix or Claes Ekström, +46 8 678 91 00
PRESS RELEASE, Stockholm, May 31, 2007
Altor has today entered into a preliminary agreement to acquire QM Group, the UK’s leading queue management system provider. QM Group employs 75 people and expects to generate GBP 15 million of revenues next year. The company headquarters are located in Milton Keynes, UK.
“QM Group has built an impressive position with financial institutions and the retail sector in the UK in recent years and we are looking forward to an international expansion across Europe and the US”, said Fredrik Strömholm, Partner of Altor Equity Partners.
The UK private equity company, Advantage Capital, currently holds about one third of the share capital and is looking forward to keeping a significant stake in the company going forward.
“We see Altor as an excellent partner to facilitate international expansion over the coming years”. said Martin Bodenham and Trevor Jones, Directors of Advantage Capital.
“The partnership with Altor provides the start of a journey in taking this mostly national business to the next level. At present, the market is fragmented with few international players, said Terry Green, one of the two founders of QM Group.
Completion of the transaction is subject to certain customary conditions.
About QM Group:
Established in 1991, Qm Group is the inventor of the World's first voice announcement electronic call forward system. With strong focus on innovation and customer needs. Qm's knowledge based and innovative mechanical and electronic products are installed in more than 7,500, blue-chip outlets world-wide within financial institutions, retail outlets, hospitals and in the public sector. For further information on QM Group, please visit: www.qmgroup.com
About Advantage Capital:
Advantage Capital was founded in 2000 by Trevor Jones and Martin Bodenham - two highly experienced private equity professionals in the UK MBO market. Fundraising for Advantage Capital’s first fund, Advantage Capital Partners 1, began in 2001. This fund held its final close in September 2002. Fundraising for the second fund, Advantage Capital Partners 2, began in 2005. This fund held its first close in April 2006. For further information on Advantage Capital, please visit: www.advantagecapital.co.uk
About Altor:
Altor invests in medium sized companies in the Nordic region. Altor is advised by Altor Equity Partners and focuses on value creation through growth initiatives, strategic development and operational improvements with a committed capital of EUR 1,150 million through Altor Fund II. Among Altor’s investments are Aalborg Industries, Ferrosan, Dansk Cater, Lindorff, Dynapac, AGR Group, Relacom, Meyn, PaloDEx, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen and Wrist. For further information on Altor, please visit: www.altor.com
PRESS RELEASE, 15 June, 2007
Altor Fund II (“Altor”) has entered into an agreement to acquire Q-matic, the world market leader in providing queue management solutions, from 3i Group Plc, Litorina Kapital and the founding families.
Q-matic develops, manufactures and markets complete systems for queue management solutions. The systems are primarily sold to the public sector, healthcare institutions, financial institutions and retailers. Q-matic is expected to generate revenues of SEK 400 million for the year ending 31-August-2007 with a vast majority of sales being generated outside of Scandinavia.
“We are eager to continue developing Q-matic together with a professional owner by expanding into new markets and customer segments. We are present in an industry with solid growth prospects across geographies for several years to come’’, says Åke Stråberg, CEO of Q-matic.
“We see Q-matic as an excellent platform for a continued international expansion and look forward to further develop the business into a truly multinational company within queue management solutions”, says Fredrik Strömholm, partner at Altor Equity Partners AB.
“Åke Stråberg has built an impressive management team and we truly look forward to support the company in its further product, service and market development”, says Andreas Hiller, director at Altor Equity Partners AB.
Q-matic’s systems are currently sold in 102 countries globally through 9 subsidiaries and 52 distributors and the company employs approximately 200 employees. The company has consistently focused significant internal resources and capital into product development at the R&D department in Mölndal, and Q-matic is currently in the process of rolling out a new product line of queue management solutions software and hardware.
About Q-matic:
Q-matic was founded in 1981 with the headquarters placed in Mölndal, Sweden. The company’s subsidiaries are located in USA/Canada, China, Denmark France, Italy, Mexico, the Netherlands, Sweden and the UK. Since its inception, Q-matic has installed more than 25,000 queuing systems globally within the public sector, healthcare institutions, financial institutions and retail chains. For further information on Q-matic please visit: www.q-matic.com.
About Altor:
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in medium sized companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Lindorff, AGR Group (listed on the Oslo stock exchange), Relacom, Ferrosan, Meyn, Aalborg Industries, PaloDEx, Navico, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin, Helly Hansen, Dansk Cater and Wrist Group. Prior investments include ACO and Dynapac. For further information on Altor, please visit: www.altor.com.
For further information please contact:
Q-matic AB
Åke Stråberg at +46 31 756 46 00
Altor Equity Partners
Fredrik Strömholm at +46 8 678 91 00
PRESS RELEASE, Aalborg, May 16, 2007
The leading Danish bunker fuel and ship supply company Wrist Group A/S has been sold to the Nordic private equity fund Altor.
Wrist Group is one of the leading global suppliers of bunker fuel and general ship supplies with revenues in 2006 of approximately DKK 25 billion. The Group employs some 850 persons worldwide and has headquarters in Aalborg, Denmark.
‘’We look forward to continue the development of our Group together with Altor. Our industry is consolidating and our customers are becoming more demanding. We have a strong foundation to build on and we will now be able to accelerate our global expansion in order to serve our customers in all the major shipping regions of the world.’’, says Jim Pedersen, CEO of Wrist Group.
‘’Wrist Group has built a strong platform for future growth. We will support the management in the continued development of the Wrist Group worldwide. To that end we will actively look to expand the activities within all three segments of Wrist through the opening of new operations and add-on acquisitions.’’, says Denis Viet-Jacobsen, Partner of Altor Equity Partners.
FIH Partners acted as financial adviser to the previous owners of Wrist Group in respect of the sales process. Deloitte acted as advisor to Altor.
The deal is subject to customary regulatory approval.
About Wrist Group:
Wrist Group A/S is the parent company of a group of companies serving the shipping and off shore industry worldwide. The main services are within supplies of bunker fuel under the name OW Bunker and as general supplier of provisions, stores and accessories for the marine sector under the name Ove Wrist & Co. The third division Wrist Shipping provides agency and chartering activities, off shore supplies and STS operations.
The group was founded in Aalborg in 1966, and has from a very humble start grown to a company with more than 30 subsidiaries and offices worldwide.
The headquarter remains in Aalborg, where approximately 200 persons out of the 850 employees in total are employed. The companies under the Wrist Group are all enjoying a solid brand reputation around the world, as a reliable, efficient and skilled supplier in an industry that never rests.
For further information on the Wrist Group please see: www.wristgroup.com.
About Altor:
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in medium sized companies in the Nordic region. Altor focuses on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Aalborg Industries, Ferrosan, Dansk Cater, Lindorff, Dynapac, AGR Group, Relacom, Meyn, PaloDEx, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin and Helly Hansen. For further information on Altor, please visit: www.altor.com.
For further information please contact:
Wrist Group A/S
Jim Pedersen, CEO, telephone (+45) 98 12 72 77 or (+45) 98 13 72 77
Altor Equity Partners
Denis Viet-Jacobsen, Partner, telephone (+45) 33 36 73 00
PRESS RELEASE 6 February 2007
Stockholm, Sweden, February 5, 2007: Atlas Copco AB has entered into an agreement with Altor 2003 Fund to acquire Dynapac AB of Sweden, a leading supplier of compaction and paving equipment for the road construction market. The acquisition will strengthen Atlas Copco’s position in an expanding global market and add a new range of products for construction customers worldwide
The total purchase price is approximately BSEK 6.3 (MEUR 700), whereof approximately BSEK 2.1 in assumed debt.
Dynapac, with its head office in Malmö, Sweden, has a turnover of approximately BSEK 4.6 (MEUR 505) and 2100 employees. The estimated operating margin in 2006 was 11.3%. It has production sites in six countries and sales in over 115 countries. See www.dynapac.com for more information.
The new business is a very good fit with, and at the same time an extension of, other businesses in Atlas Copco. Atlas Copco has a recognized presence in construction, which currently represents about 22% of its revenues. The acquisition will give Atlas Copco additional products and sales channels to grow in the expanding road construction market, as new roads are constructed in many countries, such as China and India.
“We welcome Dynapac into the Atlas Copco Group. Dynapac is one of the top brands in its market and we look forward to working together with its management, staff and distributors to further strengthen its market position,” says Gunnar Brock, President and CEO of Atlas Copco.
“Atlas Copco has identified road construction as a strategic growth area. It is a market of about BSEK 30 with an expected growth of 4-5 percent annually given the expected renewal of the western world’s infrastructure as well as growing infrastructure investments in the developing world,” adds Björn Rosengren, Business Area President, Atlas Copco Construction and Mining Technique.
“We believe that Atlas Copco will be an excellent new owner for Dynapac. With its global reach and operational excellence, we believe that Atlas Copco will be able to add significant long-term value to Dynapac and its customers,” comments Harald Mix, Partner of Altor Equity Partners.
Dynapac will be part of Atlas Copco’s Construction and Mining Technique business area. The completion date of the acquisition is dependent upon the required approvals from the relevant authorities.About Altor
The Altor funds (Altor) are private equity funds comprising the Altor 2003 Fund with EUR 650 million in capital and Altor Fund II with EUR 1,150 million in capital. It is advised by Altor Equity Partners with offices in Oslo and Stockholm. Altor focuses on Nordic investments with enterprise value ranging from SEK 500 million to SEK 4 billion with value creation opportunities based on growth, strategic re-positioning and operational improvements. Altor Equity Partners has 25 employees, highly qualified and experienced in supporting companies through the change process. Since its inception, Altor investments include Aco Hud (exited in 2004), Lindorff, Dynapac, Ability Group ASA (listed on Oslo Stock Exchange July 2006), Relacom, Ferrosan, Aalborg Industries, Meyn, PaloDEx, Navico (Simrad and Lowrance), Byggmax, Nimbus Boats, Scandpower, PIAB and Dustin. For more information go to www.altor.com
PRESS RELEASE 20 December 2006
The leading Danish food service company Dansk Cater A/S and the Nordic private equity fund Altor have today entered into a partnership with the objective of continuing the positive development of the Dansk Cater Group. The new group will be owned by a newly established Danish company, Euro Cater A/S, of which the Management of Dansk Cater and Altor each hold 50%.
Dansk Cater is today the parent company of a group of autonomous companies that distribute frozen and chilled food as well as groceries and canned goods to Danish professional kitchens in the private and public sectors. The Dansk Cater Group has 830 employees and recorded revenue of approximately DKK 2,700 million in 2005/2006.
”Since the establishment of Jysk Cater in 1986, Dansk Cater has played an active role in the consolidation of the Danish food service market and is now the leading player in Denmark. The decision to enter into a partnership with Altor is based on a wish to continue participating and acting in a consolidation, nationally and internationally”, says Leon Sørensen, CEO of Dansk Cater.
A 50% partnership with Altor means that the Dansk Cater philosophy will continue to drive and develop the business, thus ensuring continuity for employees, customers and suppliers, while securing resources for future development and growth.
”An increasing share of our meals is prepared and consumed outside our homes. Therefore, we see continued good growth potential in the industry”, Mr Sørensen continues.
”Dansk Cater is, even in an international perspective, one of the most efficient food service companies offering a quality and service level that ensures that we have the most satisfied customers”, says Stefan Linder, Partner of Altor.
”The successful business model makes Dansk Cater a natural platform for continued consolidation and growth, both in Denmark and internationally, which matches Altor’s investment strategy very well. We are looking forward to continue to develop Dansk Cater together with the management team,” Mr Linder adds.
About Dansk Cater:
Dansk Cater A/S is the holding company of a number of autonomous companies that distribute frozen and chilled food as well as groceries and canned goods to Danish professional kitchens. The foundation of the existing Dansk Cater was established in 1986, but the company’s roots date back to the late 1950s. Dansk Cater has 16 subsidiaries, of which one in Poland, that are different with respect to type of distribution and product range, but share the common goal of providing a high level of service and delivering high-quality products. Furthermore, a key success parameter has been the local knowledge as well as the close relationship with the customers. For further information on Dansk Cater, please visit www.cater.dk
About Altor
The Altor funds (Altor) are private equity funds comprising the Altor 2003 Fund with EUR 650 million in capital and Altor Fund II with EUR 1,150 million in capital. It is advised by Altor Equity Partners with offices in Oslo and Stockholm. Altor focuses on Nordic investments with enterprise value ranging from SEK 500 million to SEK 4 billion with value creation opportunities based on growth, strategic re-positioning and operational improvements. Altor Equity Partners has 25 employees, highly qualified and experienced in supporting companies through the change process. Since its inception, Altor investments include Aco Hud (exited in 2004), Lindorff, Dynapac, Ability Group ASA (listed on Oslo Stock Exchange July 2006), Relacom, Ferrosan, Aalborg Industries, Meyn, PaloDEx, Navico (Simrad and Lowrance), Byggmax, Nimbus Boats, Scandpower, PIAB and Dustin. For more information go to www.altor.com
PRESS RELEASE October 23, 2006
Altor Fund II (Altor) is to acquire Helly Hansen, a leading provider of action utility wear for survival, work and sport, from Investcorp
Altor announced today that it has entered into an agreement with Investcorp to purchase 100 percent of the shares in Helly Hansen, the worldwide supplier of technical apparel and footwear for outdoor sports, workwear and survival.
Founded in Norway in 1877, Helly Hansen operates in three business areas. Sport & Leisure is Helly Hansen’s largest division, supplying branded technical apparel and footwear for outdoor sports. The company’s Workwear division serves the professional apparel markets, while a dedicated unit manufactures and distributes survival suits for the oil & gas industry.
Headquartered in Moss, Norway, the company generates annual sales of approximately NOK 1,400 million (USD 210 million) and employs approximately 600 employees across Europe, North America and Asia. Helly Hansen’s products are sold through general sports retailers, specialty retailers and dedicated Helly Hansen stores.
Altor is in its third year of operation and specializes in acquiring majority shareholdings in mid-sized companies in the Nordic region where, as an active owner, it can contribute to positive and lasting change in its portfolio companies.
“Helly Hansen has built a truly global brand which marries authentic substance and a strong legacy with progressive and trend-right design. Altor will assist the company in utilising its strong brand name and product competence to strengthen its market position. We are very excited about this opportunity to work with Helly Hansen’s management team in the next stages of the journey they have embarked on. The strategy is to continue the focus on operational excellence and grow the brand in its existing markets”, said Hugo Maurstad, partner in Altor Equity Partners.
“With Altor as its new owner, Helly Hansen will have a strong partner with financial resources and extensive expertise that can further support our future growth. Altor identifies and subscribes to the current Helly strategy and will help us to unlock the fantastic potential of the brand”, said Jan Valdmaa, CEO of Helly Hansen. “The brand is going trough an exciting rejuvenation, building design leadership and innovation on the company’s unique heritage of survival, work and sport”.
Tito Soso, a Principal with Investcorp said: “We believe that thanks to the substantial efforts made by the management team over the past three years, Helly Hansen has been able to successfully reposition its brand, rejuvenate its product range, and refocus its distribution. The company is now well positioned to embark onto the next stage of its profitable growth strategy.”
Investcorp was advised by KPMG Corporate Finance and Silver Steep Partners. Altor was advised by SEB Enskilda ASA and Cardo Partners AS. Transaction details were not disclosed.
The acquisition of Helly Hansen is conditional upon the approval of the transaction by the relevant competition authorities.
For further information, please contact:
Hugo Maurstad, Partner Altor Equity Partners AS, tel: +47 90 10 43 08
Jan Valdmaa, CEO, Helly Hansen, tel: +47 69 24 90 00
Hans Gunleiksrud, Global Brand Manager, Helly Hansen, tel: +47 90620786
About Helly Hansen ASA
Norwegian Helly Hansen ASA is a global leader in action-utility wear for survival, work and sport.
Innovation has been a foundation of Helly Hansen since the company was established in 1877, and its
technical outdoor products are designed to be an enabling layer between human will and nature’s
forces. Helly Hansen is distributed in more than 40 countries.
For more information go to www.hellyhansen.com
About Helly Hansen Spesialprodukter AS
Helly Hansen Spesialprodukter is the leading supplier of survival suits to the Norwegian oil industry. The company manufactures, sells and rents personal protection products (immersion- and survival suits) to the oil and offshore industry. The company also applies its textile knowledge to other specialist technical markets, principally the production of canopies to the leisure boat industry. The company is a wholly own subsidiary of Helly Hansen ASA and located in Moss.
For more information go to www.helly-hansen-spesialprodukter.no
About Altor
The Altor funds (Altor) are private equity funds comprising the Altor 2003 Fund with EUR 650 million in capital and Altor Fund II with EUR 1,150 million in capital. It is advised by Altor Equity Partners with offices in Oslo and Stockholm. Altor focuses on Nordic investments with enterprise value ranging from SEK 500 million to SEK 4 billion with value creation opportunities based on growth, strategic re-positioning and operational improvements. Altor Equity Partners has 25 employees, highly qualified and experienced in supporting companies through the change process. Since its inception, Altor investments include Aco Hud (exited in 2004), Lindorff, Dynapac, Ability Group ASA (listed on Oslo Stock Exchange July 2006), Relacom, Ferrosan, Aalborg Industries, Meyn, PaloDEx, Navico (Simrad and Lowrance), Byggmax, Nimbus Boats, Scandpower, PIAB and Dustin.
For more information go to www.altor.com
About Investcorp
Investcorp is an alternative asset manager with offices in London, New York and Bahrain. The firm has four lines of business: private equity investment, real estate investment, hedge funds and venture capital. Since its foundation in 1982, Investcorp has arranged investments with a combined value of approximately $30 billion. The firm now manages total investments in alternative assets of around $10 billion.
For more information go to www.investcorp.com
PRESS RELEASE August 7, 2006
Altor is to acquire 80 percent of the shares in Dustin, Sweden’s leading company in the trading of computers and computer equipments on the Internet and by mail order. The remaining portion of Dustin will be retained by the founders and the current owners.
- Dustin has had impressive growth and strong profitability for many years. It is important for us to build on the business model and the unique corporate culture that has made Dustin successful, with strong customer focus, high service level, and rapid and secure deliveries. In cooperation with management, we will now take Dustin to the next level. The strategy is for growth, organically and through acquisition, and to expand geographic presence, says Harald Mix, partner in Altor Equity Partners.
Dustin was formed in Stockholm in 1984 and its sales for the most recent financial year (September 2004 – August 2005) totaled SEK 2.2 billion. When Internet sales of computer equipments commenced ten years ago, the company had annual sales of SEK 200 M. Dustin specializes in supplying a broad range of computer equipments, primarily to businesses. The number of products totals slightly more than 65,000.
Dustin works closely with suppliers and manufacturers. This is important in an industry, in which customers needs change rapidly. For Dustin, this means that its range expands by about 100 new products every day.
The business concept is based on quality at all levels, with a high degree of service as the foundation. Since customers often require computer equipments in acute situations, Dustin has built up a system for quick and secure deliveries. The time from order to delivery shall be a maximum of 24 hours.
- Through Altor as its new principal owner, Dustin will have a strong partner with financial resources and extensive expertise in developing the customer offering and accelerating growth, both organically and through acquisition, says Andréas Ståhl, CEO of Dustin AB.
In Sweden, sales of computer equipments on the Internet amount to slightly more than 5 percent of the total market. However, there is strong development in the growth of trade on the Internet and this has increased significantly faster than the rest of the market in recent years.
Altor has been operating for three years and specializes in acquiring complete or majority shareholdings in medium-size companies in the Nordic region. Similar to Dustin, many of these companies were formerly family-owned. Other examples of family-owned companies acquired by Altor are Byggmax, Piab and Nimbus Boats.
- Our investment strategy is to capitalize on opportunities in terms of growth and consolidation in various industries. Consequently, we look for companies that can form the hub of something much larger. Dustin is definitely such a company, says Harald Mix.
The offer to Dustin’s shareholders is conditional upon the approval of the transaction by the competition authorities.
For further information, please contact:
Harald Mix, Partner Altor Equity Partners AB, tel: +46 (0)8-678 91 00
Stefan Linder, Partner Altor Equity Partners AB, tel: +46 (0)8-678 91 17
Andreas Ståhl, CEO, Dustin AB, tel: +46 (0)8-553 44 000
About Dustin
Dustin, formed in 1984, is Sweden’s largest Internet-based distributor of IT products and home electronics. Dustin comprises three business areas; Business, Consumer and Partner, whereby the first two focus on the sale of IT products and home electronics to companies and the private market, while the third focuses on the sale of software to the corporate market. Dustin has annual sales of approximately SEK 2,200 M and has about 160 employees. Since 2000, the company’s core operations have grown by 11 percent each year, with a gross margin of about 15 percent
About Altor
The Altor funds (Altor) are private equity funds comprising the Altor 2003 Fund with EUR 650 million in capital and Altor Fund II with EUR 1150 million in capital. It is advised by Altor Equity Partners AB. Altor focuses on Nordic investments with enterprise value ranging from SEK 500 million to SEK 4 billion with value creation opportunities based on growth, strategic re-positioning and operational improvements. Altor Equity Partners AB has 25 employees, highly qualified and experienced in supporting companies through the change process. Since its inception, Altor investments include Aco Hud (exited in 2004), Byggmax, Dynapac, Nimbus Boats, Relacom, Lindorff, AGR Ability Group (listed on Oslo Stock Exchange), Simrad Yachting, Aalborg Industries, Ferrosan, Meyn and PaloDEx.
PRESS RELEASE July 6th, 2006
Altor Fund II has signed an agreement with the Tell family to acquire PIAB Invest AB. Peter Tell and Jacob Tell remain as large owners and executive management of PIAB. The new owners aim at significantly growing the company during the next coming years.
PIAB is a Swedish based company and a global leader within industrial vacuum technology. Today PIAB offers vacuum products and system solutions for all types of industrial enterprises and its products are sold through a world wide network of subsidiaries and distributors.
“With Altor as an owner, PIAB will have access to the capital and industrial expertise required to significantly grow the company’s business, leveraging PIAB’s market leading technology and product offering. Together with the global management team of PIAB we see ample opportunities and are looking forward to further strengthening PIAB’s offering to its customers around the world” says Jacob Tell, CEO of PIAB.
“PIAB has developed a technology base that no one in the world can match in terms of productivity improvements for its customers and energy efficiency. We believe that the growth potential for PIAB is substantial” says Bengt Maunsbach, Director at Altor Equity Partners AB.
PIAB has been owned by the Tell family since it was founded by Sven Tell in 1951. PIAB Sweden AB, a producer of force measurement equipment, will remain under the ownership of the Tell family and will change its name to Xerex AB.
“We had come to the point where few family members were actively involved in the company’s operations and therefore, it was natural to make an ownership transition. With Altor, together with Peter Tell and Jacob Tell, as the new owners, PIAB has great prospects for the future” says Göran Tell, Chairman of the Board of PIAB.
Jacob Tell, Chief Executive Officer, and Peter Tell, Director of Technologies, will remain as both owners and members of the executive management team of PIAB. Peter Tell founded PIAB’s vacuum division in 1968 after inventing the world’s first vacuum pump based on the multistage ejector technology. PIAB has since then continued to lead the technology development in its field. Important and recently developed products are vacuum pumps based on the patent protected COAX® technology and the DURAFLEX® line of suction cups. Jacob Tell has been the CEO of PIAB since 1998 and has been active in driving the company’s development in sales and distribution since joining PIAB in 1992.
PIAB’s vacuum pump technology makes use of compressed air, as opposed to electricity, in order to create vacuum which allows for miniaturization and decentralization of the pumps. As a result, vacuum may be generated closer to the point of application, a feature which saves energy and improves response time. The compressed air driven vacuum technology has during the past years gained significant market share from traditional electromechanical vacuum pumps and is expected to continue to grow.
“The Tell family has developed PIAB into an impressive company with industry leading products. Based on that platform we plan to drive global consolidation and develop PIAB into an important player in the industrial automation sector” says Harald Mix, Partner at Altor Equity Partners AB.
PIAB is together with Scandpower Petroleum Technology the first two investments made by Altor Fund II that closed in February 2006 at EUR 1150 million. Altor's acquisitions of PIAB and Scandpower are subject to competition authority approval.
Acquisition financing has been provided by SEB. The sellers were advised by Hjalmarsson & Gunterberg Corporate Finance AB and Vinge. Altor was advised by Ernst & Young, Mannheimer Swartling and PK Partners.
Contact Persons:
Jacob Tell, CEO, PIAB Invest AB, +46 8 630 25 00, +46 708 29 23 26
Bengt Maunsbach, Director, Altor Equity Partners AB, +46 8 678 91 00
About PIAB Invest AB
Headquartered in Sweden, PIAB is a global leader in industrial vacuum technology. Established in 1951, PIAB has been producing innovative solutions that improve the productivity and working environment of vacuum users around the world. PIAB manufacturers a complete line of vacuum pumps, vacuum accessories, vacuum conveyors and suction cups for a variety of automated material handling and factory automation processes. PIAB is the inventor of COAX®, a patented technology which integrates the internal components of a multi-stage vacuum pump into a vacuum cartridge, resulting in a smaller, more efficient, more reliable and highly flexible technology that allows users to design a modular system. The group has about SEK 400 million in revenue and 260 employees. For more information about PIAB, visit www.piab.com
About Altor
The Altor funds (Altor) are private equity funds comprising the Altor 2003 Fund with EUR 650 million in capital and Altor Fund II with EUR 1150 million in capital. It is advised by Altor Equity Partners AB. Altor focuses on Nordic investments with enterprise value ranging from SEK 500 million to SEK 4 billion with value creation opportunities based on growth, strategic re-positioning and operational improvements. Altor Equity Partners AB has 25 employees, highly qualified and experienced in supporting companies through the change process. Since its inception, Altor investments include Aco Hud (exited in 2004), Byggmax, Dynapac, Nimbus Boats, Relacom, Lindorff, AGR Ability Group (listed on Oslo Stock Exchange), Simrad Yachting, Aalborg Industries, Ferrosan, Meyn and PaloDEx.
PRESS RELEASE July 4th, 2006
The following is a matter of record and does not constitute an offering in any jurisdiction.
Ability Group ASA (AGR) has completed a share issue and secondary sale at NOK 47 per share. The indicative price range was NOK 45 to NOK 53 per share. The total number of shares sold in the offering including the over allotment option was 27.4 million.
The offering was well over-subscribed. After the new issue of shares, AGR’s share capital is NOK 127,547,890 divided on 63,773,945 shares. The market capitalisation of AGR following completion of the new issue of shares is approximately NOK 3 billion.
SEB Enskilda ASA and Pareto Securities ASA have acted as managers for the offering.
PRESS RELEASE Stockholm, June 21st, 2006
Altor, HitecVision and management/other current owners have signed an agreement to acquire Scandpower Petroleum Technology Holding ASA (SPT). Through the partnership with Altor, SPT is well positioned for future international expansion.
Altor has signed an agreement to acquire a 70 per cent shareholding in SPT. The current owners, led by HitecVision Private Equity, will have a 30 per cent ownership on a pro-rata basis.
SPT provides world leading software for the oil and gas industry within the areas of Flow Assurance and Production, Drilling, and Reservoir modeling. SPTs largest business area is Production and the software OLGA is currently used by most major oil, engineering and service companies world wide. Within dynamic flow assurance modeling, SPT is the market leader.
“SPT has already established itself as a global provider of software to oil companies. We have a number of growth opportunities that we plan to pursue with our new financial resources. We believe working with Altor and HitecVision will provide a good combination of continuity and new thinking that will support us on this journey!”, says Dag Terje Rian, CEO of SPT.
“During our ownership, SPT has developed into a very strong provider of highly valued software to the oil and gas industry. The organization, its product portfolio and its international footprint has substantially improved, and the
company is entering a new and exciting phase of its development. It is a natural point to bring in new owners and we look forward to working with Altor going forward”, says Ole Ertvaag, CEO of HitecVision.
“We expect strong growth in the company, especially from international markets. SPT has a unique starting point as the worlds leading provider of dynamic modeling technology and related products. We are impressed by what management and the organization have achieved, and look forward to work with them and HitecVision in the next phase of SPTs development”, says Hugo Maurstad, Partner in Altor Equity Partners.
Altor's acquisition is subject to competition authority approval.
Contact Persons:
Ole Ertvaag, CEO HitecVision Private Equity, +47 90684585
Hugo Maurstad, Partner, Altor Equity Partners, +47 90104308
Dag Terje Rian, CEO, Scandpower Petroleum Technology, +47 90117282
About Scandpower Petroleum Techology (SPT)
Scandpower Petroleum Technology Holding (SPTH) is one of the world’s leading companies in the field of dynamic flow modelling for the oil and gas industry.
SPTH provides a combination of software and consulting services within two main business segments; Multiphase flow and Reservoir engineering. With a strategy of turning basic research into profitable software products and consulting services, SPTH develops and markets OLGA®, Drillbench® and MEPO®, software products that support solutions which maximise production and reservoir performance.
edpm® is a proven dynamic on-line, real-time production management system which enables sustained cost effective operations. Headquartered in Oslo, Norway, SPTH has subsidiaries in Bergen, Dubai, Hamburg, Houston, London, Mexico City, Milan and Perth. In addition SPTH also has an extensive network of sales agents and representatives world-wide. SPTH has more than 150 employees.
About Altor
The Altor funds (Altor) are private equity funds comprising the Altor 2003 Fund with EUR 650 million in capital and Altor Fund II with EUR 1 150 million in capital. It is advised by Altor Equity Partners AB. Altor focuses on Nordic investments ranging from SEK 500 million to SEK 4 billion with value creation opportunities based on growth, strategic re-positioning and operational improvements. Altor Equity Partners AB has 25 employees, highly qualified and experienced in supporting companies through a change process. Since its inception, Altor investments include Lindorff, Ability Group (AGR), Relacom, Simrad Yachting, Dynapac, Byggmax, Meyn, Aalborg Industries, Ferrosan, PaloDEx and Nimbus Boats.
About HitecVision Private Equity
HitecVision Private Equity is one of Europe’s leading investors in the oil and gas industry, with USD 410 million / NOK 2.5 billion under management. The company’s own roots are firmly in the sector: Starting out in 1985 as Hitec ASA, an entrepreneurial oil service business, it went on to create HitecVision AS, a holding company structure for a portfolio of oil service companies.
Today, HitecVision Private Equity is a pure private equity fund manager. HitecVision Private Equity has since 2002 invested in 11 companies in the oil and gas industry in Europe and the United States. Two of these, Revus Energy and APL, were fully exited in 2005, through successful IPOs on the Oslo Stock
Exchange. The SPT investment is held in the fund Energivekst AS.
PRESS RELEASE February 23rd, 2006
Altor has closed a new fund at € 1,150 million. The fund will be invested in mid-market
Nordic companies, a segment where Altor has been a leading investor during the past three
years.
Over 50 investors have committed to Altor’s second fund. The investor base includes Harvard Management Company, Princeton University, Goldman Sachs Private Equity Group, Pantheon, AlpInvest, Länsförsäkringar Liv, Skandia Liv, Allianz Private Equity Partners and Standard Life Investments (Private Equity). Nordic investors represent 25% of total commitments, other European investors 35% and US investors the remainder.
“We are very pleased with the quality of investors in our second fund”, commented Harald Mix,
partner at Altor Equity Partners. “The fact that practically all Fund I investors have chosen to invest with us again is proof that we have delivered on our original strategy. In addition, a selection of new reputable investors have committed to this second fund. It is also positive to note that because demand for the fund was so great, the fundraising process only lasted two months, a significantly shorter period of time than anticipated”.
The new fund is composed of € 900 million in base commitments and € 250 million in top-up commitments, which will serve primarily to develop portfolio companies. Altor will continue to
focus on making investments in medium-sized Nordic companies with a turnover in the region of € 50 – 500 million, a market segment where Altor has been a leading investor in the past three years.
Altor’s first fund closed in May 2003 with commitments of € 650 million. The fund has completed 12 platform investments and almost as many add-on acquisitions for the portfolio companies.
Since 2003 Altor has built a strong investment organisation consisting of 17 people, with broad international experience, a complementary mix of professional backgrounds and strong representation from all the Nordic countries. The organisation is led by Harald Mix and the other partners are Johan Cervin, Fredrik Strömholm, Denis Viet-Jacobsen, Hugo Maurstad and Stefan Linder.
“Our portfolio has developed very strongly, as a result of an intensive change programme and several add-on acquisitions. With our larger investment organisation in place, we feel well positioned to support additional Nordic companies with potential for growth and improved operating performance”, observed Fredrik Strömholm, partner at Altor Equity Partners.
Companies in which Altor has invested include the following:
Lindorff was acquired from Gjensidige in January 2004 and was combined with Contant (acquired from Sponsor in November 2003). During Altor’s ownership, the combined entity has markedly improved operating performance and grown organically and through a number of addon acquisitions to become the leading debt collection management company in the Nordic region.
Dynapac was acquired from Metso in June 2004. The company is a leading global manufacturer of compaction and paving equipment. Dynapac has developed very positively as an independent company with strong organic growth and a significant increase in operating margins.
Relacom originated from the combination of Telavie (acquired from Bravida in December 2004) and Flextronics Network Services (acquired from Flextronics in August 2005). Through this merger and large outsourcing contracts, e.g. in Brazil, Relacom has become the world’s leading independent supplier of network construction, maintenance and installation services to the telecommunications industry.
Ferrosan was acquired in February 2005 from Idosan and Novo Nordisk in a transaction where Idosan remained a minority shareholder. Ferrosan is an international consumer health (OTC) and medical device company. The focus during Altor’s ownership is on growth, organically and through acquisitions. This has been evidenced by a strong performance to date and the acquisition of NSG in Norway in September 2005, which strengthened Ferrosan’s position as one of the leading Nordic consumer health companies.
Other Altor portfolio companies include ACO Hud (exited August 2004), AGR, Meyn, Aalborg Industries, PaloDex, Simrad and ByggMax. In addition, Altor has recently signed an agreement to acquire Nimbus Boats. Altor’s portfolio companies have a total turnover of over € 2.3 billion and in aggregate employ more than 20,000 people. The fund was placed by Helix Associates Limited of London and Monument Group of Boston, which also advised Altor on the raising of the previous fund.
On behalf of Monument and Helix, John Barber of Helix commented: “This has been a highly successful fundraising exercise, notable for the quality and diversity of investors Altor has attracted, the scale of investor demand, the speed of the process, and the innovative structure of the base and top up commitments. Even allowing for healthy fundraising markets, Altor's achievements on Fund II are notable.”
The fund's legal adviser was Ashurst, London.
For further information please contact:
Altor: Harald Mix (+46 8 678 9100), www.altor.com
Helix Associates: John Barber (+44 20 7968 6963)
Monument Group: Robert Mast (+1 617 423 4700)
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PRESS RELEASE February 13th, 2006
Altor has acquired a 60 per cent shareholding in Nimbus Boats. Through the partnership with Altor, Nimbus Boats is well positioned for future expansion.
Altor has, through its fund Altor 2003, acquired a 60 per cent shareholding in Nimbus Boats. The former owners will remain with a 40 per cent ownership and will remain shareholders in the same proportion as before Altor's investment.
Nimbus Boats, founded in 1977, today includes the brand names Nimbus Boats, Maxi Yachts, Storebro and Ryds. Nimbus Boats has annual sales of approximately SEK 800 million and employs some 450 people at five production units. For the last six years the company has had an annual sales growth of approximately 15 per cent combined with high and stable margins.
The current chairman, Lennart Svantesson, is appointed new CEO as of 1 April. Both founders of the company, Hans and Lars Wiklund, will continue to be operationally active in the company and remain as members of the board of directors. Håkan Larsson, CEO of Rederi AB Transatlantic, is proposed to be the new chairman of Nimbus Boats.
"We believe the best way to further develop the company is to bring a partner aboard. With Altor and its proven track record as owner of growth companies we have found an ideal partner to explore our future opportunities. We will jointly prepare the company for a potential IPO in a few years time. I'm also very happy to hand over the CEO-position to Lennart Svantesson, who has been active on the Board for many years", says Nimbus Boats' current CEO Hans Wiklund.
Nimbus Boats' new CEO Lennart Svantesson says "I am confident that we can grow the company at the same pace as the last few years and at the same time further improve our efficiency. Our plans for growth are founded on a strong product plan and selective geographical expansion. I know Altor well since before and having worked together with them for the last couple of months has reconfirmed that we have chosen the right partner for the future”.
"Nimbus Boats is one of the leading boat manufacturers in the Nordic region, with very strong brands, a strong position in the high-end leisure boat market and an exciting programme of new models. We are looking forward to work with management to further reinforce the company's competitiveness and market position", comments Fredrik Strömholm, partner at Altor Equity Partners.
Altor's acquisition is subject to competition authority approval. Kaupthing Bank has been financial adviser to the owners of Nimbus Boats and SEB Enskilda has been financial advisor to Altor.
About Altor
Altor 2003 Fund is a private equity fund with EUR 650 million in capital. It is advised by Altor Equity Partners AB. The fund specializes in Nordic investments ranging from SEK 500 million to SEK 4 billion. Altor focuses on opportunities for value creation through growth, strategic re-positioning and operational improvements. Altor Equity Partners AB has 25 employees, highly qualified and experienced in supporting companies through a change process. Since its inception, Altor has, among other investments, invested in Relacom, Dynapac, Byggmax, Ferrosan, Lindorff and Simrad Yachting.
For further information please contact:
Nimbus Boats AB
Lennart Svantesson at +46 31 69 77 00
Hans Wiklund at +46 31 69 77 00
Altor Equity Partners AB
Fredrik Strömholm at +46 8 678 91 00