First Closing of Procuritas Capital Investors III
Press Release
We are pleased to announce the first closing of our third fund – Procuritas Capital Investors III – on December 19, 2001. Despite adverse market conditions the fund had a first closing at nearly MEuro 110. The investor group is an excellent mix of blue chip investors, such as Verizon (US), Statoil (Norway), Nordea Group (Sweden) and Sampo (Finland). We anticipate to add MEuro 200 in subsequent closings.
Despite the rather uncertain general fund environment there are several good reasons for a continued smooth fund raising.
Outstanding and consistent track record – net IRR 67% since 1990
Since 1990 we have invested approx. MSEK 700 in 16 deals, and produced a realised and unrealised gain of approx. 1,200 MSEK in 10 full or partial exits.
The first fund PMIC (incepted 1990 and closed year 2000) has produced 74% net IRR to the investors.
PCP II, the second fund, (incepted 1997) will not make any new significant portfolio investments. The largest investment – installation giant Bravida – is performing on a record level and is heading for an IPO at the latest the first quarter 2003. Other exits have been made last year with considerable gains and there are further exits in pipeline. Targeted performance of the fund is 2-3 times invested capital. The combined IRR for our funds since 1990 is 67% net to investors.
Attractive market – The Scandinavian mid market
The Scandinavian buy out market is one of the most developed in Europe and continues to offer an attractive flow of mid segment investment opportunities. (Thebanks’ appetite for lending seems to remain on a decent level.) From a market segmentation point of view, Procuritas’ franchise as a leading mid segment player is strong. Competition in this mid segment is also relatively modest.
Persistent strategy – Since 1986
Our focus remains on mid sized Nordic companies with a unique product or market position managed by professional management teams. This proven strategy will be followed.
Team consistency – Average team experience in Procuritas 10 years
Seven partners have been working together in average 10 years (the four most senior have been working together for in average 14 years).
Significant General Partner commitment – MEuro 30 committed since 1990
Substantial partnership equity in the funds and aligned interests with investors and portfolio teams.
Dealflow – Procuritas investigates 125 deals on an annual basis
The new fund PCI III is scanning a number of investment opportunities.
For further information please call
Procuritas +46 8 506 143 00 (in Stockholm) or +45 33 91 87 00 (in Copenhagen)