Procuritas Capital Investors IV LP acquires Waterjet Entreprenad
Press Release, Guernsey/Stockholm
Procuritas Capital Investors IV LP (“PCI IV”) acquires Waterjet Entreprenad AB, a Swedish leading provider of hydro demolition, concrete repair and industrial maintenance services.
“Waterjet operates in an attractive niche market and is a clear leader where it operates. The company has grown significantly based on its solid reputation and strong competence in hydro demolition. We are eagerly looking forward to helping Waterjet to expand its geographical footprint in the Nordic region. We see opportunities for both organic and acquisition growth” says Erik Fougner of Procuritas Partners GmbH, advisor to PCI IV.
“I believe that PCI IV will be a good partner and owner. Waterjet has developed successfully over the last years and I look forward to working with Procuritas to make Waterjet a larger and stronger company, building on the excellent customer relationships we have as well as our skilled employees and leading technology position” says Tomas Åberg, founder and CEO of Waterjet.
The acquisition takes place through Conrep Holding AB, backed by an international consortium led by PCI IV. The transaction was signed March 31, 2010 and closed April 21, 2010.
Waterjet is a leading player in the market for repair and rehabilitation of concrete infrastructure, such as bridges, parking decks, dams and other infrastructure. More than half of Waterjet’s sales is to public entities, such as rail and road authorities, and the remainder goes to private sector clients, such as parking house owners, pulp and paper mills, and larger construction companies.
Waterjet uses highly specialized equipment with extremely high pressure water jets to remove damaged concrete, a method called hydro demolition. The method has many advantages over traditional mechanical removal and is today the method of choice. In addition to hydro demolition; the company performs concrete repairs and various industrial maintenance activities. In the industrial maintenance business, high pressure water jets are used to clean boilers and vessels in e.g. process industries during maintenance shut downs.
The company originates from the Swedish construction company NCC. Tomas Åberg bought NCC’s hydro demolition activities in 1999 and has since rapidly expanded the business. The company is headquartered in Lidingö near Stockholm and has two regional offices in Karlstad and Skellefteå. Tomas Åberg will continue as CEO for the company and will remain a 20% shareholder.
More information about Waterjet can be found on www.wjet.net.
About PCI IV and Procuritas
Procuritas Capital Investors IV is a private equity fund focusing on mid-sized companies in the Nordic Region. Waterjet Entreprenad AB is the fourth investment by PCI IV. PCI IV is advised by Procuritas AB and Procuritas Partners GmbH. Procuritas is a Nordic private equity house specialized in initiating, structuring, and financing management buyouts. Founded in 1986, the company was the pioneer in introducing the concept of management buyouts in the Nordic region.
More information about Procuritas can be found on www.procuritas.com
For further information, please contact:
Erik Fougner, Partner, Procuritas Partners GmbH, tel. +46 702 663 111
Mattias Feiff, Partner, Procuritas AB, tel. +46 706 208 436