News. 18/10/99

Procuritas Capital Partners II acquires 7 niche companies from Finnveden AB

Press Release

Procuritas Capital Partners II, a fund specialised in management buyouts in the Nordic countries announced today, Monday, October 18, 1999, the acquisition of 7 niche companies from Finnveden AB, listed on the Stockholm Stock Exchange’s A-list.

The following 7 companies with a total turnover of approximately SEK 775 million and 680 employees are included in the acquisition: Isaksson Gruppen AB in Habo with a turnover of SEK 235 million and 210 employees. Isaksson’s manufactures and markets fittings primarily under the Habo brand name. Pelly Industri AB in Hillerstorp with a turnover of SEK 145 million and 170 employees. Pelly manufactures wire-based storage systems used to furnish kitchens, bathrooms and bedrooms. AB Petterssons Järnförädling in Hillerstorp with a turnover of SEK 115 million and 80 employees. Pettersson’s manufactures garment-hanger hooks for customers world-wide. J.H. Tidbeck AB in Haninge and Ljungsarp with a turnover of SEK 75 million and 60 employees. Tidbeck’s manufactures grille and screen products for industrial customers, for example filtration screens for the construction industry. AB Orwak in Sävsjö with a turnover of SEK 135 million and 95 employees. Orwak manufactures equipment used to separate and compress waste products. O Malmkvist AB in Alvesta with a turnover of SEK 38 million and 43 employees. O Malmkvist is an engineering company that, inter alia, manufactures filtration equipment, industrial cleaning equipment and that is a systems supplier to, inter alia, ABB and Strålfors. Mikroponent AB in Värnamo with a turnover of SEK 31 million and 24 employees. Mikroponent is a partner and supplier to the electronics, telecommunications and precision mechanics industry. The technological base is chemical etching, so called photo punching.

Procuritas Capital Partners II (”PCPII”) – a venture capital fund – was established in 1997 with a capital base of about SEK 1 billion. Investors in PCPII include Statoil, Sampo, Pohjola, Länsförsäkringar Wasa, Nordbanken’s Pension Foundation, Norsk Hydro, BG Bank, Sparebanken NOR, Bell Atlantic Asset Management, INVESCO, Industrial Bank of Japan, Praktikerinvest and Danske civil- og akademiingeniörers Pensionskasse (DIP).

Procuritas Partners KB (”PPKB”) acts as advisor to PCPII. Since its establishment in 1986, the Procuritas group has acted as advisor in a total of 14 buy-outs in the Nordic region, with a total acquisition price of more than SEK 8.5 billion.

The acquired companies are well positioned in their respective markets when it comes to market positions and/or brand names and PCPII sees significant opportunities to grow the companies both organically and through acquisitions.

Lars Krogsgaard, PPKB, adviser to PCPII, says: ”We are impressed by the knowledge and experience that exist in the companies. The new ownership structure means that the companies will receive the attention and resources needed to grow and expand. Each company will have the opportunity to prove itself and all seven companies will be in focus in the new group as opposed to earlier when they constituted a non-core group within Finnveden.”

Sten Thunberg, CEO of Finnveden, says: ”Finnveden is divesting the niche companies in order to focus on its operations as a supplier to the international engineering industry. I am convinced that we have found a good home for the niche companies and that they will have the opportunity to continue their positive development in the new group.

For further information please contact:

Peter Toyberg Procuritas Capital Partners II phone: +44 1481 716 069
Lars Krogsgaard, Director Procuritas Partners KB phone: +46 8 506 143 00
Sten Thunberg, CEO Finnveden AB phone: +46 10 289 54 74

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