News. 12/03/98

Procuritas Capital Partners II acquires the assets of Sandå Måleri AB including subsidiaries

Press Release

Procuritas Capital Partners II, a fund specialised in management buyouts in the Nordic countries announced today, March 12, 1998, the acquisition of the assets of Sandå Måleri AB including subsidiaries.

The investors in the risk capital fund include WASA Life, Länsförsäkringar, Norsk Hydro, the Finish insurance groups Pohjola and Sampo, the Danish BG Bank and Danske civil- og akademiingeniörers Pensionskasse.

The acquired company is Sweden’s largest contractor for painting, flooring and window installation services with an annual turnover of approximately SEK 800 million.

Lars Krogsgaard, Investment Manager at the adviser Procuritas Partners says: ”We are convinced that this is the right time to enter this industry as we expect the demand to increase in the next few years.”

Sandå is represented in approximately 50 locations around Sweden with the head office in Stockholm.

The assets of Sandå Måleri AB are acquired by Sandå Projekt AB that immediately takes over the entire painting, flooring and window installation business.

In order to strengthen Sandå’s large, nation-wide operations Leif Nordström will take charge of the painting division and Henry Juhlander will head the flooring and window installation division.

Axel Leffler has been appointed acting CEO. Axel Leffler has twenty years experience from leading positions in Swedish industry and trade.

The painting business is represented in 44 locations, flooring in 12 locations and the window installation business in 11 locations around Sweden. Moreover, there are 7 subsidiaries.

The total number of employees is 1 500, of which 120 people work in the flooring division and 80 people in the window installation division.

The acquisition will provide the stability that Sandå has been lacking recently. This stability is a necessary platform for the company’s development, including rationalisation efforts and the striving for an improvement in market share.

For further information, please contact:

Leif Nordström, Sandå Projekt AB, Painting division
tel. +46 8 709 35 00
Henry Juhlander, Sandå Projekt AB, Flooring and Window Installation division
tel. +46 8 709 35 00
Axel Leffler, Sandå Projekt AB, acting CEO
tel. +46 8 709 35 00
Lars Krogsgaard, Procuritas Partners KB, Investment Manager
tel. +46 8 24 43 00

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