Procuritas Capital Partners II creates The Nordic Specialist Group
Procuritas Capital Partners II, a fund specialised in management buyouts in the Nordic countries announced today its acquisition of companies in BTL’s specialist division.
The acquired companies all have strong market positions in the Nordic countries and have been a part of BTL’s specialist division. After PCPII’s acquisition the companies will form the Nordic Specialist Group (”NSG”). NSG will have approximately 600 employees and turnover for 1997 is estimated at approximately MSEK 720.
The transport and service company NSG consists of three units; ScanVan, SkandiaTransport and Scandinavian Garment Service (”SGS”).
ScanVan is the leading removal company in Scandinavia. The company has 270 employees and the turnover is estimated at MSEK 335 in 1997. ScanVan includes very strong brand names, for example Kungsholms Express & Spedition AB in Sweden, Adams Transport Co. A/S in Denmark and Majortrans Norge AS and Frogner Int. AS in Norway.
SkandiaTransport is Sweden’s leading car transportation and pre-delivery inspection company. It has 90 employees and the 1997 turnover is expected to reach MSEK 180. Its main customers are Svenska Volkswagen AB (Volkswagen, Audi, Skoda etc.), Ford, BMW, etc.
Scandinavian Garment Service, (”SGS”), is the leading hanging garment transportation and distribution company in the Nordic countries. The company is a part of the Faxion network and can therefore offer very efficient deliveries from manufacturers to retailers. The turnover in 1997 is expected to be MSEK 206. The company has 240 employees.
The NSG will be managed by Mr. Mats Millbourn, currently head of BTL’s specialist division.
Mr. Håkan Larsson, the President of BTL, says:
”The sale of the NSG will give BTL more resources to develop its land, sea and air transport networks. The remaining niche companies within BTL with operations in railroad transport and thermo transport are more closely connected with our European network.”
Mr. Mats Millbourn and his colleagues in the NSG are confident of future opportunities for strong expansion of the company by acquisitions and organic growth. Mr. Mats Millbourn says:
”From a European perspective, the transport industry is still very fragmented and ScanVan expects not only to expand by acquisitions, but also to develop new moving-related business concepts for the benefit of our customers.
We also envision many interesting opportunities for SkandiaTransport to further strengthen and develop its market position in the Nordic countries.
SGS is already the leading hanging garment transport company in northern Europe. There are ample opportunities to develop the business both geographically and servicewise.”
Procuritas Capital Partners II (”PCPII”), is a fund with among others, the following institutions as investors:
Bell Atlantic Asset Management, Industrial Bank of Japan, Sampo, Pohjola, WASA Life, Länsförsäkringar, Sparbanken NOR, Bikuben Girobank, DIP Danske civil- og akademiingeniørers Pensionskasse etc.
Currently PCPII has a capital base exceeding MSEK 750, which is expected to increase further before the final closing of the fund in March 1998. The fund, which also is the leading investor in CityMail Sweden AB, is a successor of Procuritas MBO Invest Consortium (”PMIC”).
PMIC, established in 1990, has to date invested in seven Nordic buyouts: Aura Industrier (former LUMA), Chromogenix, Däckia, Hälsokostcentralen, LIC Care, Nordiska Vägrestauranger and Ticket Travel Group. The investments have generated substantial gains for PMIC’s investors.
Procuritas Partners KB is the adviser to PMIC and PCPII. Procuritas, established in 1986, is the oldest Nordic ”private equity” company focused on management buyouts.
Mr. Lars Krogsgaard, Investment Manager at Procuritas, says:
”PCPII’s acquisition of the NSG will give the NSG access to capital and an international network. We, as well as the company management, anticipate many interesting possibilities for expanding the NSG business, both organically and through acquisitions. Moreover, even though the current NSG profitability is acceptable, we foresee future productivity- enhancing efforts.”
For further information please contact:
Åsa Lindell Byström, Director of Corporate Communication, BTL, tel. +46 31 703 80 30
Mats Millbourn, CEO, NSG, tel. +46 35 16 04 10
Lars Krogsgaard, Investment Manager, Procuritas, tel. +46 8 24 43 00