Procuritas MBO Invest Consortium divests AURA Industrier, formerly Lumalampan
Procuritas MBO Invest Consortium, a buyout fund advised by Procuritas A/S, announced today the divestiture of AURA Industrier, located in Karlskrona, to DuroLite International, Inc. Terms of the acquisition are undisclosed.
AURA Industrier, formerly Lumalampan, is an ISO certified Swedish manufacturer of patented long life fluorescent lamps. Aura was established in 1930, and today concentrates its activities exclusively on serving the professional market with specialised long life fluorescent lamps. 1997 sales to the European market were SEK 163 million ($24 million USD). Aura has its own sales force in Sweden, Norway, Finland, Holland, Germany, and Poland, with other European countries served through independent distributors.
Peter Toyberg of Procuritas says: ”It is with pleasure that we see that Aura now finds a new home with the DuroLite group of global specialty lighting companies. The divestiture will enhance Aura’s ability to expand in Europe.”
Procuritas, as an adviser to the buyout consortium Procuritas MBO Invest Consortium, has together with Aura’s management restructured the old Luma company into today’s successful Aura Industrier Group through the divestment of unprofitable business, the streamlining of the organisation, as well as focusing the company on the professional lighting area, primarily consisting of the production and marketing of fluorescent tubes.
Krister Issal, President of Aura, will be appointed to the newly created position of President of DuroLite Europe.
”This new organisation solidifies our opportunity for growth and allows us to be poised for success as we enter the next century,” said Mr. Issal. ”Aura as part of DuroLite will fluorish as we now can offer a more complete lighting solutions package to our customers.”
Procuritas MBO Invest Consortium (PMIC), was established in July 1990 with a capital base of SEK 250 million. The investors in PMIC include BG Bank, Sparebanken NOR, SPP, Företagspartner IBP Invest, Dresdner Kleinworth Benson, HSBC Private Equity, Prudential Insurance Company of America, Greenoak Capital Management and Pantheon Ventures as well as the Fund Manager. PMIC has invested in seven Nordic buyouts with a total net IRR exceeding 70 per cent.
For further information please contact:
Peter Toyberg Procuritas A/S Tel. +45 33 91 87 00