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uyouts unquote understood to have been looking at the company for some time and announced its interest in Troax to Gunnebo after the vendor launched an internal sales process. Equity for the transaction was provided by the Accent Equity 2008 fund. This was said to be an attractive deal for Accent, which has experience in carving out non-core operations from groups. It was also attracted by Troax’s international reach. Other than price, Accent’s ability to quickly close the transaction was said to be central to winning the deal, due to Gunnebo being listed and not wanting a drawn-out process. The investor is looking to support growth through consolidation in the European region and an expansion into new markets in Asia and the US. Debt The transaction was supported by a debt package from Nordea. Company Troax is headquartered in Hillerstorp, Sweden, and develops, manufactures and sells industrial panel and partition systems. The assortment is sold in three segments: machine protection, material handling and logistics, and property protection and storage. Troax was established in the 1950s and started its international expansion in the 1970s. It now has approximately 300 employees and operations in 25 countries, and recorded a turnover of SEK 500m in 2010. People Niklas Sloutski, Carl Fürstenbach and Jan Ohlsson worked on the deal for Accent Equity Partners. BUYOUT Björnkläder SEK 307m Location: Gothenburg Sector Specialty retailers Founded 1905 Turnover SEK 480m Staff 185 Advisers Equity – PricewaterhouseCooper (Commercial, financial & operational due diligence); Cederquist, Lars Bärnheim, Carl-Johan Deuschl, Sofia Gärde, Helena Bergenheim, Ferid Demirel and Karin Lang (Legal). Vendor – Hannes Snellman, Jan Jensen, Claes Kjellberg, Carolina Wahlby and Effie Kourlos (Legal). Litorina acquires Björnkläder for SEK 307m Transaction Litorina has acquired professional workwear and personal protective equipment retailer Björnkläder from Davis Service Group for an enterprise value of approximately SEK 307m (£28.5m). The investor is understood to have been looking at the company and sector for three to four years and decided to invest after the vendor launched an auction arranged by Handelsbanken. Equity for the transaction was provided by the Litorina Kapital III fund, which raised SEK 1.38bn at final close in December 2007. The investor was primarily attracted to the company because it has close proximity to its customers with a network of shops across Sweden through the Grolls retail chain. Björnkläder’s position in the market was also said to be attractive for Litorina. Support will be provided to continue growth in Sweden and expand into other Nordic regions. According to Litorina, this growth will be achieved through a combination of opening new stores and selling to distributors and municipalities. Debt Leverage will be used, although the financing of the deal has not yet been finalised. 28 UNQUOTE JANUARY 11 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD www.unquote.com/nordics
unquote buyouts Company Gothenburg-based Björnkläder is a specialised retailer of workwear and personal protective equipment through its Grolls retail store network. Operating 24 stores in Sweden and one in Finland and Estonia, the company offers a wide range of workwear brands in addition to its own brand, Björnkläder. Founded in 1905, the company employs 185 people and generated revenues of approximately SEK 480m and an operating profit of SEK 26m in the 12 months to 30 October 2010. People Lars Verneholt, Olof Cato and Mattias Letmark worked on the deal for Litorina. Advisers Equity – Vinge, Johan Winnerblad, Maria-Pia Hope, Johan Johansson, Paul Dali, Johan Mattsson, Peter Alstergren (Legal); PricewaterhouseCoopers (Financial due diligence); Vadestra (Commercial due diligence). Vendor – Handelsbanken (Corporate finance). Via Venture acquires stake in Miroi Transaction Venture capital investor Via Venture Partners has backed the buyout of Swedish adult education and job matching services provider Miroi i-learning AB. The deal value has not been disclosed, but is believed to be in the region of SEK 50m. Via Venture now owns 70% of Miroi i-learning through holding company Miroi AB, with management retaining a 30% stake. According to the investor, this type of deal, where a venture firm backs a small buyout, is likely to increase in the future. It originated because the company’s management was facing a generational shift and was looking for a new owner. Avantus Corporate Finance advised Miroi during the sales process. BUYOUT Miroi i-learning AB n/d (
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