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exits unquote SWEDEN EXIT Camfil SEK 1.325bn Location Stockholm Sector Waste and disposal services Founded 1963 Turnover SEK 4.503bn EBITA SEK 417m Staff 3,400 Vendor Ratos Returns SEK 610m, 13% IRR Ratos’s Camfil sale nets SEK 610m Exit deal Ratos has sold its stake in Camfil to the company’s main shareholders for an equity value of SEK 1.325bn, giving the investor an exit profit of SEK 610m. The investor owned a 30% stake in the Swedish air filtration and clean-air solutions provider and the exit has generated an annual IRR of 13%. Ratos’s exit profit includes a SEK 535m loan that was refinanced in 2008. Ratos held a stake in the company for almost 11 years, and an exit was sought following discussions between the investor and majority shareholders. Other exit routes were considered, but the majority shareholders were keen to buy back the stake and offered an attractive bid to Ratos. Previous funding Ratos acquired a 30% stake in Camfil for SEK 450m in 2000 in conjunction with the take-private of Farr. Camfil and Farr were merged to create a global specialist in air filters and air cleaning services. The investor has also supported several other acquisitions, transforming Camfil from a European to a global market player. Camfil’s turnover has grown from SEK 2.277bn in 2000 to SEK 4.503bn in 2009 and EBITA from SEK 96m to SEK 417m in the same period. Company Camfil was established in 1963 and is a producer and developer of air filters and clean-air products. The company has 23 production facilities on four continents and is represented in more than 50 countries. Camfil is based in Stockholm and employs approximately 3,400 people. People Ratos’s CEO Arne Karlsson is responsible for the investment in Camfil. IPO Isconova AB SEK 80m Location Uppsala Sector Pharmaceuticals Fpunded 1999 Turnover SEK 28.2m Staff 26 Isconova AB IPO raises SEK 80m Exit deal InnovationsKapital’s portfolio company Isconova AB has listed on NASDAQ OMX First North, raising SEK 80m. The IPO was seen as a funding round for the company, with newly issued shares, at a price of SEK 58, representing 34% of the total share capital being offered. The deal values the company at SEK 233m. InnovationsKapital invested an undisclosed amount in conjunction with the listing to retain a 45.9% stake in the company. Swedish-based vaccine developer Isconova was listed on 10 November. The investor supported the funding round as it is looking to be a long-term partner with the company, which is believed to have good growth potential. According to InnovationsKapital, further funding rounds are likely. 30 UNQUOTE JANUARY 11 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD www.unquote.com/nordics
unquote exits InnovationsKapital originally invested in the company in July 2008, when it provided SEK 30m together with a group of private investors. Equity was provided by the InnKap 4 Partners LP fund. Company Isconova is a Swedish research and development company that specialises in developing and commercialising adjuvant and vaccines. The company’s technology makes vaccines more protective and longer lasting. Isconova’s products are used in human and veterinary vaccines. The company was founded in 1999 and employs 26. It recorded a turnover of SEK 28.2m in 2009. People Ulf Tossman and Johan Rask worked on the deal for InnovationsKapital. Advisers Company – E Öhman J:or Fondkommission (Financial due diligence); Delphi, Vilhelm Nyström, Kristina Nilsson, Mikael Knutsson, Fredrik Jorstadius and Anna Schönning (Legal); Avanza Bank AB (Retail distributor). Eqvitec sells stake in Frends Technology Transaction Eqvitec Partners has sold its stake in Frends Technology Oy to Nordic consulting company HiQ for €3.5m. The company was wholly acquired from the investor and other shareholders. A return on investment has not been disclosed. The investor decided to sell the company because the holding period was approximately 10 years. Eqvitec Technology Fund I, a €68m fund established in 1998 from which capital was used for the initial investment, was also coming to an end. A trade sale was always the considered exit route, as the company was deemed too small for an IPO. TRADE SALE Frends Technology €3.5m Location Helsinki Sector Computer services Founded 1988 Turnover €3.3m Staff 40 Vendor Eqvitec Partners HiQ offers consulting within communication and systems development and the acquisition of Frends will strengthen its position in the Finnish market. Previous investment Eqvitec made a growth investment in Frends Technology 10 years ago. The value of the deal has not been disclosed but the transaction saw the investor taking a stake in the company alongside other shareholders. The investor has supported growth of the company in its main market, Finland. Growth has been particularly strong over the last three years. Company Frends Technology is based in Helsinki and is an IT consulting firm specialising in business process integration. Its clients include companies in the utilities sector, retail and manufacturing industries. The company was founded in 1988 and employs 40 people. In 2009 the company generated net sales of €3.3m. People Jukka Mäkinen worked on the deal for Eqvitec Partners. Advisers Vendor – Juridia, Olli Iirola, Janne Rainvuori (Legal). ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE JANUARY 11 31 www.unquote.com/nordics
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