Triton buys Fläkt Woods from Equistone and Sagard

The new owner aims to focus on air technology around connected and integrated heating, ventilation and air conditioning systems.

News agency Reuters reported bids were expected to range between €400-450m and Lazard was given the mandate to run the sale.

During Equistone and Sagard's ownership, Fläkt Woods made four strategic acquisitions and expanded geographically. The GPs said the business increasingly focused on energy saving solutions, continued investment in research and development, and made bolt-ons in the US, Scandinavia and India.

Previous funding
In 2007, French private equity firm Sagard backed the secondary buyout of Fläkt from UK-based Compass Partners for between €450-500m. Sagard won the Goldman Sachs-run auction, which attracted the likes of 3i, LBO France and Doughty Hanson, as well as some industrial bidders. Equistone, then known as Barclays Private Equity, joined Sagard as a co-investor on this transaction.

Compass acquired Woods from Marconi in January 2001, and Fläkt from ABB in 2002, before merging the two entities.

In 2013, Fläkt Woods received a firm €193m offer for its infrastructure and industry activity from Howden, a subsidiary of listed US group Colfax. The division accounted for around 30% of Fläkt Woods' turnover. Sagard and Equistone did not realise any value as part of the transaction, to allow Fläkt Woods to reduce its debt burden and refocus on the consumer market.

Company
Based in Geneva, Fläkt Woods produces air movement, treatment, management, diffusion and distribution products. The business has 2,200 employees and locations in 20 countries. It has revenues of €420m.

People
Triton – Peder Prahl (director).
Sagard – Antoine Ernoult-Dairaine (partner).
Equistone – Laurent Chauvois (partner).
Fläkt Woods Group – Didier Forget (CEO).

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• Topics
• Buyouts
• Industrials
• DACH
• Exits
• Switzerland
• Equistone Partners Europe
• Sagard Private Equity
• Triton Partners