Nordic Capital-backed Munters to list with SEK 10.1bn market cap

The listing is expected to give the business a market cap of SEK 10.1bn, up from the SEK 5.7bn figure at the time of Nordic Capital's initial investment.

According to a statement issued by the company, five cornerstone investors have committed to acquiring 26% of Munters' outstanding shares. The investors comprise FAM, which will acquire a 10% stake; Alecta Pensionsförsäkring and AMF Fonder, which will each acquire 5%; and Handelsbanken Fonder and Carve, which will each acquire 3%.

Nordic Capital will retain a "significant majority" stake following the flotation, according to the aforementioned statement, with the company planning to undertake an acquisitive growth strategy.

The IPO comes six and a half years after the GP acquired the company in a take-private that gave Munters an enterprise value of SEK 5.7bn.

Under Nordic Capital's tenure, the business has restructured its operations and increased its headcount by more than 50%, from 2,200 to 3,500. It has also made consolidation plays, most recently acquiring Indian chemical processing company Kevin Enterprises and a 60% stake in US-based MTech Systems, which produces software for poultry and swine production, for SEK 222m.

The GP is invested in Munters via its seventh fund, which held a final close in November 2008 on €4.3bn.

Munters provides air treatment and climate control systems for companies operating in the food, pharmaceutical and data center sectors. It was founded in 1955 and has operations in 30 countries.

The company generated SEK 6.3bn in revenues in the year ending March 2017, up 15% year-on-year, according to the statement. Since 2014, it has increased its adjusted EBITDA from SEK 321m to SEK 808m.

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