Bain Capital buys Bravida in tertiary buyout

Reports first emerged about the deal in late 2011 and Bain was listed as one of the parties in a second bidding round earlier in April. According to reports, other participants included EQT, Apax Partners, and PAI partners. It was suggested at the time that the company might be valued at around $1bn.

Bain managing director Michel Plantevin expressed support for the current management team, highlighting strong performance over the last five years. He believes there are considerable growth opportunities in the expansion of Bravida and suggested that add-on acquisitions may be of interest.

Triton partner Thomas Tarnowski described the original investment in Bravida as a turnaround project and suggested that it has grown into a resilient business with competitive margins. Since the acquisition of the company, Triton has focused on improving project selection, increasing margins on service and maintenance revenues, reorganising the branch network, and restructuring Norwegian operations.

Previous funding
Triton acquired Bravida from a consortium of investors, including Telenor, Procuritas Capital Partners, Sampo Liv, Investment AB Latour and Säki, in a secondary buyout in 2006. Equity was invested from Triton Fund II. Svenska Handelsbanken provided debt for the transaction.

Company
Bravida, founded in 1967, provides technical installation and service solutions to customers in the Scandinavian region. Headquartered in Stockholm, the company employs 8,000 staff and recorded an EBITA of SEK 664m from SEK 10.8bn net sales in 2011.

People
Managing director Michel Plantevin worked on the deal for Bain. Partner Thomas Tarnowski worked on the deal for Triton. Mats O Paulsson is president and CEO of Bravida.

Advisers
Vendor – Vinge, Christina Kokko, Peter Bäärnhielm, Charlotte Levin, Paul Dali, Jo-Anna Nordström, Nicolina Kindblom, Rikard Lindahl, Louise Brorsson Salomon, Albert Wållgren (Legal).

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• Topics
• Nordics
• Buyouts
• Industrials
• Sweden
• Bain Capital Europe
• EQT
• Apax Partners
• PAI Partners