Perusa buys Opcon division for SEK 218m

The sale includes Opcon subsidiary SEM AB, as well as SEM's China-based subsidiary SEM Technology Suzhou.

The GP invested via the Perusa Partners II fund, which closed on €207m in late 2011. The transaction includes a variable component depending on performance that may increase or decrease the overall purchase price by a maximum of SEK 10m.

Perusa will pay SEK 90m in equity and has secured SEK 70m in debt, with the remaining amount after adjustments being settled through an interest bearing vendor note payable after 36 months.

Company
SEM develops energy-effective solenoid technology and ignition systems for combustion engines, including ethanol, natural gas and biogas engines. Opcon's engine efficiency division currently has around 250 employees in Sweden and China; it posted a SEK 235m turnover and SEK 30m operating profit in 2011. These figures stood at SEK 132m and SEK 16m respectively in the first half of 2012.

People
Rolf Hasselström is president and CEO of Opcon.

Advisers
Equity – Delphi, Per Granström Andreas Wirén, Olof Hagberg, Erik Wodcoock (IP due diligence).

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• Perusa GmbH