FSN Capital establishes Instalco Group

The deal, which sees FSN acquire 80% of the companies, was initiated by FSN together with Per Sjöstrand, the former CEO of installation groups NEA and Midroc Electro. Sjöstrand will become CEO of the group from 1 April 2014.

The current 17 owners of the five companies have become shareholders in the holding company. The majority of them are operationally active within the companies and will remain in their roles. 

The deal represents a significant investment from FSN's fourth fund, which reached a final close on SEK 5.25bn in November 2013. The fund was oversubscribed, with an initial target of SEK 5bn (€565m). The capital was raised in just nine months as FSN issued its private placement memorandum in March.

FSN aims to grow Instalco organically, and  also plans to make bolt-on acquisitions to strengthen the offering of full-service solutions for Instalco's clients.

Company
The five companies merging to form the Instalco group are PoB, Klimatrör, Rörgruppen, VVS-Metoder and Orab. Instalco will be based in the Stockholm region and offers services in areas such as electrical installations, industrial piping and plumbing. The enlarged group is expected to post sales of SEK 550m in 2013.

People
FSN partner Peter Möller led the deal.

Advisers
Equity – Bain & Company (Commercial due diligence); Hamilton (Legal); Grant Thornton (Financial due diligence).

 

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