Ratos makes SEK 1.1bn from Inwido IPO

After Friday's flotation of Inwido at SEK 68 per share on the Nasdaq OMX Stockholm exchange, the company's valuation stands at around SEK 3.94bn.

Ratos's stake in Inwido was reduced to 31.3% following the sell-off of shares, though there is an overallotment option that can be exercised within 30 days of the IPO and could lower the GP's ownership to 21.5%.

Before the sale, Ratos owned 96.7% of the company. In has sold more than 37 million shares at a total price of SEK 2.562bn. Over the course of Ratos's investment, it had invested SEK 1.125bn in the company.

The share price ended up near the middle of the announced SEK 63-74m offer range, and the GP said the offering was oversubscribed several times.

Inwido's IPO was announced in early September and by the end of its first day of trading it had seen a slight drop from SEK 68 per share to SEK 64.50.

Previous investment
Ratos acquired Inwido (then Elitfönstergruppen) in a secondary buyout from Triton in 2004 for SEK 473m, with a senior debt package provided by Nordea.

Since the buyout, the company has completed bolt-ons of close to 30 Nordic and European businesses.

In the 10 years of Ratos ownership, Inwido's sales have almost quadrupled, rising from SEK 1.1bn in 2003 to SEK 4.3bn in 2013. The company's EBITDA has grown from around SEK 134m in 2003 to SEK 345m in 2013.

Company
Inwido designs, manufactures and sells windows and doors. Its history dates back to 1924, when the oldest subsidiary, Elitfönster, was founded.

Today, the company has its most substantial operations in the Nordic region, as well as in 19 other countries, and employs approximately 3,000 people.

People
Susanna Campbell is the CEO of Ratos, while Håkan Jeppson is the CEO of Inwido.

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• Topics
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• Triton Partners