FSN Capital acquires Fibo-Trespo in NOK 440.6m MBO

The Norwegian private equity firm secured a majority stake in the Bluebird newco. Meanwhile, Fibo-Trespo's management invested alongside FSN to secure a "meaningful stake", according to the firm.

The transaction, expected to be completed by May, will see former Kongsberg Automotive CEO Olav Volldal step in as Fibo-Trespo's chairman.

Capital was drawn from FSN Capital IV, a buyout vehicle that closed on SEK 5bn in November 2013, nine months after it was launched. The fund targets controlling stakes in buyout transactions for Nordic companies valued between SEK 400m–2bn.

Company
Founded in 1952, Fibo-Trespo is a panel manufacturer that employs around 110 people. Based in Lyngdal, Norway, the company reported organic sales growth of 12% (compound annual growth rate) over the past seven years. In 2014, it generated a NOK 63.1m EBITDA and a NOK 484m turnover.

Based in Chesham, UK, Respatex International generates £300,000 of EBITDA and £3.6m in revenues.

People
FSN Capital Partners was represented by partner Ulrik Smith. Torfinn Knutsen is CEO of Fibo-Trespo.

Advisers
Equity – Haavind (Legal); White & Case (Legal); PwC (Financial due diligence, tax); Deloitte (Operational due diligence); Bain & Company (Commercial due diligence).
Vendor – Swedbank (Financial due diligence).

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• Topics
• Nordics
• Buyouts
• Industrials
• Norway
• FSN Capital