Listed Swedish GP Ratos has sold its final shareholding in Norwegian wine and spirits producer and wholesaler, Arcus.
Ratos disposed of a NOK 762m share block , equivalent to a 23.6% stake, at NOK 47.40 apiece – a 10% premium on the share's introductory price.
The sale will see Ratos reap exit proceeds of around SEK 30m, giving its investment in Arcus a total estimated value of SEK 1.43bn, with an estimated IRR of 30% and SEK-denominated multiple of 5.7x on the initial investment.
After an agreement with IPO joint global coordinators SEB and ABG Sundal Collier, Ratos will be allowed to waive its post-flotation lock-up period, as the new owners of Arcus shares – Canica and Sundt – agreed to lock their newly acquired shares for an equivalent period.
Ratos's exit marks the end of an 11-year holding period of the Norwegian asset.
The listed GP acquired what was then ArcusGruppen in 2005 through a NOK 820m buyout, and followed its initial investment with a €103m bolt-on of several spirit brands in 2012.
In December 2016, Ratos floated Arcus on the Oslo Stock Exchange in an IPO that valued the company at NOK 2.9bn and raised NOK 775m of gross proceeds.
Founded in 1996 when it was carved out from Norway's state-owned alcohol monopoly, Arcus is a Nordic developer, producer and distributor of wines and spirits.
Headquartered in Gjelleråsen near Oslo, the company produces spirits including aquavit, cognac, vodka and potable bitters, in addition to distributing wines and other spirits.
The company operates across the Nordic region, generating around NOK 2.5bn of sales in 2015, according to publicly available information.
Ratos – Mikael Norlander (investment director).
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