IK to sell Evac Group to Bridgepoint

The deal generated a return multiple in excess of 2.5x for IK, according to a source close to the situation.

The sale marks the first exit for IK's €1.7bn seventh buyout fund; it acquired the waste, wastewater and water management system builder in a secondary buyout from Oaktree Capital in October 2014. 

According to the GP, Evac increased its turnover by 55% under IK's ownership, in addition to increasing its product portfolio and two add-on acquisitions. 

Under Bridgepoint's ownership, Evac intends to expand within and beyond the maritime market, both organically and by acquiring similar businesses in new markets.

Previous funding
The company was originally part of Finnish toilet manufacturer Sanitec, which was bought by BC Partners in 2001. Evac was later divested to French marine group Zodiac in 2007. Oaktree bought Evac alongside Milpro from Zodiac Marine & Pool – owned by Carlyle – for €175m in January 2013.

In October 2014, IK purchased the company from Oaktree Capital in a transaction leveraged at roughly 50%, with the all-senior debt package being provided by a club of Nordic banks. IK had discussions with the company over a three-year period, having completed market due diligence before Evac launched the sale process, unquote" reported at the time.

Company
Headquartered in Espoo, Evac designs, manufactures and markets waste and wastewater collection and treatment systems – such as vacuum toilets and rubbish disposal systems. It targets the marine, offshore and building industries.

Founded in 1975, the Finnish company has delivered more than a million vacuum toilets for 12,000 vessels. It employs a staff of 240 and operates from nine global offices. In 2016, it reported total revenues of €101m. 

Advisers
Equity – MCF (corporate finance); Lazard (corporate finance); Avance (legal); Bain (commercial due diligence); KPMG (financial due diligence).
Vendor – Carnegie (corporate finance); Danske Bank (corporate finance); Roschier (legal); EY (financial due diligence); Roland Berger (commercial due diligence).

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• Topics
• Buyouts
• Industrials
• Nordics
• Exits
• Finland
• IK Investment Partners
• Bridgepoint
• Secondary buyout