Norwegian GP FSN Capital has sold Swedish mobile device graphics developer Tactel to in-flight entertainment system maker Panasonic Avionics.
The exit comes less than six years after FSN acquired a 65% stake in Tactel through its €375m FSN Capital III fund.
Tactel's revenues fell from around SEK 107m in 2009 to SEK 60.4m in 2012, but started to recover in 2013, reaching SEK 68.7m that year.
Haavet said the drop in sales happened around six months after the transaction had closed and the company's principal client, Sony Ericsson, cut back on contracts in response to the global financial crisis.
Tactel saw revenues plummet by 70%, and FSN spent the following years restructuring the business and diversifying its client base.
FSN will retain ownership of Tactel's US subsidiary, which had been spun out a few years prior and has revenues of around $10m.
FSN acquired Tactel through an MBO in August 2009, which saw the GP's third fund take a 65% stake in the company.
Headquartered in Malmö, Tactel develops software related to graphics and interfaces on mobile and consumer electronic devices.
Founded in 1995, the company employs around 80 people and had revenues of around SEK 70m in the last financial year, down from around SEK 107m in 2009.
Kenneth Haavet is a principal at FSN Capital. Jonas Andersson is the CEO of Tactel and Paul Margis is the CEO of Panasonic Avionics.
Vendor – Vinge (Legal); Wigge & Partners (Legal).
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