SWEDEN - Segulah-backed Nordform to merge with Peab subsidiary

Rikke
31 March 2009

Tweet
Facebook
LinkedIn
Google plus
Send to

Segulah's portfolio company Nordform, a supplier of pre-fabricated concrete products for infrastructure, is to merge with S:t Eriks, a subsidiary of the construction company Peab. Following the transaction, Segulah will be the majority owner of the new entity.

The companies' joint turnover in 2008 amounted to SEK 900m, and they have a combined staff of 400 employees. The two supply products to major construction companies and DIY-chains in Sweden. The merger is expected to improve production efficiency, as well as R&D efforts and sales with the aim of establishing a Nordic presence. The new group will operate under the name S:t Erik and be headquartered in Staffanstorp, where Nordform's curren head office is located.

Segulah, via its third fund, acquired Nordform, a spin-off of Skanska, in June 2005, in deal that was believed to be valued at SEK 330m. Nordform's subsidiary Skandinavisk Kommunalteknik AB will not be included in the deal, and will be directly owned by management and Segulah. It will be included in Segulah III as a new portfolio company.