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Funds advised by EQT Finland have signed an agreement to acquire Bewator, a supplier of security products and systems for access control. Following the buyout EQT will have a 70% shareholding in the firm. As part of the transaction the management of Bewator has rolled over an undisclosed amount in the newco, and the former majority owners Rune Andersson and Bo Lundquist have together retained a 30% stake. A Skr 300m debt package, including a revolving credit facility, was arranged by Svenska Handelsbanken. The agreement to acquire Bewator was reached at the beginning of November, and the transaction will be finalised in mid December.

Company

Founded in 1977, Bewator develops, manufactures and markets a range of security products in access control and video control for security installers under the brand name Bewator and also produces parking access under the brand name Cale. The company has an established product portfolio, ranging from code locks to integrated systems. Based principally in Stockholm, the company has 45 development engineers both in Sweden and the UK, and sales units in Belgium, the Netherlands and Germany. Bewatorâ€™s products are marketed in more than 45 countries. The firmâ€™s annual turnover stands at around Skr 500m and has an operating margin of 10%p. There are approximately 275 employees.

People

Fredrik Atting and Nils Forsberg led the transaction on behalf of EQT Finland. Bo Kastensson is the CEO of Bewator.