Nordic Capital aiming for further Munters sell-down

The shares are owned by Cidron Maximus, a holding ultimately owned by Nordic Capital Fund VII. The asset was not one of the companies transferred to a continuation vehicle in 2018.

Cidron currently owns 36.5% of Munters and will be bound by a 90-day lock-up following the conclusion of the bookbuilding period, which started on 5 November.

The price per share will be determined during the bookbuilding. Munters shares currently trade at SEK 46.18, valuing the 20% stake at around SEK 1.7bn.

Carnegie and Jefferies are joint global coordinators and joint bookrunners for the sale.

Nordic Capital already made a partial sell-down earlier in the year, selling 25 million shares at SEK 44 apiece in June. Nordic Capital placed the shares through an accelerated bookbuilding process to Swedish and international investors. Carnegie and Jefferies acted as joint bookrunners in connection with the sale.

Nordic Capital de-listed Munters at an enterprise value of SEK 6.5bn in October 2010. It re-listed the business on Nasdaq Stockholm with a market cap of SEK 10.1bn in 2017.

Munters provides air treatment and climate control systems for companies operating in the food, pharmaceutical and data centre sectors. It was founded in 1955 and has operations in 30 countries.

The company reported revenues of SEK 7.1bn with EBIT of SEK 134m and EBITDA of SEK 775m in 2018.

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• Topics
• Exits
• Industrials
• Nordics
• Partial sale
• Nordic Capital
• Sweden