IK-owned Moventas files for bankruptcy
IK Investment Partners' portfolio company Moventas Oy, a Finnish manufacturer of gears for wind turbines, has filed for bankruptcy.
Subsidiaries Moventas Wind Oy and Moventas Santasolo Oy filed for corporate restructuring following unsuccessful financing negotiations.
IK Investment Partners acquired a majority stake in Moventas from Capman in 2007 in a deal valued at €120m. Capman retained a 13.6% stake in the business – the firm, however, stated it had already written down this stake and that its yearly results will therefore not be affected.
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