Industri Kapital reaps 3x on #222m exit of ELFA

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Industri Kapital, together with the Jensen family and management, has sold electrical components company ELFA to Daetwyler for EUR222m, reaping a 3x money multiple and 90% IRR. The business was exited after just an 18-month holding period, by which time the GP had achieved set milestones ahead of schedule. Besides the offer price, Daetwyler was deemed an attractive owner since there is strong strategic synergies between the two companies.

ELFA markets, sells and distributes electronic components and other technical products to business customers in Northern and Eastern Europe. In 2007, it generated an EBITDA of EUR19m and its turnover totalled EUR105m, of which most was derived from the maintenance, repair and operations segment. The Stockholm-based company has 400 employees.

Industri Kapital 2004 acquired a substantial majority stake in the company in August 2006 for EUR130m together with the management and the descendents of the founder Nils Jensen.

(See page 40 for full story.)