Ratos-backed MCC acquires Carrier division
Ratos’ portfolio company Mobile Climate Control (MCC) has acquired Carrier Corporation’s AC-for-buses division.
The deal gives the acquired company an enterprise value of $32.1m (c.SEK 200m), of which Ratos is injecting SEK 115m of equity. Ratos wholly acquired the assets and liabilities of the division, which will be merged with MCC's production facilities in North America.
Ratos acquired a 60% stake in MCC in 2007 for approximately SEK 300m. In late 2008, Ratos acquired the remaining 40% from founder Gunner Mannerheim for SEK 210m. MCC was established in 1975 and is headquartered in Stockholm. The company offers complete climate comfort systems for buses, off-road and specialty vehicles.
The acquired division of Carrier Corporation, which is a part of United Technologies Corporation, produces climate control systems for buses. Approximately 50 employees will be transferred to MCC and the division generated a turnover of $63.5m in 2010.
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