Nordic Capital fully realises investment in Thule

The exit saw Nordic Capital sell its final 10.5% shareholding in Thule, which is listed on Nasdaq OMX Stockholm. The GP sold 10.6 million shares at SEK 111 apiece, bringing in SEK 1.17bn for its Nordic Capital Funds VI and VII.

Since Thule's IPO in November 2014, the GP had realised in excess of SEK 3.5bn from the sale of two share blocks, in addition to the SEK 2.1bn payout from the flotation itself. In combination with the final share sale, Nordic Capital's total windfall from sales of Thule shares is around SEK 7bn.

Goldman Sachs International and Nordea were the bookrunners for the placement of Nordic Capital's final share block.

Previous funding
Nordic Capital acquired Thule in a €1.3bn SBO from Candover in 2007, which had bought it from EQT in 2004 for €465m.

Thule achieved a market cap of SEK 7bn when it was listed by Nordic Capital in 2014, following which the GP has been reducing its shareholding across multiple share sell-downs.

Its first post-IPO share sale came at the end of its initial 12-month lockup period in November 2015, when it sold a SEK 1.575bn share block. In February, the GP sold additional shares worth SEK 2bn.

Company
Headquartered in Malmö, Thule is a manufacturer of carrier products, such as bike carriers and rooftop cargo boxes for cars, and smartphone covers.

The group was founded in 1942 and had sales of SEK 4.3bn last year. It employs 2,200 people across 10 production facilities.

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• Topics
• Exits
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• Nordic Capital