Polaris sells Car-O-Liner for $155m

Amedeo Goria
18 October 2016

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Polaris Private Equity has sold Swedish collision repair systems producer Car-O-Liner to US-based listed corporate Snap-on for $155m.

According to a statement, Snap-on acquired the targeted business in an all-cash transaction. As part of the deal, the business expects to maintain its headquarters and production line in Sweden.

During its private equity holding period, the company expanded its business across the US and Chinese markets, as well as further developed its products to a broader range of vehicles.

The buyer, Snap-on, manufactures tools and equipment for professional users and is listed on the New York stock exchange. The company employs a staff of 11,500 and generated $3.4bn of revenues during the last financial year.

Previous funding
In October 2001, 3i and Euroventures wholly acquired Car-O-Liner from parent company Zeteco.

The business was subsequently sold to private equity house FSN Capital in April 2006. Polaris backed the company's SBO by acquiring an 85% stake in the business in 2012.

Company
Headquartered in Gothenburg, Sweden, Car-O-Liner manufactures collision repair and wheel alignment software and hardware for the automotive sector, with a particular focus on cars and heavy-duty vehicles. Founded in 1935, the company has a presence in 70 countries and employs a staff of 380.

The business generated €82m in revenues in 2015.

People
Polaris Private Equity – Jan Dahlqvist (partner).
Car-O-Liner – Makael Jonson (CEO).
Snap-on – Nick Pinchuk (chair, CEO).

Advisers
Vendor – Jefferies (M&A).