Ratos makes 2.2x on SEK 1.8bn MCC exit

The deal sees Ratos reap 2.2x money on the sale to Swedish listed industrial VBG Group. The deal gave MCC an enterprise value of SEK 1.79bn and an equity price of SEK 1.375bn for 100% of the shares in the company. In a statement, the GP said it stands to make an exit gain of around SEK 250m on the transaction.

Ratos's sale comes nine years after it first acquired a stake in MCC in a buyout from founder Gunnar Mannerheim, for around SEK 300m. The GP claimed in a statement it had grown MCC sales by approximately 8% a year since buying the company in 2007.

The sale is expected to close in November 2016.

Previous funding
Ratos took a 60% stake in MCC through a buyout from the company's founder in 2007, worth around SEK 300m.

The GP acquired the remaining 40% of MCC's equity in December 2007 for SEK 210m and bolted on Carrier Corporation's AC-for-buses division in April 2011, injecting SEK 115m of equity to finance the deal.

Ratos invested a total of SEK 622m over the course of its ownership.

Company
Founded in Norrtälje, MCC is a supplier of climate control systems for the commercial vehicle industry.

The company was established in 1975 and makes around 80% of its sales in North America, with the remainder generated in Europe and the rest of the world. Its main production facilities are in Canada, Poland and the US.

According to figures published by Ratos, MCC had sales of SEK 1.264bn in 2015 and EBITA of SEK 152m.

People
Ratos – Daniel Repfennig (senior investment manager).

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