Ratos-backed Ledil raises €18m in refinancing

The refinancing comes two years after the private equity firm acquired a majority stake in the Finnish LED lighting components producer.

Holding a 66% stake in Ledil, Ratos will receive €18m from the refinancing and adjust its consolidated book value downward by an equivalent figure. The GP's net invested capital was SEK 460m before the dividend payment. After the refinancing, around 40% of the original investment in Ledil will have been repaid.

The refinancing follows revenue growth of around 22% in the first nine months of 2016, with an EBITA margin of around 32%, according to a statement by Ratos.

Previous funding
In November 2014, Ratos acquired a 66% stake in Ledil through a buyout in which it provided €50m of equity. The deal's enterprise value was €97m and saw the GP roll Ledil's €13m net debt into the transaction.

Company
Founded in 2002, Ledil produces and sells proprietary LED lighting products for use in retailers, offices and street lighting.

Based in Salo, the company's products are manufactured by Chinese and Finnish subcontractors. End customers include Osram, Philips and General Electric.

According to a Ratos statement, the company generated revenues of €29m in the first nine months of 2016.

People
Ratos – Daniel Repfenning (senior investment manager).

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• Topics
• Refinancing
• Industrials
• Nordics
• Ratos Holding
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• Refinancing