Credo disposes of Labflex to founders after 15 months

The deal sees Credo dispose of its 55% stake in Labflex, selling it back to the Foghsgaard family, notably founder Lars Foghsgaard.

Credo partner Pål Brynsrud told Danish financial publication Børsen that his firm had not been satisfied with its investment. It invested in Labflex 15 months earlier, in a deal valued in excess of DKK 100m.

Labflex was recently dismissed from a contract to supply 250 fume hoods to a Copenhagen construction project, according to Børsen.

Previous funding
In November 2015, Credo acquired a 55% stake in Labflex from the Foghsgaard family, which reinvested to retain a minority shareholding in company.

Company
Herlev-headquartered Labflex is a provider of laboratory equipment and fixtures.

Founded in 1961, the company had revenues of DKK 440.9m in 2015 with gross profit of DKK 91.9m according to publicly filed reports. It employs around 170 people.

People
Credo Partners – Pål Brynsrud (partner).

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