Polaris-owned HTC Sweden sells FGS division

Polaris will continue to own Twister, the remaining division of HTC Sweden that focuses on the cleaning industry, alongside management.

The GP bought HTC Sweden in 2013, in a deal that saw 3i exit its 36.5% stake alongside the company's founders, who held 60% of the shares, and the former management, who held the balance. The management team reinvested to secure a stake of 3-5%. The sale generated proceeds of around £12m for 3i. According to unquote" data, the deal gave the company an enterprise value of less than €40m and reduced the company's existing debt to zero.

Polaris committed capital from Polaris III, which closed on €365m in 2009.

3i initially backed HTC Sweden in 2006. The deal included a capital injection of around SEK 100m, and the purchase of shares from existing shareholders.

Company
Headquartered in Söderköping, HTC Sweden was founded in 1987. The company produces and sells diamond-based grinding systems for professional flooring in industrial, commercial and public buildings. The firm's product range also includes grinding and polishing machines and tools and dust extractors.

According to Polaris's website, HTC Sweden generates turnover of €44m and has 170 employees. It is unknown how much the FGS division accounts for these figures.

People
Polaris Private Equity – Peter Ankerst (partner).

Advisers
Equity, company – William Blair (M&A).

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• Topics
• Exits
• Nordics
• Industrials
• Partial sale
• Polaris Private Equity
• Trade sale