Bain's Bravissima fully exits Bravida

The accelerated bookbuilding process saw Bravissima sell its entire 15.48% remaining stake in the business at SEK 61 per share.

The final exit comes a year after the GP started selling down its shareholding in the company. It retained a 45.07% holding after its initial sell-down in May 2016. More recently, it reduced its ownership to a 30.28% stake the following September and to 15.48% in February 2017.

Morgan Stanley acted as sole bookrunner and Nordea Bank acted as joint lead manager in the latest offering.

Previous finding
Bain bought the business in a tertiary buyout from Triton Partners in May 2012 and subsequently floated it on Stockholm's stock exchange with a SEK 8.1bn market-cap in October 2015.

Triton Partners acquired Bravida from a consortium of investors, including Telenor, Procuritas Capital Partners, Sampo Liv, Investment AB Latour and Säki, in a secondary buyout in December 2006. Equity was invested from Triton Fund II, while Svenska Handelsbanken provided debt for the transaction.

Company
Bravida, founded in 1967, provides technical installation of electricals, heating, plumbing and ventilation systems to customers in the Scandinavian region. Headquartered in Stockholm, the company employs 8,000 staff and recorded SEK 14.7bn of revenue in 2016.

People
Bain Capital – Michel Plantevin (managing director).

Advisers
Seller – Rothschild (corporate finance).

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