Altor sells Constructor to Gonvarri in trade sale

The GP is selling the firm after a 10-year holding period via its Altor Fund II. The storage group markets its offering under the Constructor, Kasten, Dexion and PSS brands.

Madrid-based Gonvarri Steel Services, part of Gonvarri Steel Industries, has 36 factories in 16 countries operating in the steel transformation sector for the automotive, road safety, material handling and solar energy industries. It posted revenues of €2.3bn in 2016.

Previous funding
In September 2007, Altor acquired Constructor (previously Aker Material Handling) from Aker. A debt package was supplied by Kaupthing Singer & Friedlander to support the deal.

In March 2008, Altor bought Constructor Finland, a designer, manufacturer and provider of commercial and industrial storage and handling products, with capital from its second fund. The firm merged with Aker Material Handling to form Aker Material Handling Group.

Altor's plan was to upgrade and expand Constructor's manufacturing facilities and further enhance its competitive position, while also seeking strategic acquisition opportunities to drive the geographic expansion of the business.

Company
Originally founded in 1856, Constructor is headquartered in Oslo. It develops, manufactures and markets storage, archiving and logistics systems for use in factories, warehouses, distribution centres and a range of other applications. The group has manufacturing plants in Norway, Germany and the Netherlands. It employs a staff of 1,000.

People
Constructor Group – Frank Pohl (CEO, president).
Altor – Pål Stampe (partner).

Advisers
Equity – Alantra (financial due diligence); Schjodt (legal); EY (financial due diligence).
Company – Cuatrecasas (legal); KPMG (financial due diligence, tax).

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