Nordic Capital acquires majority stake in Ryds Bilglas

The GP acquired the shares from Swedish buyout firm Nalka Invest and the founding family Ryd, who will retain 10% of the company and remain on the board of directors.

Nordic Capital partner Andreas Näsvik told unquote" that the GP doesn't consider Ryds Bilglas a cyclical business, like many others in the automotive industry. "It is not exposed to the electrifying of the industry and autonomous driving," says Näsvik.

With the fresh capital, the firm intends to overhaul its operations with improvements and introduce digitalisation initiatives.

There is alot of potential for growth in Sweden and Norway, and the firm is in the process of entering Denmark, Näsvik added. The Nordic Capital team intends to follow up with add-on acquisitions as well as greenfield expansion and taking over local repair workshops.

The company was marketed with a projected SEK 150m EBITDA and was expected to achieve a purchase price of up to 10x, according to a report by unquote" sister publication Mergermarket.

The GP tapped its Nordic Capital Fund VIII for the acquisition. The buyout fund held a final close on its hard-cap of €3.5bn in December 2013.

Company
Founded in 1947 by the Ryd family and headquartered in Sundsvall, Sweden, the firm repairs and replaces glass for the automotive industry.

The business operates 100 workshops in Sweden and 16 in Norway. In addition to its own workshops, there is also a network of franchises under the brand name Samglas, which is a wholly owned subsidiary.

Ryds Bilglas posted a turnover of SEK 700m in 2016 and has a staff of 350.

People
Ryds Bilglas – Anders Jensen (CEO).
Nordic Capital – Andreas Näsvik (partner).

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