FSN Capital sells 10.8% stake in Instalco

The transaction saw FSN Capital IV sell its 10.8% stake in the company through an accelerated bookbuilding process to Swedish and international investors, as well as Instalco management and employees.

Shares were priced at SEK 51.3 apiece, corresponding to a total of around SEK 257m. Following the sale, FSN Capital IV no longer holds any shares in Instalco.

In a statement, the Nordic private equity firm said the total proceeds of SEK 255m (net of fees) would be used to repay its outstanding margin call facility with Danske Bank.

Previous funding
FSN backed the founding of the company in February 2014 alongside CEO Per Sjöstrand. The platform investment saw the business acquire five installation companies: PoB, Klimatrör, Rörgruppen, VVS-Metoder and Orab. The GP acquired an 80% stake in the group via its SEK 5.25bn Fund IV.

Since its foundation, the business made several bolt-on acquisitions, including Expertkyl, LG Contracting and Tofta in May 2015, Romerike Elektro, AR Prosjekt, Voltmen, Ohmegi, El Expressen, Vallacom, Bi-Vent and Elpågarna in March 2016 and Andersen og Aksnes Rørleggerbedrift in February 2017.

Instalco was listed on Nasdaq Stockholm in May 2017, leading to a partial exit for FSN Capital. At the time, the IPO valued the company's shares at SEK 55 apiece, with the shares sold valued at a total of SEK 1.1bn.

Company
Established in 2014 and headquartered in Stockholm, Instalco Interessenter provides services in areas such as electrical installations, industrial piping and plumbing. The group was formed through a consolidation of five installation companies – PoB, Klimatrör, Rörgruppen, VVS-Metoder and Orab.

According to a statement, the business posted net sales of SEK 3.1bn and an adjusted EBITDA of SEK 264m in 2017.

People
FSN Capital – Peter Möller (partner).

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