Altor's CTEK acquires Chargestorm

With the bolt-on acquisition, CTEK intends to develop advanced electric vehicle charging products and services, using Chargestorm to enable it to drive the development, manufacture and distribution of these products on a global scale.

CTEK has been a portfolio company with Altor for seven years, with the GP providing equity for the acquisition via Altor Fund III, which raised €2bn at final close in September 2008.

Founded in 1982 and headquartered in Vikmanshyttan, CTEK manufactures battery chargers and provides a product development consultancy service. The company's main markets include the Nordic region, Germany, Benelux and Italy. Customers include Audi, Bentley, BMW, Corvette, Ferrari, Jaguar, Maserati, McLaren, Mercedes, Porsche, and Rolls-Royce.

Previous funding
Altor acquired CTEK from FSN Capital in June 2011 through an auction process that was led by Carnegie Investment Bank, according to Unquote Data.

FSN acquired 65% of the shares in CTEK through a proprietary deal-process in May 2008 via its FSN Capital II fund. The founder, Bengt Wahlqvist retained 35% of the shares. 

Company
Founded in 2009 and headquartered in Norrköping, privately owned Chargestorm develops products and systems for charging electric vehicles. According to the company, it has produced 22,000 domestic and commercial charging stations since its establishment.

People
CTEK Creator Group – Jon Lind (chief executive).
Chargestorm – Tomas Wolf (chairman).

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