EQT sells Coromatic to trade

The sale ends an eight-year holding period for EQT, which acquired the company from Litorina using EQT Expansion Capital II.

Coromatic has more than doubled its revenues and employees, and quadrupled its EBITDA, under EQT's ownership, according to the GP.

The company generated sales of SEK 650m and employed 235 people at the time of the original acquisition, according to Unquote Data.

Previous funding
Litorina created Coromatic Holding, a new IT security group, via its Litorina Kapital III fund in January 2008 through the acquisition of three companies: Coromatic, Metric and Scanpocon, in partnership with the respective business's management teams.

The deal was completed for a sum believed to be in the region of £25-50m and supported by a senior debt package supplied by Nordea. It was proactively sourced by Litorina through its industrial network and the investor acquired a 55% stake in the newco.

EQT invested €40m in debt and equity to acquire Coromatic in May 2011 using its €474m EQT Expansion Capital II vehicle.

Company
Coromatic was founded in 2008 and is headquartered in Bromma, Sweden. It operates data centres across the Nordic region, serving 5,000 customers from its 17 locations.

People
EQT Partners – Victor Englesson (partner).
Coromatic – Erik Bertman (CEO).

Advisers
Vendor – Nordea (corporate finance); Roschier (legal).

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• Topics
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• Trade sale
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