FSN Capital has agreed to acquire Impreg Group, a Danish manufacturer of pipe liner systems, from BWB Partners.
The transaction is still subject to approval from the competition authorities. The existing management team will reinvest alongside FSN Capital and continue to own a material stake in the business.
FSN intends to support the company's global expansion programme and further develop its service offering.
The GP is currently deploying equity from FSN Capital V, a €1bn buyout vehicle that targets mid-market companies in Scandinavia and Finland with enterprise values in the SEK 500m-3bn range, according to Unquote Data. The fund deploys tickets of €30-130m.
In 2016, Danish private equity firm BWB acquired a majority stake in Impreg from founder Ivan Bjerg-Larsen and his family.
Founded in 1999 and headquartered in Hellerup, Impreg is a manufacturer of pipe liner systems for trenchless pipe rehabilitation. In recent years, the company established its own manufacturing facilities in China and the US, ensuring a presence in the Asia-Pacific and North American markets. The group employs 194 people and generates revenue of €49m.
Impreg Group – Søren Knudsen (CEO).
FSN Capital Partners – Robin Mürer (partner).
Equity – Alantra (corporate finance); Bub Memminger & Partner (legal); EY Parthenon (commercial due diligence); Telescope Capital (commercial due diligence); EY (financial due diligence); Implement Consulting (operational due diligence); JLT Marsh (insurance due diligence).
Company has raised €20m so far over two funding rounds
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IK VIII held a final close in November 2016 with €1.85bn and was 87% deployed as of December 2019
With the GP's support, Bomi intends to pursue an intensive buy-and-build strategy