Altor exits Ålö to trade

Altor was invested from its 2008-vintage vehicle Altor Fund III, which held a final close in September 2008 on €2bn.

The purchase price is based on an enterprise value of €250m, and the transaction is expected to complete in January 2020.

Previous funding
3i bought a 49.9% stake in Ålö in December 2002 as part of an MBO, while Baltic Group, the group's owner since 1993, retained 49.7% of the shares. The deal was valued at €115m, with an entry multiple of 6.7x. 3i increased its share to 75% in September 2004, with Baltic Group owning 25%.

Altor bought Ålö from 3i in 2011 for SEK 2.2bn (€242m), via Altor III. 3i made a 4x money multiple on is original investment.

Company
Ålö produces agricultural material handling machinery for tractors, including various types of loaders. It is based in Umeå, Sweden and has operations in China, the US and France, with customers in 40 countries. It was founded in 1949, has a headcount of 700 and reports revenues of SEK 2bn.

People
Jost – Joachim Dürr (CEO).
Ålö – Niklas Åström (CEO).

Advisers
Equity – Alantra (corporate finance); Swedbank Investment Banking (corporate finance); White & Case (legal); EY (financial due diligence).
Acquirer – Hengeler Mueller (legal); Roschier (legal).

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