FSN Capital to acquire majority stake in Handverksgruppen

The GP will acquire 30 of HG's 44 companies, as well as the operating company HG itself. The deal is subject to approval from the competition authorities. 

The remainder of the stake will be owned by the management and current owners, consisting of more than 100 individuals, who have agreed to reinvest significantly in the group holding company and remain in their operational roles.

The deal was executed on a proprietary basis after the GP initiated a dialogue with the owners in May 2019.

According to Finansavisen, the GP paid around NOK 600-700m (€55-65m) for the deal and deployed equity from FSN Capital V. The vehicle held a final close in December 2016 on €1bn and targets mid-market transactions in Scandinavia and Finland.

FSN partner Erik Nelson said the painting sector is not very consolidated, so the deal is the biggest deal of its kind in the sector.

Company
Headquartered in Oslo and founded in 2012, HG is a provider of painting, flooring and tiling services mainly to corporate customers, public customers and building contractors.

The company's core offering is rehabilitation and reconstruction. According to its LinkedIn page, the company employs 500-1,000 employees. It had a combined turnover of around NOK 1.1bn, (€102m) in 2019.

People
FSN Capital Partners – Erik Nelson (partner).
Handverksgruppen – Børge Grindhagen (chairman).

Advisers
Equity – Cardo Partners (financial due diligence); PwC (corporate finance).
Vendor – DHT Corporate Services (corporate finance); Kvale Advokatfirma (legal).

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• Topics
• Buyouts
• Nordics
• Consumer
• Norway
• FSN Capital
• PwC
• Mid-market buyout