IK sells Hansen Protection to PE-backed Survitec

Harriet Matthews
06 May 2021

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IK Investment Partners has sold Norway-based protective clothing and equipment producer Hansen Protection to Survitec, a UK-based safety equipment company backed by GPs including Searchlight Capital Partners.

Survitec announced in April 2021 that part of the proceeds from its latest refinancing were to be used to fund the acquisition, as reported.

Survitec said in a statement that the bolt-on is intended to build on its position in the global survival technology market in the segments of maritime, defence, government, energy and aerospace. The company employs more than 3,000 staff.

IK acquired Hansen Protection from Montagu Private Equity in 2013 via IK VII Fund, which held a final close in October 2013 on €1.5bn. The fund has realised or partially realised the vast majority of its portfolio companies, according to Unquote Data. However, Netherlands-based Ampelmann, a company that provides motion technology systems and structures for the offshore energy sector, remains in its portfolio, as does France-based software platform I@D.

The SBO generated a return of 2x for Montagu, which had acquired Hansen in 2011. At the time, the company posted revenues of NOK 291m (approximately €38.1m) and EBITDA of NOK 147m (€19.3m).

In 2018, the company announced that it intended to complete an IPO, as reported. However, the deal did not go ahead, with the company citing market turbulence as a reason for putting its plans on hold. The company reported revenues of NOK 272m (approximately €28.5m) in 2018, according to a statement issued at the time. Unquote sister publication Mergermarket reported that the company was targeting 2018 EBITDA of €16m.

IK said in a statement that the company has expanded its activities in Europe during the investment period, including providing equipment and services in the offshore wind segment and winning contracts to supply European navies.

Company
Founded in 1877, Hansen is headquartered in Moss, Norway, with additional sites in Germany, Denmark, Sweden, the Netherlands and the UK. Hansen designs, manufactures, distributes and maintains personal protective equipment and clothing, focusing on products used in harsh and cold-water environments.

People
IK Investment Partners – Christopher Masek (CEO, adviser to the IK VII Fund).
Hansen Protection – Terje Gorm Hansen (CEO).
Survitec – Ron Krisanda (executive chairman).

Advisers
Acquirer – KPMG (financial due diligence); OC&C (commercial due diligence).