Triton hands over DSVM to Maj Invest et al.

Business.dk cites sources claiming the deal for the heavily indebted company was made without any payment, leaving 28 minority shareholders with worthless shares comprising around 15% of DSVM. The company's debt totals nearly DKK 1.8bn.

Apart from Maj Invest, the new owner group includes FIH bank and pension funds PKA and LD.

Maj Invest originally took an 11.3% stake in the company when Triton first bought it in January 2004, while FIH also acquired around 11% prior to Triton's exit.

DSVM has seen a number of cases of fraud within the company revealed since it was split off from parent DSV in 2004.

The largest DSVM subsidiary fired its top manager and another employee for embezzlement in February 2014. Two people in another DSVM subsidiary were jailed in 2012 after they were found guilty of embezzlement. Several previous cases of fraud within DSVM have also seen police involvement.

Previous funding
Triton bought DSVM (then DSV Miljø) for DKK 1.15bn and carved it out of transport and logistics group DSV in January 2004. Prior to its exit, Triton had a 63% stake in DSVM.

The management buy-in saw Maj Invest Equity (at the time LD Invest Equity, the private equity arm of LD pension) take an 11.3% stake in DSVM.

Intermediate Capital Group provided around DKK 150m in mezzanine debt for the acquisition.

In October 2006, DSVM bolted on Danish recycling and soil-treatment services provider RGS 90, after acquiring the company from CapMan and Finnventure.

Company
DSVM is a Malmö-based transport, logistics and environmental services company with operations in Denmark and Sweden through seven subsidiaries.

The company receives and transports waste, as well as raw materials for the building and construction industry.

DSVM has a turnover of around SEK 4.5bn and employs 900 people.

After Triton bought the company, it renamed DSV Miljø to DSVM and moved its headquarters from Roskilde in Denmark to Malmö.

People
Peder Prahl is the managing partner of Triton and Erik Holm is the managing partner of Maj Invest Equity.

The acquisition will see two new appointees to the board of directors: former EQT partner Peter Korsholm and DLH's CEO Kent Arentoft. Both new board members will take a stake in DSVM, pending the competition authority's approval.

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