Altor sells 14% Dustin stake

The sale came over two rounds, selling first 10% and then 4% to Swedish investment company Axel Johnson, reducing the GP's holding to 24%.

At a share price of around SEK 57.5 per share – the price at which 3.8m shares were sold in the beginning of October, and around which the company currently trades – the sale of 10.6 million shares would have resulted in an approximately SEK 600m payout for the GP.

Dustin listed on the Stockholm Stock Exchange in February this year, at a share price of SEK 50, giving the company a market cap of SEK 3.8bn. Since listing, Dustin's share price has been rising steadily, trading around SEK 57.5 in October.

Previous funding
Altor acquired Dustin in a 2008 MBO that saw the GP take an 80% stake in the company through its 2006-vintage €900m Altor Fund II.

The GP completed a partial exit through the IPO in February 2015.

Company
Founded in 1984 and based near Stockholm, Dustin is an online-based IT products and services retailer. The majority of its customers are businesses, but the firm does make some consumer sales.

The company reported net revenue of SEK 7.4bn in 2014 with adjusted EBITA of SEK 353m. Dustin has operations in Scandinavia and Finland, and employs around 960 people.

People
Harald Mix is the founder and managing partner of Altor.

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• Topics
• Nordics
• Exits
• Consumer
• Sweden
• Altor
• Partial sale