Nordic Capital sells SEK 1.575bn of Thule shares

The transaction saw the GP sell 15 million shares at SEK 105 apiece, representing a 35% premium on Thule's listing price of SEK 70 when it floated in November 2014.

Nordic Capital's holding was reduced to 29.3% of the total amount of shares in Thule, and it remains the largest single shareholder in the company, through its Nordic Capital Fund VI and VII vehicles.

As part of the sale, the private equity firm agreed to a 90-day lock-up period for its remaining stake.

Carnegie, Danske Bank and Nordea acted as joint bookrunners on the placing.

Previous funding
Nordic Capital floated Thule on the Stockholm stock exchange on 26 November last year, at a SEK 7bn valuation with a 30% free float. The IPO came after 15 years of private equity ownership for Thule.

The company was bought by Nordic Capital in a €1.3bn secondary buyout from Candover in 2007. The buyout was made through the GP's €1.9bn Nordic Capital VI fund, with Fund VII also acquiring a stake in the following years.

The exit generated a 2.5x money multiple for Candover, which had bought the group from EQT for €465m in 2004. EQT was the first private equity house to acquire Thule, buying the company for €80m in 1999.

Thule also underwent a substantial restructuring in 2008, when seven Nordic banks agreed to strengthen its capital base and deleverage the business.

Company
Headquartered in Malmö, Thule is a manufacturer of carrier products, such as rooftop cargo boxes for cars, bike carriers and smartphone covers.

The group was founded in 1942 and had sales of SEK 4.3bn last year. It employs 2,200 people across 10 production facilities.

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• Topics
• Nordics
• Exits
• Consumer
• Nordic Capital
• Sweden
• Partial sale