Altor increases Åkers Group stake

Altor made an equity injection of up to SEK 210m – it also gained full ownership of Åkers by purchasing all shares and the vendor loan from STC Interfinans. The deal was done through the Altor Fund II vehicle.

Altor Fund II acquired Åkers for an enterprise value of between €200-500m from STC Interfinans in July 2008. The vendor remained a significant minority shareholder.

The GP stated that Åkers' performance had not been going according to plan – a turnaround strategy will be implemented following the equity injection.

Company
The company, based in Åkers Styckebruk, was founded in 1580 and production started in 1806. In 1985, Åkers was acquired from Bofors AB by Interfinans AB (later to become STC Interfinans), which was owned by Swedish businessman Holger Hjelm. Under STC Interfinans's full ownership, Åkers has primarily grown through acquisitions and has become a worldwide group.

Åkers is a producer of high-quality cast and forged rolls for the steel and aluminium industries. The company has nine factories on three continents and €220m in average annual sales. Åkers employs 1,500 people.

People
Claes Ahrengart is the CEO of Åkers.

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