Montagu sells Hansen Protection to IK

It is understood that Montagu reaped in excess of 2x on the exit. The sale process, that culminated in an auction, took a few months. The transaction is subject to legal and regulatory approvals.

Montagu acquired Hansen Protection in a primary MBO that closed in February 2011. SEB Acquisition Finance provided debt to finance the deal.

During Montagu's holding period, Hansen Protection has invested in infrastructure and facilities, developed its product range and expanded outside of its domestic region through the establishment of a 50/50 joint venture in Canada.

IK stated it had been attracted by the company's management team, market position, long-term customer relationships and potential for future growth, particularly on the Norwegian continental shelf.

IK intends to develop the business through both organic growth and selective acquisitions, with the aim of expanding into new markets and developing new products.

Company
Founded in 1976 and based in Moss, Norway, Hansen Protection is a provider of survival suits for extreme weather conditions.

The company is the only provider of rental transport suits to energy companies in the Norwegian continental shelf. Turnover stood at NOK 291m in 2012, with a NOK 147m EBITDA - up 29% on 2010 figures for the latter.

People
Anthony Greensmith is a director at Montagu. Kristian Kemppinen is a partner at IK. Terje Gorm Hansen is the CEO of Hansen Protection.

Advisers
Equity - ABG Sundal Collier (Corporate finance).
Vendor - Rothschild (Corporate finance).

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