Altor’s Åkers acquired by Ampco-Pittsburgh for $80m

Altor will take a significant stake in Ampco-Pittsburgh, worth around $20m, through its 2006-vintage €1.15bn Altor Fund II. The vehicle had been used for the acquisition of Åkers.

The deal's base purchase price of $80m was structured as a $30m cash payment, a $30m three-year bond and $20m in shares. The final purchase price is subject to adjustments, with the deal expected to close in the beginning of 2016.

An Altor spokesperson said it was too early to tell if the GP would profit from the sale: "We still have an investment in Åkers through Ampco. In general we do describe this as an investment that hasn't been up to our expectations, nor our targets."

Ampco-Pittsburgh will not acquire Åkers' French and Belgium operations in the transaction.

Previous funding
Altor bought a majority stake in Åkers from STC Interfinans in May 2008, later securing full ownership through a SEK 210m equity injection in January 2013.

Company
Åkers is a Swedish maker of cast and forged rolls for the steel and aluminium industries. Founded in Åkers Styckebruck in 1580, the group has production facilities in Sweden, the rest of Europe, North America and China.

People
Fredrik Strömholm is a partner at Altor and board member of Åkers. John Stanik is the CEO of Ampco-Pittsburgh.

Advisers
Equity – William Blair (Corporate finance); Strata Advisory (Financial due diligence); K&L Gates (Legal); Setterwalls Advokatbyrå (Legal).

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