FSN sells HusCompagniet to EQT

The exit sees FSN's FSN Capital III sell the company to EQT's sixth fund, a 2011-vintage €4.75bn vehicle, in a tertiary buyout that reportedly saw the GP beat a competing bid from Ratos.

Kirkbi, the family office of the owners of Lego, acquired a minority stake in HusCompagniet from FSN in 2013 and will exit as part of EQT's buyout, FSN Capital told unquote".

EQT will seek to grow HusCompagniet across northern European markets. The company currently has most of its business in Denmark, with some penetration in Germany and Sweden.

The transaction is expected to close in August, subject to regulatory approvals.

Previous funding
Axcel acquired FM Søkjær in October 2006, merging it with the company's subsequent acquisition, Interbyg, to create HusCompagniet. The GP exited nearly five years later, when FSN Capital III bought the company in a deal that was reported at the time to be worth around DKK 1bn.

Company
HusCompagniet is a Danish house construction company operating in Denmark, Sweden and Germany.

Founded in 2006, the company employs 230 people and had a DKK 1.8bn turnover in 2014, with EBITDA of DKK 189m.

People
Partner Morten Hummelmose worked on the deal for EQT, and FSN partner Thomas Broe-Andersen represented the vendor. Steffen Baungaard is the CEO of HusCompagniet.

Advisors
Vendor – FIH Partners (Corporate finance); Accura (Legal); Deloitte (Financial due diligence, tax).
Equity – PwC (Corporate finance); Plesner (Legal); PwC (Financial due diligence, tax).

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• Topics
• Nordics
• Buyouts
• Exits
• Industrials
• Denmark
• FSN Capital
• EQT
• Axcel
• PwC
• Deloitte