
Nordic Capital exits Nefab
Nordic Capital has divested its stake in Swedish packaging company Nefab to the original founders and current co-owners, the Nordgren/Pihl family.
The deal will see Nordic Capital sell its entire 60% stake in the holding company NPNC Interessenter to Nordgren/Pihl, who held 40% of the shares prior to the deal.
Nefab was taken private by Nordic Capital and the Nordgren/Pihl family in August 2007, when it was bought through the joint holding company, NPNC Interessenter, for SEK 1.184bn. Nordic Capital invested via its Fund VI vehicle.
Offering SEK 97 per share at the time, the de-listing was financed by equity, shareholder loans, and a debt package supplied by Handelsbanken.
Nordic Capital communications manager Katarina Janerud told unquote" the GP felt it had achieved the goal it had set at the beginning of its investment.
Nordic Capital had been looking at a range of exit options, including a possible re-listing on the Stockholm stock exchange, but through talks with the Nordgren/Pihl family, it was agreed private ownership was the best option for the company.
Over the course of Nordic Capital's ownership, Nefab increased sales from SEK 2.3bn to around SEK 3bn, and substantially expanded its international operations, particularly in the US and China.
Company
Founded by the Nordgren/Pihl family in 1949, Nefab delivers packaging services to industrial groups, with a particular focus on telecoms, energy, aerospace, vehicles and healthcare equipment.
Headquartered in Jönköping, Sweden, the company employs 2,600 people and had sales of approximately SEK 3bn in 2013. According to Nordic Capital, Nefab's EBITDA was SEK 271m in 2013.
The business was listed on Stockholm's stock exchange between 1996 and 2007.
People
Hans Eckerström is a partner at Nordic Capital, a member of the Nefab board, and led the deal for the GP. Ing-Marie Nordgren is the daughter of the founder of Nefab, and represented the Nordgren/Pihl family. David Mörk is the CEO and president of Nefab.
Advisors
Equity – Navigo Partners (M&A).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater