Altor buys Norican from MidEuropa

Following the deal, the Swedish GP and Norican's management will own 100% of the company's share capital, with Altor as the majority shareholder.

Danish media have previously estimated a price for Norican to stand in the range of DKK 2-3bn, and reported that Axcel and Ratos had both been interested in buying the company.

The buyout is the second investment from Altor's latest vehicle, the €2bn 2014-vintage Altor Fund IV, following its acquisition of 23.3% of Spectrum earlier in December.

Debt was provided by a club of Nordic banks, consisting of Nordea, SEB and Swedbank.

Previous investment
Mid Europa acquired British Wheelabrator Group through the GP's Emerging Europe Convergence Fund II in 2006.

Mid Europa then bought Danish business Disa from Procuritas in 2008 and merged the two to form Norican. Procuritas had bought Disa in 2006.

Company
Founded in 1900 as Compagnie Madsen, Norican manufactures machines for metallic parts and surface treatment.

Known in Denmark as the Rifle Syndicate for many years, the company was initially a rifle manufacturer, first under the name Compagnie Madsen and later as Dansk Rekylriffel Syndikat.

It changed its name again in 1936 to Dansk Industri Syndikat when Danish shipping company AP Møller took a stake in the company.

After the factory was bombed by Danish resistance during the German occupation of the Second World War, rifle manufacturing slowed and the company began focusing on foundry and parts machinery from 1960 under the name Disa.

Headquartered in Taastrup, Denmark Norican also has a divisional headquarter in Altrincham, UK, with production in Denmark, China, India, the US, Mexico, Germany, Czech Republic, Poland and France.

Norican employs around 2,200 people and the Disa subsidiary had revenues of around DKK 700m with a gross profit of DKK 260m in 2013.

People
Søren Johansen is a partner at Altor and Zbigniew Rekusz is a senior partner at Mid Europa. Robert E Joyce Jr is the CEO of Norican.

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• Topics
• Industrials
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• Buyouts
• Secondary buyout
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