Industrifonden and Pegroco exit Scandinavian Air Ambulance

The buyer, Avincis, was sold to Babcock by Investindustrial and KKR today for €2bn. 

Pegroco and Industrifonden invested in SAA in 2007 and 2009, respectively. The vendors point to the significant financial and industrial synergies the new owners will bring following the deal, which sees SAA become a subsidiary within the Avincis group. CEO Henry Hansen will continue in his role, as well as a significant shareholder, following the deal.

Avincis is one of the world's largest companies within the ambulance and fire control sector. The group has more than 3,000 employees and 350 helicopters and aeroplanes in total. Via its four subsidiaries the group is active in Spain, Italy, France, Portugal, Ireland, the UK, Norway, Australia, Chile and Peru.

With the acquisition of SAA, Avincis expands its presence in the Nordic region and gains a foothold for further growth in Europe.

Industrifonden contributed SEK 10m in convertible loans as part of a SEK 30m funding round for SAA in August 2009, according to unquote" data. In conjunction with the capital increase, SAA acquired Gothenburg-based Svensk Flygambulans.

Company
Founded in 2001 and based in Östersund, SAA is a Swedish helicopter and fixed-wing airline that operates primarily air ambulance helicopters and planes for the Swedish, Finnish and Norwegian governments.

With a fleet of 22 aeroplanes and helicopters at 15 bases across the Nordic region, the company has a turnover of SEK 500m and transports more than 14,000 patients yearly.

People
Tore Tolke led the investment for Industrifonden. Per Grunewald is a managing partner of Pegroco.

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