Ratos sells down 20.9% Inwido stake

Following the sell-down, Ratos now holds 10.4% of the shares in Inwido. The shares were sold at SEK 91 apiece, totalling SEK 1.1bn.

The share sale follows Inwido's IPO in September last year, which at the time generated an exit multiple of 3.3x for Ratos and an IRR of 15%. Shares began trading at SEK 68 each.

Following this most recent sell-down, Ratos has generated an exit multiple of 3.7x.
Carnegie and Handelsbanken Capital Markets acted as joint bookrunners for the sale.

Previous funding
Ratos acquired Inwido (then Elitfönstergruppen) in a secondary buyout from Triton in 2004 for SEK 473m, with a senior debt package provided by Nordea.

Since the buyout, the company has completed bolt-ons of close to 30 Nordic and European businesses.

In the 10 years of Ratos's ownership, Inwido's sales have almost quadrupled – rising from SEK 1.1bn in 2003 to SEK 4.3bn in 2013. The company's EBITDA has grown from around SEK 134m in 2003 to SEK 345m in 2013.

Company
Inwido designs, manufactures, and sells windows and doors. Its history dates back to 1924, when the oldest subsidiary Elitfönster was founded.

The company operates in 20 countries and has its most substantial operations in the Nordic region. Inwido employs approximately 3,000 people.

People
Susanna Campbell is the CEO of Ratos, while Håkan Jeppsson is the CEO of Inwido.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Nordics
• Ratos Holding