Vaaka fully exits Produal to Latour

Vaaka stated it has divested the 85% stake it had acquired in a 2012 secondary buyout. The business's management team, which held the remaining 15%, exited alongside the firm.

Latour, a subsidiary of Swedish listed investment company Investment AB Latour, was first attracted by Produal's building automation and range of energy-efficient products. The purchase of Produal marks the Latour's first acquisition in the sector outside of Sweden, and the business will be supported in its plans to expand internationally.

The sale comes nine months after Vaaka-backed Produal bolted on Zone Controls, a Swedish producer of electronic room-control systems.

Debt
The transaction was supported by a €43m debt package.

Previous funding
Vaaka bought Produal from Finland-based GP Midinvest Management in 2012. The SBO saw Midinvest divest its majority stake in the business four years after it had acquired the business via its €58m Midinvest Fund II Ky vehicle in September 2008.

In 2008, Produal's turnover was reported to be €7.5m. This figure has since increased to €11.9m at the time of Vaaka's 2012 SBO, and currently stands at €18m. According to the business, international sales have almost doubled in the last three years.

According to unquote" data, this upwards trend is also reflected in the company's headcount. The business employed 38 professionals in 2008, rising to 72 in 2012 and currently employs 95 members of staff.

Company
Founded in 1987, Produal is a manufacturer of building automation measurement and control equipment. It specialises in temperature sensors, pressure transmitters and room controllers, which are sold via a network of subsidiaries in Finland, Sweden, Denmark and France, as well as partnered entities in additional European countries.

Headquartered in Kotka, Finland, the company currently employs a workforce of 95 staff and posted a €18m pro-forma turnover in 2014, with a 24% pro-forma EBITDA margin in the same year.

People
Latour Industries was represented by CEO Björn Lenander, while partner Antti Salmela led the deal at Vaaka Partners. Ari Mårtensson is CEO at Produal.

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• Vaaka Partners Ltd (Formerly Pohjola)