FSN Capital holds Troax IPO

Approximately 62% of the total shares in Troax were floated, including an over-allotment option, resulting in a market cap of around SEK 1.535bn.

FSN stated the offering was "substantially oversubscribed" and the share price increased by 19% during the first day of trading, closing on SEK 78.5. Shares were down 2.5% on the opening price and trading at around SEK 76.75 at the time of publication.

FSN expects to hold a stake of around 18% in Troax following the IPO, provided the greenshoe option is exercised in full.

Industrial investor Latour and institutional investor Svolder acted as cornerstone investors in the IPO. Latour acquired a 30.1% stake in the company, while Svolder took a 9.9% shareholding. A further 4,500 investors have acquired stakes in Troax as part of the IPO.

FSN hired Carnegie Investment Bank and Handelsbanken Capital Markets as financial advisers for a possible listing in November last year.

Previous funding
FSN acquired Troax in December 2012 from Accent Equity following an auction process run by ABG Sundal Collier. The GP used its third fund, a €375m vehicle that closed in September 2008, to finance the transaction.

Company
Headquartered in Hillerstorp, Troax is a metal mesh-panel producer for the automation and robotics, material handling and logistics, and property protection sectors. It generated revenues of €90m in 2014, with an EBITDA of €18m, and employs 400 people.

In July last year, Troax merged with Satech Safety Technology in Italy, while it spent SEK 50m on a new painting facility in Hillerstorp in September. The group was founded in 1955.

People
Peter Möller is a partner at FSN Capital.

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

• Topics
• Nordics
• Exits
• Industrials
• Sweden
• FSN Capital
• IPO
• Unq2015Apr