Nordic Capital makes full FinnvedenBulten exit

The deal saw Finnveden, a company indirectly owned by Nordic Capital's fifth fund, sell its entire holding of 4,874,273 shares corresponding to a 23.2% stake in FinnvedenBulten. Following the transaction, Nordic Capital has wholly exited the company; Volito is the new majority owner, increasing its stake to more than 20%.

Nordic Capital delisted FinnvedenBulten in 2005 from what was then the Stockholm Stock Exchange. The GP launched a public cash offer to the shareholders in Finnveden to tender all shares in 2004– the offer represented a premium of approximately 35% compared to the closing share price on 12 November 2004 and was financed by both equity and debt funding from Svenska Handelsbanken.

Nordic Capital intended to make major investments, develop and refine the business and focus on growth. The GP streamlined FinnvedenBulten during its holding period, divesting two business areas: Finnveden Powertrain and Bufab, which was separated and established as two stand-alone entities with focus on each of the companies' core business. The Powertrain division was divested to Italian industrial buyer Gnutti in 2007.

Following the consolidation, FinnvedenBulten expanded organically as well as geographically and was relisted on Nasdaq OMX Stockholm in May 2011.

Nordic deemed Volito to be a suitable new owner due to its knowledge of the company; former Finnveden CEO Johan Lundsgård is currently the CEO of Volito and is also a member of FinnvedenBultens' board.

This is the second divestment for Nordic Capital's fifth fund announced this week, following the sale of Danish manufacturer of outdoor playgrounds and playground equipment Kompan.

Company
Based in Göteborg, FinnvedenBulten is an international mechanical engineering group that manufactures components for powertrain, fuel injection and braking systems with two divisions: Bulten and Finnveden Metal Structures. Finnveden Metal Structures is a manufacturer of products and components in steel, magnesium and aluminium for the automotive industry in Europe. FinnvedenBulten has manufacturing units in Sweden, Germany, Poland and China.

People
Ulf Rosberg is a senior adviser at Nordic Capital.

Advisers
Carnegie, Tony Elofsson (Corporate finance); Handelsbanken, Ed Plumbly (Corporate finance).

 

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