EQT buys Anticimex from Ratos

The deal was valued at SEK 2.9bn. Ratos' 85% equity stake was worth around SEK 1.53bn of the total SEK 1.775bn equity value of the deal. This corresponds to an exit multiple of 2-2.5x and an IRR of around 24% for the exit.

EQT told unquote" that it plans to grow Anticimex's product and service offering within Sweden, and expand the company internationally. Equity was invested from EQT VI, which closed at €4.75bn in October 2011.

Debt
A consortium of banks, consisting of SEB, Nordea, and Swedbank, provided senior debt at an approximate 50% leverage ratio.

Previous funding
Anticimex was first taken private in December 1991 by Nordic Capital, WASA Sweden, and Länsförsäkringar Sweden. The deal, which was valued at SEK 262m, was supported by a senior debt package from Svenska Handelsbanken. In 1994, the company was divested to the then NYSE-listed ServiceMaster in a trade sale.

Nordic Capital bought back Anticimex in 2001. According to ServiceMaster the sale price was around $93m in cash with a $7m vendor note.

In 2005, Ratos acquired Anticimex in a secondary buyout valued at SEK 1.648bn. It invested somewhere around SEK 600-750m of equity, securing a SEK 1bn debt package.

Company
Anticimex, founded in 1934 and headquartered in Stockholm, provides indoor health and safety services, including pest and hygiene assurance, dehumidification, guarantees and insurance. The company employs around 1,300 staff in the Nordics and Germany, and recorded SEK 192m EBITA from SEK 2bn sales in 2011.

People
Per Franzén worked on the deal for EQT. Arne Karlsson is CEO of Ratos.

Advisers
Equity - Bain & Company (Commercial due diligence); Oliver Wyman (Insurance due diligence); Aon (Insurance due diligence); Hannes Snellman (Legal); Clifford Chance (Legal); Ernst & Young (Financial due diligence); Golder Associates (Environmental due diligence); Nordea (Corporate finance).

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• Topics
• Nordics
• Buyouts
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• Sweden
• Ratos Holding
• EQT
• Nordic Capital