Polaris buys Alignment Systems from FSN Capital

Director Erik Nelson commented that the company has shifted from focusing on hardware to supplying complete systems under FSN ownership. Moreover, the company has expanded its global operations, increasing exports to China from SEK 2m to around SEK 100m in 2011.

Previous funding
Alignment Systems was initially acquired by 3i and Euroventures in 2001 from Zeteco, a subsidiary ofo Finnish engineering group Partek. The investors simultaneously bought Swedish collision repair companies Car-O-Liner and Josam, which were incorporated as subsidiaries under Alignment Systems.

In March 2006, FSN Capital bought the company from 3i and Euroventures, following an auction held by Carnegie. A debt package consisting of senior debt, working capital, and trading facilities, was underwritten by DnB Nor.

Company
Alignment Systems consists of subsidiaries Car-O-Liner, founded in 1935, and Josam, founded in 1972. The company produces systems for supporting vehicle collision repair processes, mainly for body shops, and has deployed 55,000 systems globally.

Subsidiary Car-O-Liner focuses on cars and light trucks, while Josam specialises in heavy-duty vehicles. Based in Västra Frölunda, Sweden, Alignment Systems employs around 250 staff and recorded sales of around SEK 500m in 2011.

People
Partner Jan Dahlqvist worked on the deal for Polaris. Director Erik Nelson represented FSN Capital.

Advisers
Vendor - PwC Corporate Finance (Corporate finance); Vinge, Bo Adrianzon, Johan Steen, Ulrich Ziche, Martin Folke, Jonatan Lund Kirkhoff (Legal); KPMG (Financial due diligence).

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