FSN exits Teres

The acquiring structure is the holding company for Aleris, Sirela Sweden, a wholly owned subsidiary of the Wallenberg family investment company Investor AB. Investor bought Aleris from EQT in 2010, paying SEK 1.7bn for the GP's 65% stake.

Following the transaction, Teres will become a division of Aleris, which provides healthcare, elderly care, and mental health services.

Teres had been a buy-and-build project for FSN Capital, which made 11 bolt-on acquisitions for the company. The GP's stake in Teres stood at 40% at the time of the sale.

The deal is expected to close by the end of Q3 this year.

FSN's first exit for 2015 comes hot on the heels of its first buyout of the year, the DKK 1.2bn SBO of Danish IT parts and products distributor EET Europarts.

Previous funding
Teres was established by FSN Capital in 2007 as a group bringing together independent surgical clinics under one structure. Over the course of its investment, the GP made 11 add-ons to the company.

Company
Teres is a group of 17 cosmetic surgery clinics with operations in Denmark, Sweden and Norway.

The company had revenues of around NOK 530m last year, and employs 300 people.

People
FSN Capital advisor Henrik Lisæth is the chairman of Teres board. Åse Aulie Michelet is the CEO of Teres.

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• Nordics
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• Norway
• FSN Capital