
Segulah sells Scan Coin to Acon’s SuzoHapp
Segulah has sold Swedish cash-handling equipment and services company Scan Coin to SuzoHapp, a manufacturer and distributor of components and solutions for self-service machines.
Five years after Segulah bought the firm from the Ovin family, the sale will see SuzoHapp – a portfolio company of US private equity firm Acon – take full ownership of the business.
The Ovin family had re-invested in Scan Coin alongside Segulah in the 2010 MBO, which saw the family's Rempo holding relinquish control of the company. Segulah's exit will see Rempo sell its 30% stake, with remaining minority shareholders also exiting.
Previous funding
Segulah acquired a majority stake in the Swedish coin and banknote processing company in 2010, through the GP's SEK 5.2bn Segulah IV fund.
As part of the deal, the Ovin family retained a 30% stake in the company by buying into the newco with Segulah.
Company
Scan Coin AB specialises in automatic coin and banknote processing. Customers include banks, cash-in-transit companies and bus service operators. Scan Coin has developed solutions that make it possible to re-circulate cash locally, which requires local authenticity control and quality assurance.
The company was founded in 1966 and is based in Malmö. It employs around 420 people in Europe, the US and Asia.
Under Segulah's ownership, Scan Coin's EBITDA grew from SEK 32m in 2010 to SEK 136m last year.
Advisors
Vendor – Baird (Corporate finance).
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