FSN buys EET Europarts from Alipes for DKK 1.2bn

The Norwegian GP is believed to have won the bid for EET ahead of EQT and Segulah, while Nordic Capital, Altor and Axcel were also said to have shown an interest.

According to local media, the sale was the result of a dual-track process launched in 2014, with an IPO the preferred exit route. Listing EET on the Copenhagen stock exchange was ruled out as a result of OW Bunker's collapse, and an alternate sale route was pursued instead.

Alipes, the private equity fund of Inter Ikea Investments, had owned a 75% stake in EET for four years prior to the sale, with management holding the remaining 25%.

FSN plans to double the company's revenue within five years, and plans to grow EET both organically and via acquisitions.

Previous funding
EET Europarts' new Norwegian owners are the company's fourth private equity backers.

The business was first acquired by CVC in 1997 for around €50m; the investor sold it to Danish GP Capidea 10 years later. After three years of ownership, Capidea and mezzanine provider Armada Mezzanine sold EET to Alipes.

Company
Founded in 1986, Copenhagen-based EET Europarts is a distribution company for IT products and parts, with operations in 26 countries.

It had revenues of €211m in 2013 and employs around 500 people.

People
Partner Thomas Broe-Andersen worked on the deal for FSN, with Alipes partner Christian Riisberg. John Thomas is the founder and CEO of EET Europarts.

Advisors
Equity – Danske Bank (Corporate finance); Plesner (Legal); Deloitte (Corporate finance); Accura (Financial due diligence).

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• Topics
• Nordics
• Buyouts
• Technology
• Denmark
• FSN Capital
• CVC Capital Partners
• Capidea Management
• Secondary buyout