Barnebygg (Norway) - Jan 2008

unquote
01 January 2008

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CapMan has completed an MBO of Barnebygg, a provider of day-care services. The business was sold through a limited auction held by First Securities where a few buyers were invited to place bids. CapMan will control 70% of the shares, while the founder, Einar Jensen, and management will hold the remaining stake. CapMan was attracted to the deal because of the prospects of the childcare market and the scaling opportunities the business offers. The investor is planning to open more day-care centres going forward and to take over competitor centre in Norway to secure growth.

Debt structure

FR Bank, part of the Sparebank 1 group, supported the deal with a senior debt package.

Company

Founded in 1993, Barnebygg was initially founded on construction of day-care centres for private operators, co-operative societies and municipalities. Since 2003 the company has also operated daycare centres and provided property management services to the centres. It operates 37 day-care centres with a capacity for 3,500 children, and is scheduled to open 15 new centres during 2008. The business employs 800 persons, recorded turnover in 2007 of roughly €80m and is based in Kopervik.

People

Kai Jordahl, senior parter, Hans G Tindlund, partner, and Mari Huuhka, investment manager of CapMan worked on the deal. When the transaction is closed, expected at the beginning of March, board members will be announced.

Advisers

Equity - Arkwright Norway AS, Morten Hansen (Commercial Due Diligence)Equity - PricewaterhouseCoopers, Tordbjørn Grindhaug (Financial Due Diligence)Equity - wiersholm, Andreas Melbye (Legal)Management - First Securities, (Corporate Finance)

Sourced from: Nordic unquote" 70 (Feb 2008)