Coromatic Holding AB (Sweden) - Jan 2008

unquote
01 January 2008

Tweet
Facebook
LinkedIn
Google plus
Send to

Litorina Kapital III has created a new IT security group through its acquisition of three companies: Coromatic AB, Metric Power AS and Scanpocon A/S, for an undisclosed sum. Litorina was attracted to the deal due to the synergies between the three companies. Going forward, growth will be secured through organic means and further acquisitions.

Debt structure

A senior debt package was supplied by Nordea to support the transaction.

Company

Swedish Coromatic AB provides tailor-made secure data room solutions. It is based in Bromma, where the new group also will be headquartered. The business has 70 employees and is estimated to record turnover of SEK 325m for 2007. Norwegian Metric Power and Danish Scanpocon deliver a range of power supply products in Norway, Denmark and Sweden. Metric Power has also a Swedish subsidiary, Metric Power AB, based in Norrköping. The newco, Coromatic Holding AB, is forecast to record turnover exceeding SEK 550m and 130 employees. It aims to further develop processes and routines to meet listing requirements in a couple of years.

People

Litorina Kapital partner Paul Steene will join the board of directors. New board chairman will be Bo Kastensson, a former CEO of the Bewator Group. Also taking seats are; Maths Waxin, new group CEO, Jerry Fredriksson and Frank DeKinder.

Advisers

Equity - Ernst & Young, Håkan Olsson (Financial Due Diligence)Equity - KPMG, Magnus Renbakken (Financial Due Diligence)Equity - Occam Associates, Mathias Arondsson (Other Due Diligence)Equity - Vinge, Johan Winnerblad (Legal)

Sourced from: Nordic unquote" 70 (Feb 2008)