Riverside exits Vokes-Air Group

Riverside invested in the company in 2008 via its Riverside Europe Fund III (REF III) by carving out the air filtration busines of former parent group SPX Corporation. The deal saw the unit renamed as Vokes. A senior debt package was provided by Kaupthing Bank, while Eqvitec supplied a mezzanine tranche to support the deal.

During the holding period, Riverside consolidated Vokes into a single structure, divested non-core operations to streamline operations, invested in R&D, optimised the geographic footprint and implemented a new ERP system, the GP stated.

Company
Based in Svenljunga, Vokes is a pan-European provider of air filtration solutions for commercial and industrial applications, ranging from HVAC to power plants and hospitals. The group has manufacturing plants in Sweden, Germany and the UK as well as sales operations in 10 countries.

People
Thomas Blomqvist, partner at Riverside, led a team including senior operating partner Fabio Pesiri, vice president Björn Larsson, vice president Marcin Goszyk and associate Martin Gustavsson, who all worked on the deal for Riverside. George Black is the CEO of Vokes-Air Group.

Advisers
Vendor- Mannheimer Swartling (Legal); KPMG (Corporate finance).

 

 

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