Herkules makes 3.5x on Micro Matic exit

The sale represents a 20% IRR for the private equity firm's Herkules Fund II, which acquired Micro Matic in 2007.

Katalysator will acquire Herkules' entire 93% stake in the company, while Micro Matic's management will retain the balance it acquired in the GP's original MBO. The management team will also remain at the helm of the company after the deal.

Micro Matic is the first exit of 2016 for Herkules, and the first since its largest ever exit – 2015's NOK 2.2bn trade sale of coffee chain Espresso House to Jab Holding.

Previous funding
Paying €30.86m for a 93% stake, Herkules acquired Micro Matic in a March 2007 MBO through its Herkules Fund II vehicle.

Company
Micro Matic is a provider of heating and lighting control systems, founded in 1969.

The company is based in Hvalstad and employs a staff of 44. It generated NOK 224m in revenues in 2015, up from NOK 196m the year before.

People
Herkules Capital – Cato Haug (partner); Morten Blix (senior partner, co-founder).
Katalysator – Jon Pran (CEO).
Micro Matic – Tomm Karlsen (CEO).

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• Topics
• Exits
• Nordics
• Industrials
• Herkules Capital
• Norway
• Trade sale