SWEDEN - Altor invests in Nimbus Boats

Tine
14 February 2006

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Altor Equity Partners has acquired a 60% shareholding in Nimbus Boats through the Altor 2003 fund. The value of the deal has not been disclosed and the former owners will keep the remaining 40%.

Nimbus Boats, founded in 1977, today includes the brand names Nimbus Boats, Maxi Yachts, Storebro and Ryds. Nimbus Boats has annual sales of approximately SEK 800m and employs some 450 people at five production units. For the last six years the company has had an annual sales growth of approximately 15 per cent combined with high and stable margins.

'Nimbus Boats is one of the leading boat manufacturers in the Nordic region, with very strong brands, a strong position in the high-end leisure boat market and an exciting programme of new models. We are looking forward to work with management to further reinforce the company's competitiveness and market position,' comments Fredrik Strömholm, partner at Altor.

Altor's acquisition is subject to competition authority approval. Kaupthing Bank has acted as financial adviser to the owners of Nimbus Boats and SEB Enskilda has been financial adviser to Altor.

The current chairman, Lennart Svantesson, is appointed new CEO as of 1 April. Both founders of the company, Hans and Lars Wiklund, will continue to be operationally active in the company and remain as members of the board of directors. Håkan Larsson, CEO of Rederi AB Transatlantic, is proposed to be the new chairman of Nimbus Boats.