DENMARK - EQT's Bodilsen files for insolvency

EQT, via its special situations vehicle EQT Opportunity Fund, acquired Bodilsen in November 2006 in a deal valued at DKK 1m. The fund injected close to DKK 100m into the business, while lenders wrote off around DKK 190m leaving approximately DKK 300m of debt in the company. In 2008, EQT injected a further DKK 36m into the company, bringing the total investment to DKK 136m.

During the holding period the company shifted its focus towards the growing area of pigmented furniture, necessitating extensive investments. The capital injections allowed the company to streamline its operations and make them less complex. Bodilsen also deepened its commercial partnerships with major customers. Fixed costs have been reduced and subsidiaries in China, Estonia, UK and the US were closed down, sold or scaled back.

However, in June this year Bodilsen's financial performance and capital structure became unsustainable due in part to the decline in demand. The company has operations in Northern Jutland, Denmark and has a staff of around 400 employees.

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