NORWAY - Borea sells Scandinavian Electric Holding for NOK 430m
Borea Opportunity II has sold its stake in marine propulsion system supplier Scandinavian Electric Holding to Rolls-Royce in a deal valued at NOK 430m.
Borea held a 67% stake in the company, which was acquired in 2007 for NOK 160m. Rolls-Royce acquired both this and the remaining 33% stake from management and other key employees.
Scandinavian Electric Holding supplies system packages for hybrid and diesel-electric marine propulsion systems. Founded in 1984, the company employs 150 people in Bergen, where it is headquartered, and Gdansk in Poland. In 2007 the business generated sales of NOK 405m, with an EBITDA of NOK 45m.
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