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SWEDEN - Industry Capital sells Prevesta to Block Watne Group for SEK 1.9bn

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Block Watne Group (BWG), one of Norway’s leading housebuilders and listed on Oslo Børs, has entered into an agreement with Industri Kapital's 2004 Fund to buy 100 per cent of the shares in Prevesta, Sweden’s leading producer of prefabricated houses with the brands Myresjöhus and SmålandsVillan. The purchase price amounts to SEK 1,900m (approx. EUR 204m) which includes the transfer of debt and shareholder loans of SEK 381m (approx. EUR 41m). The consideration consists of approximately SEK 1,215m in cash (approx. EUR 131m) and 6,502,242 shares in BWG (representing approx. 12.6% of the shares in BWG after the transaction). Following the transaction, the Industri Kapital 2004 Fund will become one of the largest shareholders in BWG.

Prevesta was aquired by Industri Kapital's 2004 fund in March 2005. During the time Prevesta has been under Industri Kapital's ownership, major restructuring has taken place including the rebranding of Myresjöhus and SmålandsVillan. A common product platform and brand independent production has also been introduced. Prevesta has thus grown in to a market leader in Sweden measured in terms of number of single-family houses delivered and turnover.

Block Watne Group is one of Norway's leading housebuilding groups. BWG covers the purchase and development of sites as well as the construction and sale of dwellings to private buyers. The company employs 600 people, of which 400 are carpenters working in specialist teams. BWG has 21 offices around Norway, with a focus on building houses in suburbs to the most densely populated cities in Norway. Turnover in 2006 was NOK 1,53bn (EUR 187m) and EBIT of NOK 241 (EUR 29m).

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