Eqvitec provides mezzanine financing to Swedish Hedson Technologies

The new capital will support the acquisition of the German Herkules Group from its current management owners. The investment is Eqvitec Technology Mezzanine Fund II’s second overall investment. In addition to the mezzanine loan the transaction was financed by a shareholder loan from Formo Services, the owner of Hedson and a bank loan.

Hedson is a global market leader for gun cleaning devices, wheel washers and infrared curing equipment in the automotive after market sector. The customer segments include body shops, tyre shops and work shops. The company brand names, Drester and IRT, are globally recognized as top tier because of the company products’ high quality, performance and reliability. The company has 66 employees and it’s headquartered in Arlov in Skåne. Approximately 95% of all Hedson products are exported worldwide from Sweden and the company has small subsidiaries in France, Germany and the US.

Herkules is a German manufacturer of pneumatic car lifts for body shops and tyre/work shops, cleaning and curing equipment for body shops, extraction systems and handicap lifts. It has 65 employees. Herkules has a strong position above all on the German market and in near by countries. The brand name Herkules is well respected globally.

Hedson’s estimated sales for 2005 is SEK 135m, while Herkules has estimated sales of SEK 90m for FY 2005. The combined estimated pro forma sales of Hedson-Herkules for FY 2005 is SEK 225m.

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