SWEDEN - Ratos plans to invest SEK 300m for 60% of MCC

Linn
12 April 2007

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Ratos is to acquire 60% of the heating and air conditionings systems (HVAC) company Mobile Climate Control (MCC) from its founder Gunnar Mannerheim for approximately SEK 300m. The company’s senior executives will remain in their present positions. The company’s founder and CEO, Gunnar Mannerheim, intends to reinvest some of the purchase price in the acquisition company through which Ratos will acquire MCC and will subsequently own 40% of the company post aquisition. Ratos’s acquisition is among others subject to approval from the appropriate authorities.

Mobile Climate Control (MCC) which was founded by Gunnar Mannerheim in 1975 and has its head office in Norrtälje, Sweden, offers complete climate comfort systems for buses, off-road and specialty vehicles. Approximately 60% of the company’s sales take place in North America and the remainder in Europe. Major production plants are located in Toronto, Canada, and in Norrköping and Norrtälje, Sweden. MCC’s sales are expected to exceed SEK 650m during the current split financial year and profit EBITA is expected to be approximately SEK 120m. The company has some 500 employees, including 360 in North America.