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PRINT THIS PAGE IK sells explosives maker Dyno Nobel to Macquarie-led consortium for $1.7bn19/09/2005. Source: AltAssets. 
 European private equity firm Industri Kapital and co-owner Ensign-Bickford Industries have agreed to sell commercial explosives company Dyno Nobel to a consortium of institutional investors led by Australia's Macquarie Bank for $1.7bn.
Dyno Nobel, founded by Alfred Nobel, has 5,800 employees in 36 countries and sales of $1.4bn per year. Following IK's public-to-private acquisition of Dyno ASA from the Oslo Stock Exchange in August 2000, Dyno's chemical business was merged with Neste Chemicals to form Dynea Oy. IK has, through divestment of non-core assets and acquisitions, transformed the remainder of the group into today's Dyno Nobel. During IK's ownership Dyno Nobel sales and EBITDA have increased by approximately 100 per cent and 170 per cent respectively, IK said in a statement.
Kim Wahl, Partner at IK said, 'This has been a very good investment for IK, and clearly demonstrates our dedication to building best-in-class companies and improving operational performance. We have worked alongside a strong and dedicated management team to focus the business, achieve operational excellence and grow the company organically and through selective strategic add-on acquisitions. We would like to recognise the tremendous effort and commitment of the Dyno Nobel employees and management team over the last five years.'
Macquarie plans to focus Dyno Nobel geographically on the North American and Australian markets, and will explore a range of future options for the company, including an IPO on the Australian Stock Exchange in the first half of 2006. Macquarie has agreed with the Australian chemical and explosives company Orica to sell to it most of the European, Middle Eastern, African, Asian and Latin American businesses.
IK, a European private equity firm with Nordic roots, manages close to €4bn in fund commitments. The firm focuses on investing in mid-sized companies with strong cash flow and profit improvement potential, operating in mature industries with fundamental underlying growth.
Macquarie Bank is a major Australian financial services provider.
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