|
Almeida Capital is pleased to be a premier sponsor of AltAssets
|
FREE newsletter RSS
INTELLIGENCE
RECRUITMENT
KNOWLEDGE BANK
EVENTS
SECTOR ANALYSIS
HEDGE FUNDS
|
Click here for printer friendly page
Industri Kapital makes ten times its money in Prevesta transaction26/03/2007. Source: AltAssets. 
 Oslo Børs-listed housebuilder Block Watne Group has agreed with the Industri Kapital 2004 Fund to buy 100 per cent of the shares in Prevesta, a Swedish producer of prefabricated houses. Sources told AltAssets that Industri Kapital will make an implied return of ten times its original investment, with an implied IRR of 332 per cent. The purchase price amounts to SEK1.9bn (approximately €204m) which includes the transfer of debt and shareholder loans of SEK381m.
The consideration consists of approximately SEK1.215bn in cash (approximately €131m) and 6,502,242 shares in BWG (representing approximately 12.6 per cent of the shares in BWG following completion of the transaction). By means of the transaction, the Industri Kapital 2004 Fund will become one of the largest shareholders in BWG.
The Industri Kapital 2004 Fund acquired Prevesta in March 2005. The Myresjö, Småland-headquartered company has two brands: Myresjöhus (prefabricated single family houses and housing estates) and SmålandsVillan (prefabricated houses using volume technique). Both are sold in the Swedish, Norwegian and Finnish markets.
In 2006 Prevesta had a turnover of SEK1.756bn and an operating profit of SEK191m. The company has production facilities in Myresjö, Vrigstad and Sundsvall and employs 530.
Michael Rosenlew, partner at Industri Kapital said in a statement, 'Prevesta has been a fantastic investment for us. During Industri Kapital's ownership the company has improved its financial performance and has strengthened its position in Sweden to become the leading producer of single-family houses.
'The recent investments and restructuring efforts have also created the foundation for further growth and profitability for the company. We are also pleased to become a major owner in BWG and are impressed with the company's strong performance during the past few years. The combined company has excellent prospects for further successful growth and development,' Rosenlew continued.
Industri Kapital manages close to €4bn in fund commitments. The firm focuses on investments in mid-sized companies, operating in mature industries with fundamental underlying growth.
Copyright © 2007 AltAssets
|
 
|
|
|
