Industri Kapital 1989 Ltd, Jersey, is selling its entire managed stake in the Danish company, Crisplant Industries a/s ("Crisplant"), to the British FKI Group, whose bid has now achieved over 90 percent acceptance, and is unconditional. FKI is paying DKK 425 per share, which corresponds to a total price for Crisplant of just over DKK 2.0 billion. The offer is 40 percent above Crisplant's average share price over the last three months. As a result of the deal, Industri Kapital 1989 Ltd, will have disposed of its holding of 47.1 percent in Crisplant, a total of 2,333,310 shares with a nominal value of DKK 20 each, which it managed on behalf of a number of institutional investors.
"We became involved with Crisplant in 1992, and since then we have played an active role in the company's development. As an investment, it has been interesting and profitable", says Björn Savén, Managing Director of Industri Kapital. "The latest accounts show that the restructuring has put Crisplant back on the right track".
Industri Kapital purchased 90 percent of Crisplant for DKK 108 million in 1992. The management team at that time bought the remaining 10 percent. In December 1995, Crisplant was introduced on the Copenhagen Stock Exchange, at which point Industri Kapital's holding fell to 48 percent.
Industri Kapital has actively assisted Crisplant in its expansion on the US market and in setting up in Hong Kong. In collaboration with Crisplant's management, Industri Kapital has also developed a world-wide service concept.
"Crisplant is now well-positioned, for example, to benefit from the opportunities on the distribution side created by the strongly growing market for e-commerce ", says Björn Savén. "As part of the FKI Group, Crisplant will have access to a larger geographical market, and this offers continued excellent conditions for growth".
Crisplant manufactures sorting systems for use in airports, for mail sorting and in commerce and industry. The company had sales of about DKK 1.2 billion in 1998, has over 800 employees and 4,950,000 shares with a nominal value of DKK 20 each.
The industrial group FKI, which is listed on the London Stock Exchange, is one of the leading companies in distribution.
Industri Kapital is a leading European private equity investment firm with assets under management in excess of one billion Euro. Since 1989, 30 investments have been made in companies in various industries. The fund investors are mainly well-known Nordic and European institutional investors.