All investments

  Actic
Country

Sweden

Sector

Consumer goods

Acq. date

Aug/12

Exit date

Mar/17

Actic

Actic (formerly Nautilus Gym) is a leading low to mid market Nordic health and fitness club chain with over 140 clubs and more than 200,000 members in six countries.

The company's vision is to create a healthier society by inspiring people to better health and increased well-being. Actic's geographical focus markets are Sweden, Norway and Germany, but the company is also present in Finland, Iceland and Austria.

Actic is headquartered in Stockholm, Sweden.

Country

Sweden

Value creation strategy
  • Organic growth driven by structural market growth and via leveraging of strong market position
  • Operational improvements
  • Selected add-on acquisitions and entry into new markets
Investment history
  • Acquired in August 2012
  • Listed on the Stockholm Stock Exchange in March 2017
  Addum
Country

Sweden

Sector

Industrial goods

Acq. date

Mar/96

Exit date

May/00

Addum

Addum was, at acquisition, an industry conglomerate consisting of many separate businesses including construction equipment rental (Cramo), pre-cast concrete manufacturing and the production of piston rings.

Country

Sweden

Value creation strategy
  • Focused on two of the larger companies to develop their core business activities
  • Prepared a number of smaller businesses for sale and divested them
  • Put optimal structure in place for remaining construction equipment rental business
Investment history
  • Acquired from Securum in March 1996
  • Partial exits through divestitures or IPOs of several of the businesses within Addum, and final exit through sale of Cramo to Geveke in May 2000
  Agros Nova
Country

Poland

Sector

Consumer goods

Acq. date

Aug/10

Exit date

Oct/15

Agros Nova

Headquartered in Warsaw, Agros Nova is a top three player in all three of its operational business segments, comprising fruit and vegetable reserves, ready-made food and non-carbonated beverages.

The company operates its manufacturing plants in central Poland, offering a wide range of quality products to all major retail outlets across the country.

Agros Nova is the market leader in both the fruit and vegetable preserves and ready-made food segments including jams, ketchup, tomato paste, sauces, ready meals, soups and frozen foods. The company also ranks third in the non-carbonated beverages market including juices, nectars and fruit drinks.

Country

Poland

Value creation strategy
  • Organic growth via leveraging the portfolio of strong consumer brands
  • Operational improvement
  • Buy and build opportunity to consolidate the market
Investment history
  • Acquired in August 2010
  • Agros Nova's preserves and ready-made food businesses which include Lowicz, Kotlin, Krakus, Wloclawek and Fruktus brands, two factories in Lowicz and Wasosz as well as related private label products sold to Maspex in July 2015
  • Additionally, Maspex acquired non-carbonated beverages brand Tarczyn and functional products brand Dr Witt
  • Remaining parts of Agros Nova's non-carbonated beverages segment, including brands Fortuna, Garden and Pysio, was sold to Polmlek Sp. z o.o in October 2015
  Alfa Laval
Country

Sweden

Sector

Industrial goods

Acq. date

Aug/00

Exit date

Mar/05

Alfa Laval

Alfa Laval is a leading global provider of specialised process engineering solutions, equipment and services in the areas of separation, heat transfer and fluid handling. The company focuses on energy optimization, environmental protection and food production  through technological leadership in heat transfer, separation and fluid handling.

Alfa Laval is listed on the Stockholm Stock Exchange.

Country

Sweden

Value creation strategy
  • Develop a customer-focused organisation Accelerate operational improvement and restructuring programme Continue strengthening “after-sales” business Develop new industry applications
Investment history
  • Acquired from the Tetra Laval Group in August 2000
  • Partial exit in May 2002 through an IPO on the Stockholm Exchange. IK retained a 26.9 per cent stake in the company
  • October 2003 IK2000 reduced its remaining stake in Alfa Laval from 26.9 to 17.9 per cent
  • May 2004 IK2000 reduced its remaining stake in Alfa Laval from 17.9 to 8.5 per cent
  • March 2005 IK2000 sold  its remaining 8.5 per cent stake in Alfa Laval
  Amas
Country

Netherlands

Sector

Business services

Acq. date

Nov/95

Exit date

Jul/01

Amas

Amas is one of the leading air-freight forwarders in the Benelux countries. It holds strong positions in sea and road freight forwarding in certain niche markets such as flower bulbs. The group also operates a number of highly specialised forwarding-related service activities.

Country

Netherlands

Value creation strategy
  • Divested non-core activities
  • Expanded organically and via several add-on acquisitions
Investment history
  • Acquired from Inter Forward in November 1995
  • Sold to TMI in March 2001
  Ampelmann
Country

Netherlands

Sector

Business services

Acq. date

Aug/13

Ampelmann

Ampelmann is a high-tech offshore company focusing on development, construction and rental of offshore access solutions. The company was founded in 2008 as a spin-off of the Delft University of Technology.

The core technology is the Ampelmann system, a motion compensated gangway system that allows easy, fast and safe access from a moving vessel to offshore structures, even in high wave conditions. With a doubling of the fleet every year since 2008, Ampelmann currently operates approximately 35 systems world-wide transferring offshore crew from various types of vessels to offshore oil & gas platforms, offshore turbines, FPSO's and all other fixed and floating structures at sea.

Ampelmann  is headquartered in Delft,  Netherlands.

Country

Netherlands

Value creation strategy
  • Institutionalise the business
  • Increase organic growth
  • Expansion among existing client base
  • Increase penetration in overseas markets
Investment history
  • Acquired in August 2013
  APOSAN
Country

Germany

Sector

Care

Acq. date

Oct/16

APOSAN

APOSAN was founded in 1991 with the purpose to service homecare patients through the compounding of individualised infusible and injectable medication. Since then, the company has evolved to an integrated full-range pharmaceutical homecare supplier with its own manufacturing capacities and a dedicated key account management and homecare nurses team to generate and support its growing nationwide patient base.

The APOSAN group of companies is organised in three main business segments: pharmaceutical homecare, providing services to patients that require long-term infusion to diseases; classical homecare, providing standard enteral nutrition solutions as well as selected standard medical devices; and ophthalmic injectables.

APOSAN is headquartered in Cologne, Germany, and serves over 10,000 patients per year.

Country

Germany

Value creation strategy
  • Organic growth in existing indications and homecare antibiotic treatments
  • Grow intraveneous product portfolio and further expand into adjacent areas in homecare
Investment history
  • Acquired from the founder October 2016
  Arca Systems
Country

Sweden

Sector

Industrial goods

Acq. date

Jul/98

Exit date

Feb/05

Arca Systems

Arca Systems is the European market leader in returnable plastic packaging products and systems for transport and materials handling. Customer sectors include the assembly industry, retailing, beverages and agriculture.

Country

Sweden

Value creation strategy
  • Established a platform for growth by developing new and innovative products and systems
  • Increased efficiency through production restructuring and operational reengineering
  • Divested non-core businesses
  • Improved profitability
Investment history
  • Acquired from Perstorp in July 1998
  • Sold to Schoeller Wavin Systems in February 2005
  Attendo
Country

Sweden

Sector

Care

Acq. date

Jan/07

Exit date

Nov/15

Attendo

Attendo is the leading Nordic provider of outsourced social and health care. In Sweden, Norway and Denmark, Attendo Care provides social care to more than 10,000 clients. In Finland, Attendo MedOne is the leading outsourcing provider in social and health care. The primary customers are local authorities that purchase services from Attendo.

Attendo is headquartered in Stockholm, Sweden.

Country

Sweden

Value creation strategy
  • Leverage strong organic growth
  • Focus on international expansion
  • Selective add-on acquisitions
Investment history
  • Acquired in January 2007
  • Add-on of MedOne in 2007, making Attendo the first care and health care company with operations in four Nordic markets
  • Listed on the Stockholm Stock Exchange in November 2015
  Auxiga Group
Country

France

Sector

Business services

Acq. date

Jul/15

Auxiga Group

Since its establishment in 1919 in Belgium and 1975 in France, Auxiga Group has been a bank guarantee expert, drawing up structured and flexible credit facilities using inventories as collateral.

The Group operates through four business units: Auxiga and Sofigarant, which are the leading providers of pledge inventory services in France, Warrant, which provides the same services in Belgium and Auxicontrol, a specialist in asset control and floor check services.

Auxiga Group provides an unparalleled know-how and a complete range of services for each phase of pledge financing, from the setup of the security agreement to the dayto-day monitoring of the pledged assets.

Country

France

Value creation strategy
  • Develop synergies between the different entities of the Group
  • Expand service offering
  • Enhance capabilities to capture future market potential
  • Accelerating growth opportunities through a dynamic commercial strategy
Investment history
  • Acquired by the IK Small Cap I Fund in July 2015
  Axtone
Country

Poland

Sector

Industrial goods

Acq. date

Oct/08

Exit date

Jan/17

Axtone

Axtone is Europe’s largest manufacturer of buffers, draw-gear devices and related components for rail and metro vehicles and rail infrastructure. In addition the company offers the complete service of buffers being fully responsible for their servicing and logistic maintenance.  With over 200 product certificates, Axtone supplies all major rail operators and wagon manufactures in Europe and selected markets around the world.

The company is headquartered in Kanczuga, Poland and manufactures its products in five locations: in Poland, Germany, Czech Republic, Russia and China.

Country

Poland

Value creation strategy
  • International expansion
  • Focus on operational excellence
  • Selective add-on acquisitions
Investment history
  • Acquired in October 2008
  • Sold to ITT Inc. in January 2017
  Cerba European Lab
Country

France

Sector

Care

Acq. date

Jul/06

Exit date

Jul/10

Cerba European Lab

Cerba European Lab ("CEL") is a leading European medical testing laboratory. CEL has a leading position in specialised testing for routine laboratories and hospitals in France (with a 45% market share). The BARC Group was acquired by CEL in October 2007 and is a leading Belgian routine testing laboratory as well as a worldwide clinical trial testing laboratory. Following the acquisition of Biolille and Biotop and subsequent buy-and-build acquisitions since 2009, CEL is key operator of routine laboratories in France. 

Cerba European Lab is headquartered in Paris, France.

Country

France

Value creation strategy
  • Leverage strong organic growth
  • Focus on international expansion
  • Selective add-on acquisitions across Europe
Investment history
  • Acquired in July 2006
  • Sold to PAI Partners 2010
  Cérélia Group
Country

France

Sector

Consumer goods

Acq. date

Jul/15

Cérélia Group

In 2012, the merger of EuroDough and L'Alsacienne de Pâtes Ménagères (APM) created Cérélia Group, bringing together nearly 40 years of experience. Today, Cérélia is a leading European manufacturer of ready-to-use dough mainly through private label and via two own brands, generating sales of EUR 212 million in 2014.

Cérélia Group has a wide product range that includes rolled pie dough, pizza dough, exotic dough, pastries, cake batter and organic dough, selling its products both through private labels and its own brands Croustipate and Pop! Bakery. In total the company has four production plants and 650 employees.

Cérélia Group is headquarted in Liévin, France.

Country

France

Value creation strategy
  • Expand into adjacent segments through various innovation projects
  • Buy-and-build to accelerate European expansion and product range diversification
  • Continuous operating improvement
Investment history
  • Acquired in July 2015 from Sagard, the majority shareholder since 2012, Capzanine, Cerea Capital and BNP Développement
  CEVA Santé Animale
Country

France

Sector

Care

Acq. date

Sep/03

Exit date

Jun/07

CEVA Santé Animale

CEVA Santé Animale develops, manufactures and distributes Animal health products. The company’s main expertise lies within the anti-invectives, vaccines and reproduction control devices areas. CEVA operates in all key European markets and has established a strong presence in international growing markets such as Eastern and Central Europe, Middle East and Turkey, Africa, Asia, and Latin America. 

The company is headquartered in Libourne, near Bordeaux, France

Country

France

Value creation strategy
  • Develop companion animal products and vaccines
  • Expand customer-base in North America
  • Pursue add-on acquisitions
  • Accelerate operational improvements
Investment history
  • Acquired from PAI partners in September 2003
  • Sold to its management, associated with a consortium of investors grouping Euromezzanine, Natexis Industrie and Natixis Investissement
  CID LINES
Country

Belgium

Sector

Care

Acq. date

Jan/16

CID LINES

CID LINES is a leading developer and producer of cleaning agents and disinfectants for the agricultural, food, vehicle care and institutional sectors.

With a network of over 750 distributors and importers, the company exports its solutions to more than 90 countries. CID LINES offers its customers a complete product range, integrated solutions and know-how combined with technical advice.

Over the past years, CID LINES has continued to realise strong growth across all of its segments, supported by an increasing awareness of food safety and use of hygiene products to guarantee safe food throughout the food chain.

The Company is headquartered in Belgium, with an additional production site in Poland to serve Eastern Europe.

Country

Belgium

Value creation strategy
  • Optimise full potential in existing footprint by increasing market shares though superior commercial excellence
  • Acceleration of geographical coverage by entering and/or further penetrating high growth agricultural markets
  • Selective buy and build strategy to further accelerate geographical growth and/or add complementary products to its existing portfolio
Investment history
  • Acquired from Gilde Buy Out Partners in January 2016
  Colisée
Country

France

Sector

Care

Acq. date

Jun/17

Colisée

Colisée is a leading provider of nursing home and homecare services.

With more than 90 nursing home facilities and 70 home care services agencies, the group has developed a geographical footprint across France, Italy, Spain, and more recently in China. In those two business segments, Colisée employs more than 6,700 people.

Country

France

Value creation strategy
  • Organic growth and build-ups in France in the Nursing Home segment
  • Expansion in Italy and operational improvement in the French and Italian Nursing Home platforms
  • Buy-and-build in Continental Europe in Nursing Home and development of Homecare in France
Investment history
  • Acquired from Eurazeo in June 2017
  Colosseum Dental
Country

Norway

Sector

Care

Acq. date

Jul/10

Exit date

Jan/17

Colosseum Dental

Colosseum is the leading provider of private dental care in Scandinavia. The company currently operates clinics in Norway, Sweden and Denmark, offering a range of services from basic dental care to specialist surgery.

Colosseum’s business model allows dental professionals to fully focus on the provision of dental care in a flexible and stimulating working environment, supported by centralised support functions.

Colosseum is headquartered in Oslo, Norway.

Country

Norway

Value creation strategy
  • Add-on acquisitions in Scandinavian dental care market
  • Operational improvements
Investment history
  • Acquired in July 2010
  • Sold to Jacobs Holding in January 2017
  Consolis
Country

Finland

Sector

Industrial goods

Acq. date

Dec/97

Exit date

Oct/05

Consolis

Consolis is the largest manufacturer of prefabricated concrete elements in Europe. Consolis produces a wide range of prefabricated concrete products for the construction of buildings, such as floors, structures and walls.

Consolis also makes products for infrastructure, such as railway sleepers and structures for bridges and tunnels. In addition, the company provides services ranging from planning to erection of its products.

Country

Finland

Value creation strategy
  • Develop value-added products and services
  • Expand into new markets
  • Improve operating performance
Investment history
  • Formed through a merger between Strängbetong (held by Addum) and Partek Precast Concrete (held by Partek) in December 1997
  • Sold to Bonna Sabla in October 2005.
  Consolis (ex Bonna Sabla)
Country

Finland/France

Sector

Industrial goods

Acq. date

Oct/05

Exit date

Mar/07

Consolis (ex Bonna Sabla)

Consolis is the market leader in prefabricated concrete in Europe. A new Consolis group was formed by combining Consolis Oy Ab and French Bonna Sabla in November 2005. Consolis is the largest precast concrete based solution provider and manufacturer of structural precast concrete elements in Europe. The companies belonging to Consolis Group have over 100 production plants in 20 countries with leading positions in their respective markets.

Consolis Group is headquartered in Brussels, Belgium.

Country

Finland/France

Value creation strategy
  • Improving profitability in mature markets, by the systematic development of new markets for pre-cast concrete Expansion overseas, particularly in the Mediterranean, Eastern Europe, Indonesia and the Indochinese peninsula
Investment history
  • Bonna Sabla aquired in October 2005
  • Acquired Consolis from IK1994 and co-investors in late October 2005
  • The new Consolis was formed by combining Consolis Oy Ab and French Bonna Sabla in November 2005
  • Consolis was sold to LBO France in March 2007
  Continental Bakeries
Country

Netherlands

Sector

Consumer goods

Acq. date

Feb/99

Exit date

Jul/06

Continental Bakeries

Continental Bakeries is a manufacturer and distributor of biscuit products in Europe. The group focuses on private label and branded niche products within sweet, unsweetened and savoury biscuits.

Country

Netherlands

Value creation strategy
  • Rationalise production to fewer, larger units
  • Make add-on acquisitions
  • Broaden product offering in existing markets
  • Expand geographic distribution capabilities
Investment history
  • Acquired from Hillsdown Holdings in February 1999
  • Sold to NPM Capital in July 2006
  CPS Color
Country

Finland

Sector

Industrial goods

Acq. date

Oct/00

Exit date

Jun/08

CPS Color

CPS Color Group is the world’s leading supplier of tinting systems and technology. It is the only company in the world that supplies all of the necessary tinting system components: colorants, dispensers, mixers, software, marketing materials, technical support and consulting services.

Country

Finland

Value creation strategy
  • Explore and target new markets & customer segments
  • Take advantage of increased usage of tinting in the paint industry
  • Leverage CPS’ position as a leading tinting systems supplier
Investment history
  • Buyout from Kemira Oyj in October 2000
  • Sold to Nordic Capital in June 2008
  Crisplant Industries
Country

Denmark

Sector

Industrial goods

Acq. date

Jul/92

Exit date

Dec/95

Crisplant Industries

Crisplant Industries is a leading world-wide manufacturer of automatic industrial sorting systems (ATS) and liquefied petroleum gas filling equipment (LPG). Main application areas within ATS include baggage-sorting systems for airports, parcel sorting systems for postal authorities and package sorting equipment for various other industries.

Country

Denmark

Value creation strategy
  • Built up manufacturing capacity in the US
  • Established world-wide service concept
  • Transferred sorting expertise into other end-user segments to reduce dependency on postal & airport customers
Investment history
  • Acquired from Unibank in July 1992
  • Listed on the Copenhagen Stock Exchange in December 1995
  • Remaining shares sold to FKI in connection with its public offering in June 1999 and company was thereafter de-listed
  CSE Oxford
Country

United Kingdom

Sector

Business services

Acq. date

Aug/90

Exit date

Jul/97

CSE Oxford

CSE Oxford is engaged in pilot training as well as aircraft engineering and maintenance services. The engineering division provides comprehensive ground support to owners of small and medium-sized aircraft based in the United Kingdom.

Country

United Kingdom

Value creation strategy
  • Implemented cost rationalisation to improve profitability in the down-turn of the airline industry after the Gulf War
  • Divested peripheral businesses
  • Increased market penetration in Europe
Investment history
  • Acquired from private owners in August 1990
  • Sold to Close Investment Management in July 1997
  Dataphone
Country

Sweden

Sector

Business services

Acq. date

Jan/01

Exit date

Feb/08

Dataphone

Dataphone offers solutions for fast, secure and high quality tele- and data communication to communications intensive companies and public entities throughout Sweden.

Dataphone has Sweden’s most modern commercial network for telephony and data communication. In the same network, the company manages voice and data communication as well as video transmissions with superior quality and performance. The company has changed name to IP-Only.

Country

Sweden

Value creation strategy
  • Focus on direct access sales to Swedish communications intensive companies
  • Develop product offering based on technology platform
  • Expand customer base and develop partnerships with other Swedish operators
  • Leverage the multi-service network platform
Investment history
  • Incorporated and founded in 2001
  • Citylink and Dataphone merge, creating a new leading tele- and datacommunication operator in December 2005
  • Sold to IP-Only Telecommunications AB and Blixtvik AB in February 2008
  DGI
Country

Netherlands

Sector

Industrial goods

Acq. date

Aug/11

DGI

In the field of hydraulics, pneumatics, instrumentation and controls, DGI Group has built up a leading position in the Oil & Gas, Maritime & Dredging and High-End Machine Building industries. Because of its specific knowledge and effective working method, DGI supplies worldwide on request for many tier 1 clients the complete management for their projects: from advising, customer specific system engineering & procurement to installing, commissioning and maintenance.

Since 1879 DGI has grown into a modern, innovative company with branches in the Netherlands (headquarter), Europe, the US, Middle East and Asia.

Country

Netherlands

Value creation strategy
  • Organic growth via leveraging of strong market position in growth markets
  • International expansion through organic growth and add-on acquisitions
  • Improvement of end market focus with realisation of associated cost efficiencies
Investment history
  • Acquired in September 2011
  DSI
Country

Germany

Sector

Industrial goods

Acq. date

Sep/05

Exit date

Oct/07

DSI

DSI (DYWIDAG-Systems Int'l GmbH) is a market leader in the development, production and application of post-tensioning and geotechnical (steel) fastening parts and systems.  The high value added safety/durability critical products are used in bridge building, slope stabilisation and mining.

Headquartered in Germany, DSI has operations across Europe, Asia-Pacific and the Americas.

Country

Germany

Value creation strategy
  • Pursue appropriate add-on acquisition opportunities
  • Improve the overall business efficiency and take advantage of organic growth opportunities
Investment history
  • Acquired from Walter Bau Group in September 2005
  • Sold to CVC Capital Parnters in October 2007
  Dynea
Country

Finland

Sector

Industrial goods

Acq. date

Nov/99

Exit date

Jan/14

Dynea

Dynea is a global provider of superior adhesion and surfacing solutions. Prefere by Dynea adhesive sesins are used in a variety of applications by the panel board industry, laminate beam and structural wood, the mineral and glass fibre industry, the paper impregnation industry, and many others. Ultim by Dynea is a family of high quality paper overlay products for both decorative and industrial uses. Dynea serves its customers in the woodworking and other industries by tailor-making solutions and creating added value. Dynea's high value adhesion and surfacing products and service solutions are available in Europe and Asia Pacific and are produced at 40 sites across the regions.

Dynea is headquartered in Helsinki, Finland,

Country

Finland

Value creation strategy
  • Focus on high-growth and high-margin products
  • Take advantage of consolidation opportunities in the fragmented European chemicals industry
  • Achieve cost savings
Investment history
  • Neste Chemicals was acquired from Fortum Oyj in November 1999. Dyno Chemicals was spun off from Dyno ASA after it was taken private in August 2000. Together they form Dynea.
  • Dynea sold its North American operations to Teachers Private Capital, the private investment arm of the Ontario Teachers Pension Plan in July 2007.
  Dyno Nobel
Country

Norway

Sector

Industrial goods

Acq. date

Aug/00

Exit date

Nov/05

Dyno Nobel

Dyno Nobel is the world’s leading explosives company. Its most important customer segments are the mining industry and the building and construction industries. Dyno Nobel has operations in 35 countries in Europe, the Americas and the Asia-Pacific region.

Country

Norway

Value creation strategy
  • Achieve operational improvements by implementing internal restructuring plan
  • Increase focus on global sourcing
  • Streamline organisation
  • Transition from commodity supplier to blasting solution provider with high value-added content
Investment history
  • Acquired through a public offering on the Oslo Stock Exchange in August 2000
  • In May 2003 Dyno Nobel merged with Ensign-Bickford Company of the U.S.
  • Sold to a consortium of institutional investors lead by Macquarie Bank in November 2005
  Elektrokoppar
Country

Sweden

Sector

Industrial goods

Acq. date

Nov/97

Exit date

Jun/07

Elektrokoppar

Elektrokoppar is one of the leading winding wire and wire rod manufactures in Europe. The company supplies its products mainly to the electric industries.

 

Country

Sweden

Value creation strategy
  • Participate in industry restructuring
  • Integrate winding wire business
  • Implement internal efficiency measures
Investment history
  • Acquired from ABB in November 1997
  • Sold to Liljedahlsbolagen in June 2007
  ELFA
Country

Sweden

Sector

Industrial goods

Acq. date

Aug/06

Exit date

Apr/08

ELFA

ELFA markets, sells and distributes electronic components and other technical products to primarily business customers in northern Europe.

With over 51,000 customers and 130,000 catalogues distributed annually, ELFA is a leading distributor in the Nordic countries, Poland, the Baltic countries and Russia.

ELFA is Headquartered in Stockholm, Sweden.

Country

Sweden

Value creation strategy
  • Leverage strong organic growth
  • Focus on international expansion
  • Selective add-on acquisitions
Investment history
  • Acquired in August 2006
  • Sold to Daetwyler in April 2008
  Ellab
Country

Denmark

Sector

Industrial goods

Acq. date

Aug/16

Ellab

Ellab is a leading global supplier of solutions for measuring, recording, monitoring and validating critical parameters of thermal processing, selling its products in over 65 countries across the globe.

The company offers a wide product range of high-precision systems for temperature, pressure and humidity monitoring and validation based on either data loggers or wired thermocouple instruments.

Ellab’s products are used by the pharmaceutical and food industry as well as hospitals, where accurate and complete supporting validation documentation is essential.

Country

Denmark

Value creation strategy
  • Continued organic growth through further market share gains in the pharma segment
  • Invest in organic expansion of the validation services market
  • Investigate merits of entering adjacent validation industry verticals
  • Pursue growth through M&A of identified targets
Investment history
  • Acquired in August 2016 by the IK VIII Fund
  Ellos
Country

Sweden

Sector

Consumer goods

Acq. date

Nov/95

Exit date

Jul/97

Ellos

Ellos is a leading mail-order company in the Nordic countries. Its main product area is clothing, and the company also runs a substantial financing operation.

Country

Sweden

Value creation strategy
  • Acquired Josefssons, Sweden's fourth largest mail-order house
  • Expanded geographically, mainly by moving into Denmark & the Baltic states
  • Utilised international benchmarking to improve operations
  • Utilised segmented, targeted mailings
Investment history
  • Acquired from ICA in November 1995
  • Sold to La Redoute in July 1997
Website

www.ellos.se

Fund

IK 1994 Fund

  Eltel Networks
Country

Sweden

Sector

Business services

Acq. date

Jun/01

Exit date

Aug/07

Eltel Networks

Eltel Networks consists of Swedia Networks and Eltel Networks. The two companies were combined in December 2004 when Eltel Networks was acquired and subsequently merged with Swedia Networks. The combined company is a Northern European market leader within installation and maintenance of infrastructure for electricity and telecommunications.

Swedia Networks is one of originally seven businesses included in the Telefos investment. The seven businesses - Ki Consulting, Validation and Swedtel (telecom consulting), Respons and TA Teleadress Information (directory enquiry and data-handling services), Multicom Security (secure alarm network operations) and Swedia Networks - were acquired from Telia in 2001. Since then all companies, except Swedia Networks, have been divested.

Country

Sweden

Value creation strategy
  • Grow by meeting increased demand of combined el and tele projects
  • Improve efficiency with multi-skilled workforce working with both el and tele
  • Grow maintenance business
Investment history
  • Swedtel sold to Worldtel in November 2002  
  • Respons sold to Eniro in May 2003
  • Ki Consulting sold to TietoEnator in January 2004
  • Validation sold to TeliaSonera and WM-data in June 2004
  • Eltel Networks acquired in December 2004 to be combined with Swedia Networks
  • TA Teleadress sold to Aftonbladet in February 2005
  • Multicom Security sold to GMT Communications Partners in March 2005
  • Eltel Networks was sold to 3i in August 2007
  Enermet Group
Country

Finland

Sector

Industrial goods

Acq. date

Aug/99

Exit date

Jul/06

Enermet Group

Enermet Group is one of the world’s leading suppliers of energy metering systems. The company develops, produces and markets comprehensive new generation systems for the metering of energy, the control of its use and the refinement and management of metering data. Enermet has branches in ten countries around the globe.

Country

Finland

Value creation strategy
  • Improve operational efficiency and implement process oriented group structure
  • Expand customer offering and develop metering services business
  • Focus on deregulating markets
  • Make add-on acquisitions
Investment history
  • Acquired from Fortum Corporation in August 1999
  • Sold to Bayard Group in 2006
  EPiServer
Country

Sweden

Sector

Business services

Acq. date

Dec/10

Exit date

Dec/14

EPiServer

EPiServer connects ecommerce and digital marketing to help business create unique customer experiences which generates business results. EPiServer's platform combines content, e-commerce and multi-channel marketing capabilities to work full-circle for businesses online, from intelligent optimization, lead-generation through to conversion and repeat business.

Sitting at the centre of the digital marketing ecosystem, EPiServer empowers online and IT professionals to create superior customer experience for more than 20,000 websites worldwide. Built on .net, and supported by a pioneering partner network of over 630 partners in over 30 countries, EPiServers platform gives customers the ability to deliver the right content to the right person in the right format at a time that suits them. This approach means customers can maximize their investment in digital marketing and increase ROI.

The company was founded in 1994 and has offices in the United States, Sweden, Denmark, Norway, Finland, The Netherlands, South Africa, Australia, Spain, UAE and the United Kingdom.

Country

Sweden

Value creation strategy
  • Organic growth via leveraging strong market position
  • International expansion
  • Buy and build opportunity to consolidate the market
Investment history
  • Acquired majority stake in December 2010
  • Sold to Accel-KKR in December 2014
  Etanco
Country

France

Sector

Industrial goods

Acq. date

Mar/08

Exit date

Oct/11

Etanco

Etanco is the leader in the design, manufacturing and distribution of building fastener and fixing systems in France. The group is also present in Italy with its Friulsider brand and in Eastern Europe.

The Group has a full range of 80,000 products grouped under four main categories: Waterproofing, Roofing, Safety and Facades which allows it to offer products adapted to the specific market requirements particularly in terms of environmental and European regulatory constraints.

Etanco is headquartered outside of Paris, France.

Country

France

Value creation strategy
  • Extension of product offering
  • Focus on operational excellence and international expansion
  • Selective add-on acquisitions
Investment history
  • Acquired in March 2008
  • Sold to 3i in 2011
  Europris
Country

Norway

Sector

Consumer goods

Acq. date

Oct/04

Exit date

Mar/12

Europris

In October 2004 the IK2000 Fund acquired the assets of Terje Hoili AS and Europris Norge AS through the newly formed company Europris Holding AS (formerly Ekstrem Lavpris Holding AS).

Europris is an integrated hard discount retailer selling a combination of food and non-food products.

Europris operates more than 180 stores in Norway and 6 in Iceland. The stores are operated partly as owned stores and partly as franchisees. Europris is headquartered in Fredrikstad, Norway.

Country

Norway

Value creation strategy
  • Continue roll-out of stores in Norway
  • Potential expansion into neighbouring countries
  • Increase share of supply from internal wholesale business
Investment history
  • Acquired from Terje Høili and Europris founders in October 2004
  • Sold to Nordic Capital in 2012
  Evac Group
Country

Finland

Sector

Industrial goods

Acq. date

Dec/14

Evac Group

Evac is a global company that designs and markets environmentally friendly water, waste and wastewater collection and treatment systems for the shipbuilding, offshore and construction industries.

Founded in 1975, Evac has delivered over 1 million vacuum sanitation units for more than 12,000 vessels, including cruise liners, car and passenger ferries, naval vessels, submarines and yachts. The company employs 190 people, and a direct presence in Finland, the US, China, Korea, France, Germany, Norway and Brazil, with a worldwide network of agents and distributors.

Evac is headquartered in Espoo, Finland.

Country

Finland

Value creation strategy
  • Expand the business organically within multiple product and application areas as well as customer segments
  • Further develop the company’s bundled offering and after market business
  • Make selected value-accretive acquisitions
Investment history
  • Acquired in December 2014 from Oaktree Capital Management
  Exxelia Group
Country

France

Sector

Industrial goods

Acq. date

Dec/14

Exxelia Group

Exxelia Group is a leading designer and manufacturer of customised passive components. For more than 50 years, Exxelia has been developing products with the highest level of reliability to meet the requirements of aerospace, defence, rail, medical, oil & gas and telecommunications blue-chip customers. The group’s ability to produce products that combine extreme technical performance, quality and flawless reliability has established Exxelia as an international leader within its field.

Exxelia Group markets its products under various brands to reflect its multi-technology positioning: Eurofarad, Dearborn, Microspire, Firadec, Sic Safco, Temex Ceramics, Astema and Vertura. All together the group employs over 1,200 employees, and operates in Europe, the US, Asia and Africa.

Exxelia is headquarted in Paris, France.

Country

France

Value creation strategy
  • Focus on continued internationalisation of the group
  • Increase penetration in the US and expand the footprint in Asia
  • Buy and build opportunity to consolidate the market
Investment history
  • Acquired in December 2014 from LBO France
  F Group
Country

Denmark

Sector

Consumer goods

Acq. date

Nov/97

Exit date

Dec/06

F Group

F Group was formed through the merger of Fona Gruppen (held by the Industri Kapital 1997 Fund) and Fredgaard Radio in June 2001. The new group is a leader in Danish high street brown goods retailing and a provider of consumer financing.

Country

Denmark

Value creation strategy
  • Participate in industry restructuring opportunities
  • Improve efficiency
Investment history
  • Fona Gruppen was acquired from Thorn in November 1997
  • Fona Gruppen merged with Fredgaard Radio in June 2001 to form F Group
  • F Group was sold to DSGi plc in December 2006
  Flabeg
Country

Germany

Sector

Industrial goods

Acq. date

May/08

Exit date

Apr/12

Flabeg

Flabeg is leading manufacturer and supplier of solar parabolic mirror and automative glass for the renewable energy and automotive mirror system industry.

Flabeg operates its mirror glass production in two business units - the Solar and Automotive segment. In the Solar segment Flabeg produces parabolic mirrors which are used in CSP plants (Concentrating Solar Power), namely for parabolic troughs. This segment of the renewable energy market has recently seen significant growth driven by the increasing global demand and governmental support for renewable energy sources aiming at decreasing pollution and reducing dependency on fossil resources. As a Tier 2 manufacturer, the Company's Automotive segment manufactures mainly exterior and to a minor extent interior mirror glass for passenger cars and commercial vehicles.

Flabeg is headquartered in Nuremberg, Germany.

Country

Germany

Value creation strategy
  • Focus on operational excellence and international expansion
  • Selective add-on acquisitions
  • Increase the production capacity
Investment history
  • Acquired in May 2008
  Fortex
Country

Netherlands

Sector

Business services

Acq. date

Mar/00

Exit date

Jul/05

Fortex

Fortex is a leading provider of textile rental and industrial laundry services in the Benelux countries. Main customer categories include hospitals (bed linen, hygienic products & work-wear) and different kinds of companies (uniforms & work-wear). Fortex also provides special cleaning services for surgical tools and textiles.

Country

Netherlands

Value creation strategy
  • Participate in market consolidation through add-on acquisitions
  • Introduce plant rationalisation programme
  • Shift from a family–owned business to a corporation
Investment history
  • Formed through the combination of three family-owned companies in March 2000
  • Sold to ABN AMRO Capital in July 2005
  Gardena
Country

Germany

Sector

Consumer goods

Acq. date

May/02

Exit date

Mar/07

Gardena

Gardena is one of the leading gardening equipment companies in Europe. Gardena manufactures garden irrigation equipment, garden care products as well as water pumps and pond products. Customers include DIY stores, garden centres, large general retailers and ironmongers. Gardena’s products are available through a distribution network in over 85 countries. Gardena is part of Husqvarna Group, the world’s largest producer of outdoor power products.

Husqvarna Group is headquartered in Stockholm and the share is listed on the NASDAQ OMX Stockholm Exchange.

Country

Germany

Value creation strategy
  • Become category manager for key distribution channels
  • Expand portfolio with strong and complementary brands
  • Improve operating performance
Investment history
  • Acquired from private owners in May 2002 and through a public tender offer in May/June 2002
  • Sold to Husqvarna in 2006
  GHD
Country

Germany

Sector

Care

Acq. date

Nov/10

Exit date

Aug/14

GHD

GHD is the market leader for homecare services in Germany providing medical devices to patients at home. GHD operates an integrated business model including own production of e.g. ostomy bags and pharmaceuticals to the oncology market as well as wholesale/logistics services. GHD was founded in 1992 and since then has built a market leading position in the German homecare market with a national presence.

The business is headquartered in Ahrensburg, near Hamburg, and GHD employs among others over 800 trained medical experts.

Country

Germany

Value creation strategy
  • Organic growth via leveraging strong market position
  • Increased penetration of existing segments and via add-on acquisitions
  • Focus on operational excellence
Investment history
  • Acquired in November 2010
  • Sold to Nordic Capital in August 2014
  Graphium
Country

Sweden

Sector

Business services

Acq. date

Oct/90

Exit date

Dec/93

Graphium

Graphium is one of Sweden’s leading specialty printing companies, which focuses on payment cards, security printing and government printing.

Country

Sweden

Value creation strategy
  • Expanded rapidly through add-on acquisitions
Investment history
  • Acquired from the Esselte Group in October 1990
  • Listed on the Stockholm Stock Exchange in December 1993
  Groupe Fives-Lille
Country

France

Sector

Industrial goods

Acq. date

Feb/01

Exit date

Aug/04

Groupe Fives-Lille

Groupe Fives-Lille is an international industrial engineering group that designs and produces equipment, primarily for the automotive, steel and aluminium industries. The company’s broad selection of equipment ranges from isolated machines to complete production lines, shops and turnkey plants.

Country

France

Value creation strategy
  • Increased focus on automotive segment
  • Divested non-core activities
  • Shifted focus from manufacturing to design & integration
Investment history
  • Acquired through a public offering on the Paris Stock Exchange in February 2001
  • Sold to Barclays Private Equity France in August 2004
  Guldfynd
Country

Sweden

Sector

Consumer goods

Acq. date

Jul/93

Exit date

Sep/01

Guldfynd

Guldfynd is one of Sweden's leading retail jewellery group. It operates stores under the Guldfynd brand and the Hallbergs brand.

Country

Sweden

Value creation strategy
  • Acquired Hallbergs in 1998
  • Focused on cost rationalisation
  • Developed concept further
  • Expanded store network
Investment history
  • Acquired from KF in July 1993
  • Sold to Albrekts Guld in September 2001
  Hansa Group
Country

Germany

Sector

Consumer goods

Acq. date

Dec/10

Exit date

Oct/13

Hansa Group

Hansa Group is widely recognised as a leader in the sanitary fittings market for bathrooms and kitchens in Germany, Switzerland and Austria.

The product portfolio ranges from faucets, shower heads and systems, thermostats to in-wall fittings and various accessories. Hansa Group divides into two businesses units operating under different brands being “Hansa” and “KWC”.

Hansa Group  is headquartered in Stuttgart, Germany.

Country

Germany

Value creation strategy
  • Organic growth via leveraging strong market position
  • Focus on operational improvements
Investment history
  • Acquired in December 2010
  • Sold KWC to Franke 2013
  • Sold Hansa to Oras Group in 2013
  Hansen Protection
Country

Norway

Sector

Business services

Acq. date

Jul/13

Hansen Protection

Hansen Protection AS is a leading provider of specialist survival suits for extreme weather conditions and sole provider of rental transport suits to energy companies in the Norwegian Continental Shelf region.

The company operates a rental and service model based out of six helicopter sites in Norway, one in Denmark and two in Canada. Additional business activities include specialised survival suits for personal protection (immersion suits, work suits, life jackets), specialty textile products, mainly for the oil and gas, defence and agriculture segment, and marine products such as boat canopies.

Hansen Protection is headquartered in Moss, Norway.

Country

Norway

Value creation strategy
  • Continue growth of the rental business
  • Develop growth strategy for the personal protection business
  • Re-focus special products to oil services and execute pricing initiatives
Investment history
  • Acquired in July 2013
  Hjem-Is Europa
Country

Denmark

Sector

Consumer goods

Acq. date

Dec/91

Exit date

Oct/97

Hjem-Is Europa

Hjem-Is Europa (Hemglass) is the leading direct distributor of ice cream in Scandinavia. The company manufactures the ice cream and distributes it directly to customers' homes from its well-known blue vans.

Country

Denmark

Value creation strategy
  • Expanded into Finland, Germany and Norway
  • Applied internal benchmarking & transfer-of-best-practices programmes
  • Restructured its distribution system
  • Set-up new production facility in Esbjerg
Investment history
  • Acquired from Munksjö in January 1992
  • Sold to Schöller in October 1997
  I@D
Country

France

Sector

Business services

Acq. date

Sep/16

I@D

Founded in 2008 with the ambition to offer an alternative way of buying and selling residential property, I@D is a fast-growing digital platform offering a large range of value-added support services to independent real estate agents.

The company has demonstrated a stellar track record of organic growth since inception and has grown to become the largest network in France with ca. 3,200 local agents and over 11,800 transactions intermediated during 2015.

Country

France

Value creation strategy
  • Further penetrate the French market
  • International expansion by developing the company in neighbouring countries organically or through acquisitions
  • Development in adjacent segments, especially property rental and rental management
Investment history
  • In September 2016, the IK VII Fund acquired a majority stake in I@D, alongside Five Arrows Principal Investments, from founders and Naxicap Partners
  i-center
Country

Germany

Sector

Industrial goods

Acq. date

Jan/98

Exit date

Oct/01

i-center

i-center Elektrogrosshandels GmbH & Co KG is a wholesaler of electrical installation equipment in Germany, Austria and other central European markets.

Country

Germany

Value creation strategy
  • Made add-on acquisitions
  • Reorganised logistics
  • Reduced SG&A costs
Investment history
  • Acquired from Siemens in January 1998
  • Filed for insolvency in October 2001
  Idesta
Country

Sweden

Sector

Industrial goods

Acq. date

Dec/89

Exit date

Jan/99

Idesta

Idesta manufactures and markets industrial kitchen supplies and specialty windows and doors.

Country

Sweden

Value creation strategy
  • Implemented cost reduction programme
  • Reorganised the company into two distinct divisions; Kitchens and Speciality Construction
Investment history
  • Acquired from Atlas Copco in December 1989
  • Sold to Nyge Aero Norden AB in June 1998 and from Nyge to Coldator in 1999
  Idex
Country

France

Sector

Business services

Acq. date

Dec/04

Exit date

Oct/11

Idex

Idex S.A.'s core activity is the technical maintenance and management of energy. The group offers global solutions to its clients including the management of collective heating and cooling networks (public and private) as well as the technical maintenance of buildings an third party management of utilities. Idex's clients include authorities, residential complexes and industrial corporations.

The Idex group is headquartered in France.

Country

France

Value creation strategy
  • Refocus of business on core actvities
  • Improve operating performance
  • Make strategic acquisitions
Investment history
  • Acquired from the Planchot family in December 2004
  • Sold to Cube Infrastructure in 2011
  Intrum Justitia
Country

Sweden

Sector

Business services

Acq. date

Mar/98

Exit date

Aug/05

Intrum Justitia

Intrum Justitia is the leading debt collection and credit management company in Europe. It offers commercial and consumer debt collection services (domestically as well as cross-border), outsourcing and other related credit management services.

Country

Sweden

Value creation strategy
  • Make add-on acquisitions
  • Expand product and service portfolio
  • Improve operations using benchmarking
Investment history
  • Acquired through a public offering on the London Stock Exchange in March 1998
  • Partial exit in June 2002 through an IPO on the Stockholm Exchange
  • Spring 2005: IK1997 reduced its remaining stake in Intrum Justitia from 25.0 to 11.7 per cent
  • August 2005: IK1997 sold its remaining 11.7 per cent stake in Intrum Justitia
  Izium
Country

France

Sector

Business services

Acq. date

Jun/16

Exit date

Aug/17

Izium

Izium is a leading French player in the outsourcing of customer services management, offering an extensive portfolio of customer experience services, including consulting, telesales, customer services, debt collection and technical assistance.

The group operates 13 contact centres in France, Morocco and Madagascar.

Country

France

Value creation strategy
  • Continue to diversify Izium’s client base outside the telecom industry benefitting from the continued outsourcing trend of customers services in utilities, automotive and financial services
  • Push more value-added services
  • Accelerate buy-and-build strategy in France (outsourcing of internal contact centres or adjacent services) and in neighbouring European countries
Investment history
  • Significant minority stake acquired by the IK Small Cap I Fund in June 2016
  • Sold to Comdata in August 2017
  KCI Konecranes
Country

Finland

Sector

Industrial goods

Acq. date

Apr/94

Exit date

Mar/96

KCI Konecranes

KCI Konecranes is a world-leading engineering group specialising in advanced overhead lifting solutions and maintenance services. The company’s customers span virtually every industry and its products are used in harbours around the globe.

Country

Finland

Value creation strategy
  • Made add-on acquisitions
  • Expanded geographic scope
  • Developed after market business
Investment history
  • Acquired from Kone in April 1994
  • Listed on Helsinki Stock Exchange in March 1996
  Kid Interiør
Country

Norway

Sector

Consumer goods

Acq. date

Jul/05

Exit date

Aug/09

Kid Interiør

Kid Interiør was established by Jul Andrew Gundersen in 1937 as JAG shoe factory.  The first shop was opened in Drammen in 1953 and was called “Fabrikkutsalget” (Factory Outlet). The company changed its name to Kid Interiør in 1994, and further introduced the trade name Kid for selected products.

Today Kid is the leading home textile retailer in Norway with stores across the country.

Kid is headquartered in Drammen, Norway.

Country

Norway

Value creation strategy
  • Build on position as the leading Norwegian home textile retailer
  • Expand the business further, both in Norway and abroad
Investment history
  • Acquired 75 percent from its family owners Gundersen in July 2005
  Kongsberg Automotive
Country

Norway

Sector

Industrial goods

Acq. date

May/99

Exit date

Aug/01

Kongsberg Automotive

Kongsberg Automotive is a niche auto components supplier with a strong market position in seat heating, clutch actuation and automatic/hydraulic gearshift systems. Customer segments include the car industry and commercial vehicles.

Country

Norway

Value creation strategy
  • Separated business units into individual profit centres
  • Increased leadership in seat heating, hydraulic gearshift systems and automatic gear change systems
  • Restructured portfolio of components and stabilising rods
Investment history
  • Acquired through a public offering on the Oslo Stock Exchange in May 1999
  • Sold to FSN Capital in August 2001
  Kwintet
Country

Denmark

Sector

Industrial goods

Acq. date

Dec/05

Exit date

Apr/15

Kwintet

Kwintet is the European market leader in the top-to-toe work wear with a range of strong brands and a reputation for quality amongst its customers throughout Europe. The Kwintet group supplies high-quality professional wear for a variety of uses and industries across Europe, and owns a range of strong brands including Kansas, Fristads, Wenaas and Hejco.

The company is headquartered in Malmö, Sweden.

Country

Denmark

Value creation strategy
  • Improve sourcing and logistics setup
  • Enhance product offering through increased focus on corporate and profile wear
  • Further consolidation of the European work wear market
Investment history
  • Acquired in December 2005
  • Exited in April 2015
  Labeyrie
Country

France

Sector

Consumer goods

Acq. date

Mar/02

Exit date

Dec/04

Labeyrie

Labeyrie is a French company producing upmarket branded food products sold on the French, Dutch, Belgian and Spanish markets. Its product range encompasses three main categories: seafood products (mainly smoked salmon), speciality regional products (mainly foie gras) and blinis & spreadables (taramasalata, guacamole etc.). Labeyrie is a clear market leader. The company sells its products only through retailers.

Country

France

Value creation strategy
  • Expanded geographic distribution
  • Developed salmon processing segment further
  • Expanded value-added processed products portfolio
Investment history
  • Acquired from Suez and through a public offering on the Paris Stock Exchange in March 2002
  • Sold to SÍF in December 2004
  Laho Equipement
Country

France

Sector

Business services

Acq. date

Jun/00

Exit date

Apr/05

Laho Equipement

Laho Equipement is one of the leading construction equipment rental groups in France. The group has national coverage through its 75 agencies.

Country

France

Value creation strategy
  • Expanded the business, mainly in France, via add-on acquisitions
  • Enhanced rental value-added services
  • Reduced trading activities
Investment history
  • Acquired from a consortium of financial investors in June 2000
  • Sold to Barclays Private Equity in April 2005.
  Liber
Country

Sweden

Sector

Business services

Acq. date

Sep/90

Exit date

Jan/93

Liber

Liber is Sweden’s largest publisher of educational and professional literature.

Country

Sweden

Value creation strategy
  • Integrated newly merged businesses
  • Brought forth synergies by consolidating activities
Investment history
  • Merged Liber (acquired from Marieberg) with Esselte Publishing (acquired from Esselte) in September 1990
  • Sold to Wolters Kluwer in January 1993
Website

www.liber.se

Fund

IK 1989 Fund

  Lindex
Country

Sweden

Sector

Consumer goods

Acq. date

Aug/93

Exit date

Apr/95

Lindex

Lindex is one of the leading retailers in Scandinavia, specialising in ladies wear, children's clothes and lingerie.

Country

Sweden

Value creation strategy
  • Divested loss-making subsidiary, Gulins
  • Improved purchasing and logistics by opening new Hong Kong office
  • Introduced Lindex card
  • Launched new product categories
  • Rolled-out children's wear departments
Investment history
  • Acquired from ICA in August 1993
  • Listed on the Stockholm Stock Exchange in April 1995
  Linxis Group
Country

France

Sector

Industrial goods

Acq. date

Oct/17

Linxis Group

LINXIS Group is a global leading manufacturer of industrial equipment for the food, pharmaceutical, cosmetic and dairy industries.

Founded in 1988, the Group offers state-of-the-art service and solutions through its six companies. LINXIS’s strength stems from its global footprint, strong focus on innovation and R&D and industry-leading product designs which provide maximum value to their customers.

Country

France

Value creation strategy
  • Organic growth in the bakery, pharma and cosmetics segments through continued growth in core geographies, cross-sell opportunities in the US following the acquisition of Shick and footprint development in fast-growing emerging markets
  • Improve operations via increased share of after sales revenues and the extraction of procurement synergies
  • Selective buy-and-build strategy in Europe, the US and Asia
Investment history
  • The IK VIII Fund acquired LINXIS Group, then Bretèche Industrie, from Equistone Partners Europe in October 2017
  Lithells
Country

Sweden

Sector

Consumer goods

Acq. date

May/94

Exit date

Dec/97

Lithells

Lithells is a leader in the Swedish market for processed meats. The company produces and sells processed meat and sausages to retail grocery stores, institutional caterers and fast-food stands. Brand names include Lithells and Sibylla, a top brand in the Swedish market.

Country

Sweden

Value creation strategy
  • Implemented rationalisation programme
  • Applied production efficiency
  • Sold non-core businesses
  • Strengthened the Sibylla brand name through franchising and convenience stores
Investment history
  • Acquired from Procordia in May 1994
  • Sold to Atria in December 1997
  Liva Bil
Country

Norway

Sector

Consumer goods

Acq. date

Apr/91

Exit date

Jun/93

Liva Bil

Liva Bil is Norway's leading car rental company, operating the AVIS franchise in car rental and full-service fleet leasing.

Country

Norway

Value creation strategy
  • Acquired AVIS’ operations in Sweden
  • Improved operating profits by expanding fleet leasing activities
Investment history
  • Acquired from AVIS Europe in April 1991
  • Listed on the Oslo Stock Exchange in June 1993
  Løgismose Meyers
Country

Denmark

Sector

Consumer goods

Acq. date

Jan/15

Løgismose Meyers

L+M is the merger of Løgismose and Meyer which are two of the strongest and most recognised high-end food brands in Denmark offering a wide range of gourmet food products and services across various channels including retail distribution, food service, B2B wholesale and selected own outlets 

L+M is headquartered in Copenhagen, Denmark.

Country

Denmark

Value creation strategy
  • Realising growth potential
  • Realising synergies
  • Selected add-on acquisitions
Investment history
  • Acquired in January 2015
  MacGREGOR
Country

Sweden

Sector

Industrial goods

Acq. date

Sep/98

Exit date

Mar/05

MacGREGOR

MacGREGOR is the global market leader in providing marine cargo flow engineering solutions and services for ship-owners, shipyards and ship operators. Products include hatch covers, cranes, shipboard elevators and escalators, galleys, cargo securing systems and refrigerated cargo handling systems.

Country

Sweden

Value creation strategy
  • Increase breadth and depth of product range
  • Develop a leading service business
  • Restructure underperforming business units
Investment history
  • Acquired from Gambro in September 1998
  • Sold to Kone Corporation and merged with Kone Cargotec in March 2005
  Magotteaux
Country

Belgium

Sector

Industrial goods

Acq. date

Feb/07

Exit date

Oct/11

Magotteaux

Magotteaux is the global leading supplier of grinding media, mill internals and wear resistant parts.

Magotteaux's end markets are the mining, cement, aggregate and dredging industries as well the utility sector. Based on in-house R&D, Magotteaux designs, produces and distributes proprietary tools and consumables for processes where wear resistance is key.

Headquartered in Liège, Magotteaux employs people in 13 specialised production units and 26 representative offices globally.

Country

Belgium

Value creation strategy
  • Improve financial reporting and controls and increase focus on cash flow
  • Re-organise the Company by end-market in order to increase focus and introduce business unit accountability
  • Execute lean manufacturing programme designed to improve operating efficiency, shorten supply chain and reduce capital tied up in work-in-progress and inventory
  • Continue strong organic growth path through new product development and support growth through investment in production
  • Consolidate market position through corporate finance activity globally
Investment history
  • Acquired in February 2007
  • Sold to Sidgo Koppers in 2011
  Marle
Country

France

Sector

Care

Acq. date

Jun/16

Marle

Established over 30 years ago as a family business, Marle has become a major company in the orthopaedic industry. The company provides specialised manufacturing services for the production of a wide range of hip, knee, shoulder, spine and extremities implants as well as orthopaedic instruments of the highest quality.

Covering the full scope of the manufacturing value chain and benefiting from remarkable R&D capabilities, Marle acts as a strategic partner to medical technology companies worldwide and delivers over 1 million products annually. Marle serves orthopaedic implant OEMs across Europe, the US, Latin America, Russia, Japan, Korea and China.

Country

France

Value creation strategy
  • Leverage existing client base and further develop a one-stop-shop offering
  • Expand activity worldwide and notably in the US either organically or via acquisitions
  • Pursue operational efficiency gains
Investment history
  • Acquired by the IK VII Fund from the Carlyle Group in June 2016
  Messerschmitt Systems
Country

Germany

Sector

Industrial goods

Acq. date

May/17

Messerschmitt Systems

Founded in 1994, Messerschmitt Systems has gained a reputation for combining system integration and product design, providing its clients with cutting-edge solutions which increase guest comfort and save energy.

The company’s multifunctional ‘Room Management Systems’ and innovative ‘Access Control Systems’ are trusted by more than 2,000 hotels worldwide.

Founded by Hartmut Messerschmitt, the company has grown into a leader within its niche with a fully integrated value chain from development, engineering and manufacturing to supply, installation and the related aftersales market.

Country

Germany

Value creation strategy
  • Organic growth in existing key regions (Germany and Middle East) by expansion of sales force and broadening/intensifying international reach into adjacent European geographies
  • Strategic development and growth of aftermarket business (development of concept related to maintenance/service contracts, hotline, etc.)
  • Continued product development and innovation
Investment history
  • Acquired by the IK Small Cap I Fund in May 2017
  Minimax Viking
Country

Germany

Sector

Industrial goods

Acq. date

Jun/06

Exit date

Aug/14

Minimax Viking

Minimax Viking is the market leader in the development and supply of fire protection systems primarily for the industrial market with a special focus on special hazard situations. Minimax operates an integrated business model throughout the fire protection value chain, including system configuration, sourcing and manufacturing, project management, installation and after-market service.

Minimax is the clear market leader in Germany and the global number three fire equipment supplier with leading market positions in Iberia, France, Poland and China. Following the acquisition of Consolidated Fire Protection (CFP) in the US 2007 and the industry transforming Viking merger in 2009, the company has a leading market position in the US. Minimax serves both the fixed fire protection market (sprinkler water systems, mist and foam systems, gas systems and industrial detection) which is approximately 92% of sales and also the portable fire extinguishers market which is approximately 8% of sales.

The company is headquartered in Bad Oldesloe, Germany.

Country

Germany

Value creation strategy
  • Leverage strong organic growth
  • Focus on international expansion
  • Add-on acquisitions
Investment history
  • Acquired in June 2006
  • Sold to Kirkbi A/S and Intermediate Capital Group plc in August 2014
  Moventas
Country

Finland

Sector

Industrial goods

Acq. date

Mar/07

Exit date

Jun/11

Moventas

Moventas is a leading independent manufacturer of wind turbine gears (WG) and industrial gears (IG) as well as a provider of gear maintenance and service. 

Moventas is headquartered in Jyväskylä, Finland.

Country

Finland

Value creation strategy
  • Leverage strong organic growth
  • Focus on operational excellence and international expansion
  • Strengthen service operations
Investment history
  • Acquired in March 2007
  Netel
Country

Sweden

Sector

Business services

Acq. date

Jul/16

Netel

Netel is a leading Nordic service provider for communication and electrical networks, offering services ranging from planning and project management to design and maintenance.

With its project management focus, extensive sub-contractor network, and entrepreneurial heritage and culture, the company acts as a collaborative partner to telecom operators, network owners, property owners, construction companies, housing companies and cooperative housing associations.

Headquartered in Stockholm, Netel has around 340 employees and generated pro forma revenue of approximately MSEK 1,500 in 2015.

Country

Sweden

Value creation strategy
  • Organic growth in existing core segments (fixed and mobile telecom)
  • Further diversification into adjacent segments and geographies
  • Selective add-on acquisitions
  • Operational improvements
Investment history
  • Acquired from Axcel in July 2016
  Nobia
Country

Sweden

Sector

Industrial goods

Acq. date

Sep/96

Exit date

Feb/04

Nobia

Nobia is the leading manufacturer and retailer of kitchen interior products in Europe. Nobia sells its products directly to consumers and to the construction industry under well-known brands such as Marbodal, HTH, Novart, Norema, Poggenpohl and Magnet.

Country

Sweden

Value creation strategy
  • Restructured the organisation
  • Focused on kitchens as core business
  • Strengthened brand recognition
  • Made add-on acquisitions
Investment history
  • Acquired from Stora in September 1996
  • IPO on the Stockholm Exchange in June 2002
  • October 2003: IK1994 reduced its remaining stake in Nobia from 38.4 to 25.4 per cent
  • February 2004: IK1994 sold its remaining stake of 25.4 per cent in Nobia
  Noviant
Country

Finland

Sector

Industrial goods

Acq. date

Dec/96

Exit date

Jul/01

Noviant

Noviant, formerly MSC Metsa Specialty Chemicals, is the global market leader in the development and production of carboxymethyl cellulose (CMC). CMC is marketed for a large variety of applications including paper coating, food, pharmaceuticals, oil drilling and detergents.

Country

Finland

Value creation strategy
  • Developed new application areas for CMC
  • Increased capacity substantially
  • Strengthened cost and market leadership position further
Investment history
  • Acquired from Metsä-Serla Corporation (today M-Real) in December 1996
  • Sold to the J.M. Huber Corporation in July 2001
  Nyge Aero
Country

Sweden

Sector

Business services

Acq. date

Dec/94

Exit date

May/99

Nyge Aero

Nyge Aero Norden provides various aviation services. It is a leader in target towing for military practice purposes in Sweden, Norway, Austria and Greece. The company also provides engineering and maintenance services.

Country

Sweden

Value creation strategy
  • Developed engineering and maintenance service businesses
  • Entered new markets in target towing
Investment history
  • Acquired from private owners in August 1990 in conjunction with the CSE Oxford Ltd investment
  • Separated from CSE Oxford in December 1994
  • Sold to SAAB in May 1999
  OpenSolution
Country

Sweden

Sector

Business services

Acq. date

Jun/16

OpenSolution

OpenSolution is a leading Nordic payment solution provider. Headquartered in Gothenburg, the company offers a full service product and software portfolio to its client base, including restaurants, casinos, arenas and other customer verticals.

With its in-house development capabilities and strong focus on innovation, OpenSolution can offer the entire value chain of payment solutions, making it a single point of contact for >8,000 customers throughout Scandinavia.

Country

Sweden

Value creation strategy
  • Continue to penetrate current customer verticals, locally as well as in the Nordic market
  • Continuous focus on product development and innovation
  • Strengthen organisation to support growth and potential expansion to other European markets
  • Selectively evaluate and pursue add-ons
Investment history
  • Acquired from the founder in June 2016
  Oriflame
Country

Sweden

Sector

Consumer goods

Acq. date

Oct/99

Exit date

Aug/06

Oriflame

Oriflame is a leading global direct sales cosmetics company. Founded more than 30 years ago, the company develops and markets a full range of beauty products including colour cosmetics, skin care and fragrances.

Country

Sweden

Value creation strategy
  • Continue geographic expansion Develop sales management Refine logistics and manufacturing Improve product supply
Investment history
  • Acquired through a public offering on the London Stock Exchange in October 1999
  • Partial exit in March 2004 through an IPO on the Stockholm Exchange
  • February 2006: IK 1997 reduced its remaining stake in Oriflame to 11.8 per cent
  • May 2006: IK 1997 reduced its remaining stake in Oriflame to 4.5 per cent
  • August 2006: IK 1997 sells its entire holding in Oriflame
  Paroc
Country

Finland

Sector

Industrial goods

Acq. date

Aug/99

Exit date

Feb/03

Paroc

Paroc is one of the leading mineral wool insulation manufacturers in Europe. The company develops, manufactures and distributes stone wool products for use by the building industry and other industrial applications.

Country

Finland

Value creation strategy
  • Expanded into new markets in Eastern Europe
  • Restructured Swedish operations
  • Strengthened position in current home markets
  • Participated in industry consolidation opportunities
Investment history
  • Acquired from Partek Corporation in August 1999
  • Sold to Banc of America Equity Partners in February 2003
  Partena
Country

Sweden

Sector

Business services

Acq. date

Dec/92

Exit date

Dec/95

Partena

Partena was, at acquisition, a leading provider of contracted catering, cleaning, care and security services in Sweden and Norway.

Country

Sweden

Value creation strategy
  • Completed add-on acquisitions
  • Reorganised the security division before divesting it
  • Made operational improvements, partly by restructuring the organisation
Investment history
  • Buy-out from Procordia/BCP Group in December 1992
  • Sold to Sodexho in December 1995
  Pieters
Country

Belgium

Sector

Consumer goods

Acq. date

Jan/98

Exit date

Dec/00

Pieters

Pieters is one of the leading fish processors and distributors in Europe. Pieters is engaged in the purchase, aquaculture, processing, packaging, sales and distribution of fish products. Its major product categories are salmon, North Atlantic whitefish and South East Asian prawns.

Country

Belgium

Value creation strategy
  • Expanded its salmon farming and processing
  • Expanded geographic distribution
  • Expanded its value-added processed products portfolio
  • Strengthened sourcing capabilities for whitefish in the North Atlantic area
Investment history
  • Acquired from private owners in January 1998
  • Sold to Fjord Seafood and Domstein in December 2000
  Pinard Emballages
Country

France

Sector

Industrial goods

Acq. date

Jul/17

Pinard Emballages

Founded in 1970, Pinard Emballages specialises in the design, development and manufacturing of high-end plastic bottles mainly for the cosmetics, fragrance and personal care markets. Its product portfolio mainly comprises standard plastic bottles as well as custom bottles tailored to clients’ specific needs.

The Company is recognised as a trusted supplier to several French as well as and internationally prestige brands because of its technical know-how, product quality and service level. Managed by brothers Thomas and Pierre-Olivier Pinard, the family business employs approximately 90 people and operates two production facilities and a logistics site close to Oyonnax, in the heart of France’s “plastic valley”.

Country

France

Value creation strategy
  • Acquired in July 2017
Investment history
  • Continued organic growth in its core market leveraging its existing customer base and gaining new customers in France and on export markets
  • Address adjacent opportunities via buy-and-build to secure decoration capabilities, gain further technical capabilities and build capacity in other geographies
  • Maintain operational excellence and protect margin level and cash generation
  Prevesta (Myresjöhus)
Country

Sweden

Sector

Consumer goods

Acq. date

Mar/05

Exit date

May/07

Prevesta (Myresjöhus)

Prevesta (Myresjöhus) is one of the leading prefabricated house manufacturers in Sweden. Since inception in 1927 the company, with its strong brands Myresjöhus and SmålandsVillan, has delivered more than 80,000 houses. Today Myresjöhus and SmålandsVillan are part of Block Watne Group that is owned by Norwegian BWG Homes that also owns Hetlandhus and Kärnhem. BWG Homes is listed on the Oslo Stock Exchange.

BWG Homes is headquartered in Oslo, Norway.

Country

Sweden

Value creation strategy
  • Focus on sales growth
  • Make add-on acquisitions
  • Improve operating performance
Investment history
  • Acquired from Skanska in March 2005
  • Sold to Block Watne Group in May 2007
  Ramudden
Country

Sweden

Sector

Business services

Acq. date

Jun/14

Ramudden

Ramudden is a leading specialist provider of temporary traffic control services in the Nordic region, operating through a network of more than 60 depots. The company, which was founded in 2005, is a leading player in the Swedish market and is also present in Norway (since 2009) and Finland (since 2012).

Ramudden’s products and services include the rental of essential temporary traffic control equipment (such as traffic barriers and guide signs), traffic arrangement plans, education programmes, and surveillance and maintenance services. Key customers include civil engineering contractors and construction companies.

Ramudden is headquartered in Gävle and Sundsvall, Sweden.

Country

Sweden

Value creation strategy
  • Organic growth in existing locations driven by strong underlying market trends
  • Expansion of presence in current and new markets
  • Operational improvements
  • Selected add-on acquisitions
Investment history
  • Acquired in June 2014
  Salad Signature
Country

Netherlands

Sector

Consumer goods

Acq. date

Jan/16

Salad Signature

Salad Signature is a leading branded food franchise in the fresh categories of spreads, dips and salads, selling its products through its own brands and private label.

The Company’s core markets are the Netherlands and Belgium, with an emerging international presence in Northern Europe (incl. France, Scandinavia, UK, Germany and Poland).

In 2015, Salad Signature generated revenue of €176 million with approximately 490 employees.  

Country

Netherlands

Value creation strategy
  • Leverage the strong brands as well as private label positions
  • Grow and develop adjacent categories in core markets
  • Drive international expansion both organically and through acquisitions
Investment history
  • Acquired from AAC Capital in January 2016
  Schenck Process
Country

Germany

Sector

Industrial goods

Acq. date

Oct/07

Schenck Process

Schenck Process is one of the global market-leading providers of industrial weighing, feeding, screening and automation equipment and solutions. It has significant operations in Europe, North and South America, China and Australia and serves a diversified customer base across a wide range of International Business Segments (IBS), including Heavy, Light, Mining Power and Transport Automation.

Schenck Process is headquartered in Darmstadt, Germany.

Country

Germany

Value creation strategy
  • Leverage strong organic growth
  • Focus on operational excellence and international expansion
  • Selective add-on acquisitions
Investment history
  • Acquired in October 2007
  SCHOCK
Country

Germany

Sector

Consumer goods

Acq. date

Dec/16

SCHOCK

As the original inventor of the manufacturing technology commonly used in the production of granite sinks, SCHOCK has gained a reputation for innovation, quality and technological excellence. The company has over 90 patents and a 21% global market share in granite kitchen sinks.
 
Based on a quartz-acryl composite developed by SCHOCK, the company’s premium product is three times as hard as natural granite and superior in product performance to sinks made from other materials.
 
SCHOCK is headquartered in Regen, Bavaria, and employs approximately 400 people.

Country

Germany

Value creation strategy
  • Organic growth in existing and new markets (US & China)
  • Expand product portfolio, increase cross-selling of faucets and accessories
  • Improve efficiency of production and leverage scale effects
Investment history
  • Acquired from HQ Equita in December 2016
  Snacks International
Country

France

Sector

Consumer goods

Acq. date

Nov/10

Exit date

Dec/13

Snacks International

Snacks International is the market leader for private label salted snacks in France, but also operates in the entry price and hard discount sectors.  The snack categories that the company focuses on include stapled chips and extruded products.

Snacks International operates in an industry benefiting from substantial volume growth and exhibiting significant potential for further penetration of private label products. Snacks International is recognised by major retailers for its wide range of products, flexibility and excellent levels of service.

The company is headquartered in Saint-Denis-la-Chevasse, France.

Country

France

Value creation strategy
  • Organic growth via leveraging strong market position
  • Develop the existing product range and to launch new product lines
  • International expansion
Investment history
  • Acquired in November 2010
  • Sold to Apax Partners 2013
  Solina Group
Country

France

Sector

Consumer goods

Acq. date

Jul/11

Exit date

Dec/15

Solina Group

Solina designs and produces ingredient-based functional and culinary solutions for the food industry. The company operates in four business areas: taste solutions (aromatic ingredients), meat solutions (functional ingredients), nutrition (dietetic ingredients) and food service.

Solina has four production sites and serves 4,000 clients in the food industry in France and throughout Europe with a wide range of products combining texture and taste. Clients include food industrialists, catering firms and mass distribution companies.

The company is headquartered in Bréal-sous-Montfort, near Rennes in France.

Country

France

Value creation strategy
  • Organic growth via leveraging strong market position
  • Develop the existing product range and to launch new products
  • International expansion
Investment history
  • Acquired in July 2011
  Sport Group
Country

Germany

Sector

Industrial goods

Acq. date

May/06

Exit date

Jun/15

Sport Group

Sport Group is a worldwide market leader of outdoor sport and recreational surface systems. Sport Group installs artificial turf fields and tracks (both running tracks and multi-purpose surfaces) and manufactures all system critical components in-house.

Sport Group has three main product groups (artificial turf, tracks and playground) used in a variety of applications. The business benefits from its unique system competence, leading technology and a strong market position, especially in Germany. The company successfully expanded its operations internationally through four add-on acquisitions in recent years and therefore strengthened its product and brand portfolio as well as its geographical presence.

Sport Group is headquartered in Burgheim, Germany.

Country

Germany

Value creation strategy
  • Leverage strong organic growth
  • Focus on international expansion
Investment history
  • Acquired in May 2006
  • Sold to Equistone in June 2015
  Suomen Lähikauppa Oy
Country

Finland

Sector

Consumer goods

Acq. date

Aug/05

Exit date

Feb/13

Suomen Lähikauppa Oy

Suomen Lähikauppa (SLK) (former Tradeka)  is the market leader in the Finnish neighbourhood store segment and overall the third largest daily goods retailer in Finland. SLK has around 740 stores and approximately 6,800 employees.

SLK is headquartered  in Helsinki, Finland.

Country

Finland

Value creation strategy
  • Leverage market leader position in the neighbourhood store segment
  • Improve customer service
  • Strengthen category management, supply chain excellence and in-store operations
Investment history
  • Acquired 32% in the combined daily goods retail business of Tradeka Oy and Ruokamarkkinat Oy in August 2005
  • Sold to Triton in 2012
  Superfos
Country

Denmark

Sector

Industrial goods

Acq. date

Nov/99

Exit date

Feb/11

Superfos

Superfos Industries a/s is the leading Pan European manufacturer of injection moulded open-top plastic packaging. Superfos includes strongholds in food segments such as dairy (e.g. yellow fats and ice cream), processed foods, biscuits and confectionery, seafood and the noon-food segments paint, ingredients and chemicals

Country

Denmark

Value creation strategy
  • Restructure underperforming business units
  • Improve production efficiency, using internal benchmarking
  • Grow the company through add-on acquisitions
Investment history
  • Buyout from Ashland Inc. in November 1999 after Ashland took the company private from the Copenhagen Stock Exchange (US Construction business simultaneously sold back to Ashland Inc.)
  • Sold to RPC Group Plc in 2010
  svt Group
Country

Germany

Sector

Industrial goods

Acq. date

Jul/15

svt Group

Established in Seevetal/Hamburg in 1969, svt is a leading provider of solutions in Germany for preventive passive fire protection products and installations and restoration management post fire, water and hazardous damages.

The Group operates in two segments – passive fire protection (“PFP”) and restoration management (“RM”), which share know-how and experience, and has in total a network of 22 branches in Germany, local presence in Poland and Russia and a large international partner network.

Among its clientele, svt has for instance developed fire safety solutions for the 2014 Winter Olympics in Sochi and the new headquarter of the European Central Bank in Frankfurt, Germany. Solutions for fire safety are a growth market worldwide because of increased awareness and regulation.

Country

Germany

Value creation strategy
  • Continued focus on product development and innovations
  • Internationalise own PFP product business and expand in OEM applications
  • Increase penetration and drive growth in Germany of both PFP and RM segments
Investment history
  • Acquired by the IK Small Cap I Fund in July 2015 from capiton, SüdBG and the company's management
  Sydsvenska Kemi
Country

Sweden

Sector

Industrial goods

Acq. date

Jun/01

Exit date

Dec/05

Sydsvenska Kemi

Sydsvenska Kemi is a leading specialty chemicals group consisting of the former businesses of Perstorp AB and Neste Oxo. The company has strong positions in selected niche segments such as coating intermediates and formaldehyde technology. Sydsvenska Kemi operates globally.

Country

Sweden

Value creation strategy
  • Focus on specialty chemicals and divest non-core assets
  • Increase focus on value-added products in targeted customer segments
  • Integrate Perstorp and Neste Oxo and bring forth synergies
  • Improve operating performance
Investment history
  • Acquired through a public offering on the Stockholm Stock Exchange in June 2001 (Perstorp AB) and from Fortum Oyj in November 1999 as a part of Neste Chemicals Oy (Neste Oxo)
  • Sold to PAI Partners in December 2005
  TCM Group
Country

Denmark

Sector

Consumer goods

Acq. date

Mar/16

TCM Group

Headquartered in Holstebro, Denmark, TCM Group develops, produces and sells quality kitchens. The Group has a broad and innovative range of kitchens, selling its products under the well-known brands Svane, Tvis and Modulia.

TCM’s core market is Denmark with an increasing focus on the rest of the Nordic region, with an expanding network of stores across Denmark and Norway.

In total, TCM has 330 employees, with production facilities in Tvis and Horsens.

Country

Denmark

Value creation strategy
  • Leverage the strong brands to achieve organic growth in Denmark and Norway
  • Selected efficiency improvements
  • Market consolidation through potential add-on acquisitions
Investment history
  • Acquired in March 2016 from Axcel
  TeleComputing
Country

Norway

Sector

Business services

Acq. date

Mar/16

TeleComputing

TeleComputing is a leading provider of centralised IT operations, outsourcing and system integration in the Nordic SME market. As IT environments are becoming increasingly complex and critical to business management, TeleComputing has successfully built a leading position by making IT easy for its customers, offering flexible and scalable IT operations solutions.

The TeleComputing group employs approximately 900 people across eight locations in four countries and serves more than 800 corporate customers with over 80,000 end-users in the Nordic region.

Country

Norway

Value creation strategy
  • Leverage the company’s strong position in the Nordic market to continue organic growth
  • Develop value proposition and make operational improvements
  • Strategic add-on acquisitions
Investment history
  • Acquired from Ferd Capital in March 2016
  The SIA Group
Country

France

Sector

Consumer goods

Acq. date

Jul/05

Exit date

May/09

The SIA Group

Sia is a leading international brand within home decoration products with Nordic roots and with a core presence in Europe. Its products, positioned at the middle top end of the market, include artificial flowers and plants, vases, accessories, candles, small items of furniture and a basic assortment of tableware and soft furnishings.

The collections sold in many European countries to independent retailers, affiliates and department stores.

The Sia Group is headquartered  Plaisir in France.

 

Country

France

Value creation strategy
  • Develop SIA's distribution networks further
  • Extend the product range and launch new designs and concepts
Investment history
  • Acquired in July 2005
  Third Bridge
Country

United Kingdom

Sector

Business services

Acq. date

Aug/17

Third Bridge

Third Bridge is a fast-growing primary research provider with a global footprint. The company provides its clients with unique insights into companies and markets through access to industry experts and market research. By leveraging its internal expert base and utilising its research analysts, Third Bridge can identify the most appropriate experts based on the client needs.
 
Serving a client base of over 300 customers, including private equity funds, consulting firms, hedge funds and corporates, Third Bridge has a global footprint, with six offices covering America, Asia and Europe. Since inception in 2007, the company has doubled its turnover every two years, and now employs more than 550 people.

Country

United Kingdom

Value creation strategy
  • Reinforcement of presence in high-growth European and Asian markets
  • Market share gains in the US
  • Margin improvement through operational leverage, benefitting from scale effect
  • Development of new offers based on proprietary content to address the equity research opportunity
Investment history
  • IK Small Cap I Fund acquired a minority stake from the founders and Beringea in August 2017
  Touristry
Country

Sweden

Sector

Consumer goods

Acq. date

May/16

Touristry

Headquartered in Stockholm, Touristry is a market leading operator of sightseeing buses and boats in the Nordic capitals as well as provider of tourism related services. The Company operates brands such as Red Buses and Red Sightseeing, and provides services to over 1.3 million tourists per year.

Country

Sweden

Value creation strategy
  • Organic growth leveraging off Touristry’s strong concept
  • Operational improvements
  • Strategic add-on acquisitions
Investment history
  • Acquired in May 2016
  Transnorm
Country

Germany

Sector

Industrial goods

Acq. date

Dec/14

Transnorm

Transnorm is a global market leader for high performance conveying modules and components that are used in diverse end markets such as the parcel, distribution/e-commerce and airports industries.

Founded in 1957, Transnorm manufactures high performance conveying components that are integral to many highly sophisticated automated systems. Historically best known for its belt curves, Transnorm’s various products are now used in many high-speed distribution systems, parcel centers and in airport baggage handling systems across the globe. The Transnorm Group covers one of the most attractive segments of the automated logistics value chain, benefiting from long-term global growth trends such as e-commerce.

Headquartered in Harsum, Germany, the Group has additional overseas manufacturing entities in Arlington (Texas, USA) as well as in Kluang (Malaysia).

Country

Germany

Value creation strategy
  • International expansion with continued growth in Asia-Pacific and North America
  • Continued focus on product innovation
  • Development of the aftermarket business
Investment history
  • Acquired in December 2014 from Equita
  Trigo Group
Country

France

Sector

Business services

Acq. date

Aug/11

Exit date

Jun/16

Trigo Group

Trigo is a  world-leading provider of quality support and conformity assessment services.

Founded in 1997, Trigo has become a globally renowned company and a trademark of innovation, leadership and performance in the quality management sector. The group serves the automotive, aerospace, railway and other heavy transportation industries with more than 7,000 employees throughout Europe, North America, Asia, and North Africa.

Supporting critical phases in its customers’ supply chains by providing responsive quality services, Trigo controls, inspects and reworks over 750 million components and products on an annual basis.

Country

France

Value creation strategy
  • Organic growth via leveraging strong market position
  • Develop the service range and diversify the offering to cover other industries
  • International expansion
Investment history
  • Acquired in August 2011
  Unipex Group
Country

France

Sector

Consumer goods

Acq. date

Sep/12

Exit date

Jul/15

Unipex Group

Unipex Group is a leading global manufacturer and distributor of natural active ingredients and specialty chemicals for the cosmetic, pharmaceutical, nutrition and industrial sectors.

It is also active in the areas of vigilance and consumer testing through its Iris division. Its distribution and marketing network serves more than 50 countries in North America, Europe and Asia.

The Group employs 190 people and has six offices across North America and Europe.

Country

France

Value creation strategy
  • Expand the Group’s offering and leverage its market positioning
  • Expansion through selective add-on acquisitions
Investment history
  • Acquired in September 2012
  • Sold Unipex's distribution business in North America to US strategic player Koda in April 2015
  • Sold Lucas Meyer Cosmetics to International Flavors & Fragrances (NYSE:IFF) in July 2015
  • Sold Unipex's distribution business in Europe to the management team in July 2015
  Vemedia
Country

Belgium

Sector

Care

Acq. date

Dec/12

Exit date

Oct/16

Vemedia

Vemedia develops, produces and sells owned, branded OTC (Over-The-Counter) pharmaceuticals in selected European countries.

Vemedia is the market leader in the calming & sleeping self-medication in Europe with strong market positions in the Netherlands, Portugal, Italy and Spain with its Valdispert and Sleepzz brands. In addition, the Company has strong positions with Excilor brand in medicated footcare. Vemedia is the largest self-medication company in the Netherlands, in part through its vitamin brands Dagravit, Roter and Optimax.

Vemedia is headquartered in Diemen, the Netherlands.

Country

Belgium

Value creation strategy
  • Increase organic growth through new product development
  • Expansion into selected European countries
  • Execute a focused consolidation strategy in the fragmented OTC market
Investment history
  • Acquired in December 2012
  • Sold October 2016 to an entity owned by Charterhouse Capital Partners LLP and which also owns La Coopération Pharmaceutique
  Vistra Group
Country

Luxembourg

Sector

Business services

Acq. date

Oct/09

Exit date

Oct/15

Vistra Group

Vistra Group is a global independent provider of trust, fiduciary, corporate and fund services delivering personal and tailored solutions to international corporations, institutional investors and high net worth individuals and their families.

In 2011 Vistra became a global leader in the trust and corporate services sector following its merger with the Asian market leader, Offshore Incorporations Group, in a transformational deal which has doubled the size of the group and provided the opportunity to cross-sell corporate services on a truly international basis.

Through its Vistra brand, the group is a leading, global, independent provider of trust, corporate and fund services delivering personal and tailored solutions to international corporations and high net worth individuals (“retail”). Under the OIL brand, the group is the largest offshore company formation and services specialist in the world, with a renewal base of over 100,000 companies and serving clients a comprehensive range of corporate formation and management services (“wholesale”).

Vistra Group is headquartered in Hong Kong, with offices in 32 countries across the world.

Country

Luxembourg

Value creation strategy
  • International expansion
  • Expansion into new service areas
  • Focus on operational excellence
Investment history
  • Acquired in August 2009
  • Sold to Baring Private Equity Asia in October 2015
  VPS
Country

Norway/Netherlands

Sector

Business services

Acq. date

Oct/13

VPS

VPS is a leading provider of fuel testing and inspection services, working with ship owners, managers, charterers and other customers around the world. IK acquired VPS as a carve out from Norwegian company DNV (Det Norske Veritas Group).

The company operates within two main segments, Fuel Quality Testing (FQT) and Bunker Quantity Surveys (BQS).

With four fuel laboratories strategically located in Fujairah, Houston, Rotterdam and Singapore, and with access to 150 key ports worldwide for bunker quantity surveys as well as round-the-clock technical assistance. VPS has the expertise and infrastructure to provide ship owners with cost-efficient fuel solutions and ensure compliance with regulatory requirements. Known and respected throughout the maritime industry, it has a commanding market share in its niche and operates in an expanding industry with an attractive and scalable business model.

VPS is headquartered in Rotterdam, Netherlands. 

Country

Norway/Netherlands

Value creation strategy
  • Realising significant cost savings post separation from DNV
  •  Increase lab efficiency and optimise cost structure
  • Target additional potential from entering into adjacent service areas and customer segments organically as well as through add-on acquisitions
Investment history
  • Acquired in October 2013
  VSM Group
Country

Sweden

Sector

Industrial goods

Acq. date

Apr/97

Exit date

Feb/06

VSM Group

VSM Group produces top-of-the-line household sewing machines with related accessories and software. The company’s two brands, Husqvarna Viking and Pfaff, have their own unique and separate product lines.

Country

Sweden

Value creation strategy
  • Penetrate high-end embroidery segment further
  • Emphasise after-market sales of accessories and software
  • Enhance dealer network which focuses on hobby segment
  • Acquired Pfaff in 2000
Investment history
  • Acquired from Electrolux in April 1997
  • Sold to Affiliates of Kohlberg Management IV L.L.C. in February 2006
  Wehkamp
Country

Netherlands

Sector

Consumer goods

Acq. date

Jan/06

Exit date

Dec/08

Wehkamp

Wehkamp is the market leader in the Dutch home shopping market. Product categories include Fashion, Living, Home Appliances, Electronics, Health & Beauty and Leisure. Wehkamp's website has more than 1 million visitors per week.

Wehkamp is headquartered in Zwolle,  Netherlands.



Country

Netherlands

Value creation strategy
  • Separate home shopping, finance and debt collection activities in independent operating companies
  • Continue transformation of Wehkamps historical catalogue retail business into multi-channel operation with focus on online sales
  • Develop consumer finance activities by adding products and services independent from home shopping business
  • Grow debt collection business organically and through acquisitions
Investment history
  • Acquired in January 2006.
  • Sold to private investors in 2008
  Welzorg
Country

Netherlands

Sector

Care

Acq. date

Dec/02

Exit date

Jan/11

Welzorg

Welzorg, headquartered in the Netherlands, is a leading distributor of mobility aids for elderly and disabled people in the Netherlands, Denmark, and Sweden. Welzorg's business consists primarily of the sale, long-term rental and maintenance of manual and powered wheelchairs and scooters. The company delivers these mobility aids directly to the end-users and provides the necessary after-sales service. Welzorg's main customers are municipalities and health care institutions.

Welzorg is headquartered  in the Netherlands.

 

Country

Netherlands

Value creation strategy
  • Develop Welzorg's retail network further
  • Expand customer range in the Netherlands further
  • Expand internationally
  • Leverage relationship with end-users by cross & up selling
Investment history
  • Acquired from UBS Capital in December 2002
  • Sold to Lowman Group in 2010
  ZytoService
Country

Germany

Sector

Care

Acq. date

Dec/16

ZytoService

ZytoService is one of the largest industrially organised §13 AMG  (‘Arzneimittelgesetz’) certified compounders for patient-individualised infusions applied mainly in oncology treatment in Germany.

ZytoService is based in Hamburg, where it runs a state-of-the-art compounding facility.

Country

Germany

Value creation strategy
  • Leverage leading market position to increase sales and market penetration
  • Drive consolidation of the compounding market
  • Build an integrated healthcare group
Investment history
  • Acquired December 2016