UPDATE: Triton Sells Bravida To Bain Capital
14 Maggio 2012 - 1:12PM
Dow Jones News
Northern Europe-focused private equity group Triton said Monday
it has agreed to sell technical installation and service solutions
company Bravida AB to Bain Capital (BCI.XX), the latest example of
how the Nordic private equity sector continues to defy the slowdown
seen across the rest of Europe.
"Bravida is entering a new phase of consolidation and expansion,
possibly into new geographic areas, and we believe this was a good
time to sell the business," Thomas Tarnowski, Triton partner and
Bravida board member told Dow Jones Newswires.
According to Tarnowski the outlook for the Nordic economies
currently looks very positive in contrast to rest of Europe and
especially southern Europe, adding that he expects to see more
transactions in the Nordic private equity market in 2012.
"Both investors and banks have a positive view of the Nordics in
general, which helps when buyers and sellers want to agree on a
price," he said, adding that Nordic banks are comparatively
positive to good deals. Bravida, he said, is a good case as it has
navigated the financial crisis with improved margins and good cash
flow, which proves the resilience of its business model.
In the first quarter of 2012, 24 deals worth a total of $2.4
billion were announced in the Nordic region, according to data
provider Dealogic. The 2011 figure is up on the $2.2 billion of
deals announced in the same period in 2011 and more than double the
$1.1 billion announced in 2010.
Dow Jones Newswires reported last week that the sale of the
business was set to fetch between EUR700 million and EUR1 billion,
according to people with knowledge of the situation. Triton,
however, declined to disclose financial details.
Tarnowski said the process to sell Bravida was fairly quick. The
company received indicative bids at the beginning of March, the
winning bid was submitted Thursday, and the deal was signed late
Friday.
Looking ahead, Tarnowski said his company is looking at a number
of investment cases, primarily underperforming businesses that have
opportunities to improve operations.
Triton bought Bravida--which provides installation, maintenance
and servicing for electrical, plumbing, and heating
installations--in December 2006 for an undisclosed sum from
Norwegian telecommunications group Telenor (TEL.OS) as part of the
corporate's program of divestment of non-core activities.
Bravida has approximately 8,000 employees and net sales of
SEK10.77 billion in 2011.
-By Jens Hansegard, Dow Jones Newswires; +46-8-5451-3095;
jens.hansegard@dowjones.com
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