Scandinavian Equity Partners' acquisition of FlexLink completed
Scandinavian Equity Partners Ltd ("SEP") has via a newly established acquisition company finalised the acquisition of 100% of the shares in FlexLink from AB SKF. The transaction value was 930 MSEK. AB SKF will own 10% of the established acquisition company. The intention is to float the company within 3 - 5 years.
The company is the world leader in multiflex conveyors. Among the customers there are companies from the engineering-, electronics- pharmaceutical-, packaging and food industries. The FlexLink Group had 1996 sales of MSEK 611 and a profit after depreciation of MSEK 111. The company has 280 employees. FlexLink was founded in 1980 and has its head office in Gothenburg, Sweden.
The new board of FlexLink will consist of the following members:
Mauritz Sahlin - Chairman of the board, former CEO AB SKF
Gösta Bystedt - former CEO Electrolux AB, chairman in SEP
Lars Wallberg - CEO Brukens Nordic AB
Conni Jonsson - Managing Director EQT Partners AB
Jan Ståhlberg - Investment Manager EQT Partners AB
Kaj Thorén - Group Business Development AB SKF
New CEO for FlexLink is Fredrik Jönsson.
FlexLink has 17 subsidiaries and associated companies and is represented on all continents. The company has continuously been growing rapidly with good profitability. Since 1992 sales has increased from MSEK 200 to more than MSEK 600 in 1996. SEP will support a continued rapid geographical expansion and the high growth is expected to continue.
SEP is an active private equity investment company which acquires mid and large size companies with an interesting development potential. It was founded in the end of 1994 by Investor AB, Skandinaviska Enskilda Banken and the American AEA Investors Inc., specialised in management buy-outs. SEP:s investment strategy is based on the Wallenberg Group's industrial traditions. Behind SEP there are a number of Northern European and international investors which have committed to invest SEK 2,9 billions via SEP.
SEP's Board and its Senior Advisors consists of many of the most experienced managers. EQT Partners AB is SEP's investment adviser.
The acquisition of FlexLink is SEP's sixth investment. Former investments are
1995 100 % of Brukens Nordic AB
1996 50% of Sabroe Refrigeration A/S
1996/97 63,8% of Orrefors Kosta Boda AB
1996 50% of Perlos Oy
1997 50% of Duni AB
Brukens was sold to Bodycote International PLC in January 1997.