EQT divests TAC to Schneider Electric
EQT HAS SIGNED AN AGREEMENT WITH SCHNEIDER ELECTRIC TO DIVEST TAC. SCHNEIDER ELECTRIC WILL PAY APPROXIMATELY FOUR BILLION SEK FOR TAC ON A CASH AND DEBT FREE BASIS. COMPLETION OF THE TRANSACTION IS SUBJECT TO APPROVAL FROM THE RELEVANT COMPETITION AUTHORITIES.
The EQT Scandinavia I fund acquired TAC in March 1998. Following TAC’s acquisition of US-based CSI in autumn 2000, the EQT Scandinavia II fund entered as a new shareholder in TAC. During EQT’s ownership TAC has pursued a growth strategy, including the acquisitions of companies in the US, Denmark, Norway and Finland. This strategy has transformed TAC from being a regional company to becoming a global technology leader in information technology for building management. TAC’s turnover has quadrupled between 1997 and 2002, reaching 3,151 million SEK in 2002.
Thomas von Koch, Partner at EQT Partners, says: “TAC has shown an impressive growth along with substantially improved profitability. The company has more than four-folded sales and ten-folded the profit during EQT’s ownership. The management team has done a tremendous job, with support from the Board, in developing the company to its current world leading position. Consequently, TAC has proved to be a very successful investment for the EQT funds”.
Arne Frank, CEO of TAC, comments: “The strategic fit between Schneider Electric and TAC is excellent. Schneider Electric will be a strong owner and will develop the TAC business even further. I am confident that Schneider Electric will support TAC’s continued growth and further strengthen its technology leadership”.
Based in Malmö, Sweden, TAC is a leading provider of Building IT. TAC’s products and services offer a number of advantages for property owners and tenants, including energy savings, flexibility, security and reduced operating costs. With more than 2,000 employees, the company serves markets worldwide through 250 subsidiaries and partners, in 70 countries.
Thomas von Koch, Partner, EQT Partners,
+46 8 440 53 04, email@example.com
Göran Lundberg, Chairman of TAC,
+46 709 22 38 00
Arne Frank, CEO of TAC,
+46 40 38 68 50