EQT sells Tradex to Brady Corporation
EQT II (“EQT”) has signed an agreement with Brady Corporation, Milwaukee (NYSE:BRC), a world leader in identification solutions and precision die-cut components, to sell Tradex Converting AB (“Tradex”). EQT acquired Tradex in May 2000, together with the sixth AP Fund (20%) and the Witte family (15%), and has since then developed its global market leading position and close co-operation with the largest mobile phone manufactures in the world.
Tradex, founded in 1965 and headquartered in Kungälv, Sweden, is a leading manufacturer and supplier of pressure sensitive, die-cut adhesive components for the mobile handset and electronics industries. In 2005 sales amounted to SEK 680 million and EBITDA to SEK 107 million, corresponding to an increase of 50% and 179% respectively compared with the previous year. The company employs about 1,000 people around the world. Tradex has manufacturing operations in Sweden, China, South Korea and Brazil; and an extensive sales, engineering, prototyping and service network with offices in eight countries strategically located to support mobile handset manufacturers’ design centers.
Andreas Tallberg, partner of EQT Partners, comments: ”Tradex has under EQT’s ownership showed an impressive organic growth with improved profitability. Sales have almost doubled since EQT acquired Tradex and profitability (EBITDA) is more than five times higher. The company is today an innovative technology leader within the industry and is well positioned to continue its growth together with Brady Corporation.”
Hans Eriksson, Tradex president and chief executive officer, comments: ”Ample capacity and responsiveness are two of the critical success factors in the short life-cycle of mobile electronics. By combining our resources, Brady Corporation and Tradex can ensure continued exceptional service in both regards.”
The sale is conditional upon approval by the relevant competition authorities.
Alfred Berg ABN AMRO and Advokatfirman Hammarskiöld & Co acted as advisers to EQT and Tradex in the transaction.
Andreas Tallberg, Partner,
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Johan Hähnel, Director Communications & PR,
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