Ratos AB: Ratos divests Mobile Climate Control to VBG Group
(Thomson Reuters ONE) -
11 November 2016
Ratos has signed an agreement to divest its subsidiary Mobile Climate Control, a
global supplier of complete climate comfort systems to the commercial vehicle
industry, to VBG Group AB (publ), a listed Swedish industrial group. Enterprise
Value amounts to approximately SEK 1,790m and Ratos will receive approximately
SEK 1,375m for 100% of the shares. The divestment generates an exit gain of
approximately SEK 250m, an average annual return (IRR) of approximately 10% and
a money multiple of 2.2x.
Ratos acquired Mobile Climate Control (MCC) in 2007. The company is a global
supplier of climate comfort systems with high demands on product performance and
quality for vehicles produced in short series. The climate comfort systems are
designed to customer specifications and include heating and/or cooling (HVAC)
which provides a pleasant environment for drivers and passengers. Approximately
80% of the company's sales are generated in North America and the remainder in
Europe as well as the rest of the world. Major production plants are located in
Canada, the US and Poland.
Under Ratos's ownership, a number of value-creating strategic initiatives have
been implemented, including two significant add-on acquisitions in North
America, investments in production plants in Poland and Canada as well as
international expansion to China, South Africa and Brazil. MCC sales has grown
approximately 8% per annum since the acquisition in 2007, and sales amounted to
SEK 1,264m in 2015, with an EBITA of SEK 152m.
"In 2007 Ratos acquired a successful, entrepreneur led niche company. Together
with the company's management, we have strengthened MCC's market position
through add-on acquisitions, investments in product development and increased
productivity. We believe that MCC and VBG Group complement each other well and
can benefit from their respective strengths in several areas going forward. By
having a strong focus on value-creation throughout the entire holding period,
despite at times challenging market conditions, we are now divesting a company,
that is nearly twice as big, with good returns," says Daniel Repfennig, Senior
Investment Manager at Ratos.
Ratos has signed an agreement with VBG Group to divest 100% of the shares for
approximately SEK 1,375m in Equity Value. The net invested amount is SEK 622m.
The divestment is estimated to generate an exit gain of approximately SEK 250m
and an average annual return (IRR) of approximately 10%. The transaction is
expected to be completed during November.
For further information, please contact:
Daniel Repfennig, Senior Investment Manager, Ratos, +46 8 700 17 00
Elin Ljung, Head of Corporate Communications, Ratos, +46 8 700 17 20
Financial calendar from Ratos:
Year-end report 2016 17 February 2017
Ratos is an investment company that owns and develops unlisted medium-sized
companies in the Nordic countries. Our goal as an active owner is to contribute
to long-term and sustainable business development in the companies we invest in
and to make value-generating transactions. Ratos's portfolio consists of 21
medium-sized Nordic companies and the largest segments in terms of sales are
Construction, Industrials and Consumer goods/Commerce. Ratos is listed on Nasdaq
Stockholm and has a total of approximately 16,000 employees.
Press release (pdf):
http://hugin.info/1180/R/2056278/770197.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ratos via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 11.11.2016 - 08:02 Uhr
Sprache: Deutsch
News-ID 506425
Anzahl Zeichen: 4195
contact information:
Town:
Stockholm
Kategorie:
Business News
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