31st May 2007 07:00
Embargoed until 0700hrs on 31st May, 2007
Candover realises investment in The Thule Group
Candover, a leading European buyout specialist, has today announced the sale of the Thule Group ("Thule"), the world leader in sports utility transportation, to Nordic Capital Fund VI. Completion of the deal is expected in July 2007, subject to regulatory approval. The terms of the transaction have not been disclosed.
Thule AB, headquartered in MalmĦ, Sweden, develops, manufactures and markets rooftop boxes, roof rails, bike carriers, trailers, towing systems, motor home accessories and snow chains. The company has approximately 4,000 employees at more than 30 production and sales locations in the leading car markets in North America, Europe, Africa and Asia.
Thule's management team will reinvest in the new company and continue to be a significant owner.
Candover led the ¢â€š¬465m management buyout of Thule in December 2004. Since then, Thule has grown organically as well as through a series of seven complementary acquisitions, including Brink, SportRack, Valley and, most recently, Case Logic, in the US.
Thule was Candover's second buy-out in the Nordic region and followed the buy-out of Norway based Aibel from ABB. Subsequent buy-outs in the region include Norwegian cable TV operator Get, acquired from Liberty Global, and Swedish based Hilding Anders, Europe's largest bed manufacturer.
The sale of Thule to Nordic Capital represents a return of 2.5 times Candover's original investment and an IRR of more than 40%. It is Candover's second successful exit from the 2001 Fund in less than a month, following the 4 times return achieved from the exit of Wellstream which recently listed on the London Stock Exchange.
The sale of Thule results in an uplift of ‚£18.1 million compared to the 31 December 2006 valuation of Thule, equivalent to an increase of 83p per share (unaudited) in the net asset value of Candover Investments plc at that date.
John Arney, Managing Director of Candover, said:
"Thule has performed extremely well during Candover's partnership with the management team, led by Anders Pettersson. We have more than doubled the size of the business and sales and profits have grown strongly.
"Thule's success has been built on a strategy of adding new categories to its portfolio of products designed for active consumers wanting to transport equipment safely, easily and in style. The company is now in excellent shape to continue its strong growth profile and meet its ambition of being a ¢â€š¬1billion turnover company by 2009."
*Candover means Candover Investments plc and / or one or more of its subsidiaries, including Candover Partners Limited as General Partner of the Candover 1997 and 2001 Funds and as Manager of the Candover 2005 Fund.
For further information, please contact:
Candover
John Arney/David Brickell +44 (0) 20 7489 9848
Tulchan Communications
Susanna Voyle/Peter Hewer +44 (0) 20 7353 4200
Note to editors:
Candover
Candover is a leading provider of private equity for large European buyouts. Founded in 1980, Candover has invested in 133 transactions with a value close to ¢â€š¬40bn. Investment in deals by Candover is provided in two forms, from Candover Investments plc, a publicly quoted investment trust, and from funds managed by Candover Partners Limited, a wholly owned subsidiary.
In November 2005, Candover raised the ¢â€š¬3.5bn Candover 2005 Fund which has made seven investments to date; the ¢â€š¬415m acquisition of Capital Safety Group, the world's leading specialist designer and manufacturer of height safety and fall protection equipment, the acquisition of Parques Reunidos, a leading operator of regional attraction parks, the acquisition of a majority stake in Ferretti SpA, a leading manufacturer of high performance luxury motor yachts, the ¢â€š¬1bn acquisition of Hilding Anders, a leading European mattress and beds manufacturer, the ‚£349m acquisition of UK mail services company DX Services plc and merger with Secure Mail Services, the ¢â€š¬450m buyout of Norwegian cable TV operator Get (previously UPC Norway), and the ¢â€š¬480m buyout of EurotaxGlass's Group, a leading provider of automotive data and intelligence services.
The Candover Group has five offices in London, Paris, Dƒ¼sseldorf, Madrid and Milan. Candover Partners Limited is authorised and regulated by the Financial Services Authority in the UK.
For more information see www.candover.com
Thule
The Thule Group is the world leader within sports utility transportation, delivering solutions for active families and outdoor enthusiasts wanting to transport their equipment by vehicles safely, easily and in style. The product portfolio comprises load carriers for cars such as rooftop boxes, roof rails and bike carriers. Additionally, the company offers snow chains, trailers and towing systems, as well as accessories for motor homes and caravans. Thule has approx 4,000 employees at more than 30 production and sales locations in North America, Europe, Africa and Asia. Pro-forma sales (including the recent acquisition of Case Logic) increased by 7.7% between 2005 and 2006 to SEK6.6bn (¢â€š¬721m) and profits rose 7.1% to SEK912m (¢â€š¬99.2m).
More information at www.thule.com
Nordic Capital
Nordic Capital is a group of private equity funds focusing primarily on investments in the Nordic region. Nordic Capital creates value in its investments through committed ownership and by targeting strategic development and operational improvements. Founded in 1989, Nordic Capital was one of the private equity pioneers in northern Europe and has invested in a large number of Nordic-based companies operating in different sectors.
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CANDOVER INVESTMENTS PLCRelated Shares:
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