OCTOBER 07 2015
Nordic Capital is very pleased to have won the EMEA Large Cap Award at the Private Equity International Operational Excellence Awards for its support of Thule Group during the ownership period. This is the third time Nordic Capital has been awarded the Operational Excellence Award since its establishment in 2012. The Award recognises private equity managers' ability to demonstrate their value creation credentials.
When announcing the Award in Private Equity International Operational Excellence Special 2015, the jury members commented:
"With a combination of a high valuation at entry (it was bought in the boom) and exposure to a sector that was severely hit by the downturn, Thule could have been a disaster. But it was a huge success. Nordic Capital have shown that even a secondary buyout made right before the financial crisis hit can be supported and repositioned to flourish," said Antoon Schneider, judge at the Operational Excellence Awards.
"EBITDA dropped 40 percent at the beginning of the crisis and several smart changes were implemented immediately," added Ludovic Phalippou, another member of the judging panel. "When the crisis was at its worst, those change were already kicking in and Thule was on its way up. The 70 percent rebound in EBITDA is remarkable."
Thule Group introduced a consumer-oriented strategy with a new global retail concept during Nordic Capital's ownership, followed by the launch of several new product areas. Strategic direction was re-focused on outdoor and sport products for active consumers. Thule also made several strategic acquisitions and divestments to enhance focus on the core businesses, developing the company into a world leader in products and brands that make it easy for people to transport their equipment securely, safely and in style.
"Thule had been in PE hands before and had been through a series of improvements already. Yet the buyer found plenty of additional levers for value creation," Phalippou concludes. "Really remarkable all round."
Nordic Capital has previously won the Operational Excellence Award for its support of Permobil in 2013 and Nycomed in 2012.
For further information about Thule and other recent deals made by Nordic Capital Funds, please visit www.nordiccapital.com.
Katarina Janerud, Communication Manager, NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 69
About Nordic Capital
Nordic Capital private equity funds have invested in mid-market companies primarily in the Nordic region since 1989. Through committed ownership and by targeting strategic development and operational improvements, Nordic Capital enables value creation in its investments. Nordic Capital Funds invest in companies in northern Europe and in selected investment opportunities internationally. The most recent fund is Nordic Capital Fund VIII with EUR 3.5 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory companies in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com