New Danish ownership of Falck
Apr 28, 2011
The Lundbeck Foundation, KIRKBI and the members of
Falck's Executive Management Board become principal shareholders of
Falck and Nordic Capital Fund V ("Nordic Capital") sells all its
shares in Falck.
The Lundbeck Foundation and KIRKBI together with the Executive
Management Board of Falck and Danish-based pension fund PFA have
acquired the remaining shares of Falck held by Nordic Capital, the
current majority shareholder of Falck. ATP Private Equity Partners
and Swedish-based insurer Folksam remain shareholders of the
company. This transaction will end the deliberations about a
potential Falck IPO in 2011.
This change of the consortium of owners secures a new long-term
ownership structure of Falck. The Lundbeck Foundation, KIRKBI and
the Executive Management Board of Falck believe that the company
will benefit from a further period under private ownership to
complete its internationalisation strategy, taking into account,
among other things, Falck's recent investments in the United States
and Latin America. Still, the shareholders see Falck as a listed
company in some years' time.
The Lundbeck Foundation, which acquired 36% of Falck's shares in
December 2010, will become the largest single shareholder of Falck
with an ownership interest of 58%. The second-largest shareholder
will be KIRKBI with a 20% ownership interest, followed by the
Executive Management Board of Falck which increases its ownership
interest to just over 10% by making an additional investment of
around DKK 200 million.
"Falck is a highly competent organisation of great importance to
the Danish society and has significant future growth potential.
This is why we have seized this opportunity to develop the company
together with another long-term Danish investor, KIRKBI, and
Falck's Executive Management Board for the benefit of all Falck
stakeholders. Furthermore, we are very pleased that ATP Private
Equity Partners, PFA and Folksam also want to participate as
shareholders," said Steen Hemmingsen, CEO of the Lundbeck
Foundation.
Søren Thorup Sørensen, CEO of KIRKBI, is pleased with the
investment in Falck.
"Falck's position as a well-managed group with strong and sound
core values and good market potential is very much in line with our
investment strategy," said Søren Thorup Sørensen.
The private equity fund Nordic Capital invested in Falck in 2004
with a declared horizon of three to seven years and now leaves the
consortium of owners of Falck after a period during which Falck's
revenue has doubled, the number of employees has increased from
11,000 to 23,000, and Falck has expanded from 10 to 31 countries of
operation.
Lars Terney, Partner of NC Advisory A/S, advisor to the Nordic
Capital Funds, believes that the very best ownership has been
secured for Falck for the years ahead.
"Falck has outperformed our high expectations - not least in
relation to international growth and expansion. Nordic Capital is
proud to have contributed to Falck's development under the
ownership of Nordic Capital, from a highly respected Danish
institution into a strong global exporter of rescue, safety and
healthcare services. Falck still holds great potential, and we are
confident that the new consortium of owners will be able to
contribute significantly to the continuing development and, thus,
also, to benefit from their investment in Falck," said Lars
Terney.
Allan Søgaard Larsen, President and CEO of Falck, is pleased
about the new ownership and also looks back at the period with
Nordic Capital ownership with pleasure.
"I am proud that we have succeeded in renewing Falck and in
making the organisation a leading global provider of rescue, safety
and healthcare services. But it is now time to move on after the
period with Nordic Capital as our owners, and I am convinced that
the new, Danish-based consortium of owners will be able to develop
Falck even further for the benefit of our employees, owners and the
Danish society in general," said Allan Søgaard Larsen.
The transaction is subject to approval by the competition
authorities.
The future ownership of Falck is expected to be as follows:
Lundbeck Foundation 58.8%
KIRKBI 20.0%
Executive Management Board 10,3%
ATP 4.4%
Folksam 3.0%
PFA 2.1%
Other management and employees 1.5%
For additional information, please contact:
Allan Søgaard Larsen, CEO, Falck: +45 7022 0307 (Falck's press
telephone)
Steen Hemmingsen, CEO, the Lundbeck Foundation and Lundbeckfond
Invest: +45 3912 8000
Søren Thorup Sørensen, CEO, KIRKBI: +45 7950 6579 (press
telephone)
Lars Terney, Partner, NC Advisory A/S, adviser to Nordic
Capital's funds: 045 3344 7750
About Falck
For more than 100 years, it has been Falck's mission to prevent
accidents, diseases and emergency situations, to rescue and assist
people in emergencies quickly and competently and to rehabilitate
people after illness and injury. Based on this mission, it is
Falck's vision to develop a major international business working
broadly within assistance, emergency services, healthcare, and
safety training. Falck is a Nordic-based organisation which has
achieved rapid international growth in recent years. Today, Falck
has activities in 31 countries on five continents and has more than
23,000 employees. See also www.falck.com
About the Lundbeck Foundation
The Lundbeck Foundation is a commercial foundation founded in
1954 by Grete Lundbeck, widow of the founder of H. Lundbeck A/S.
The Lundbeck Foundation provides funding of approximately DKK 400
million annually for scientific research of the highest quality in
biomedical and natural sciences. The Lundbeck Foundation owns
through Lundbeckfond Invest A/S significant stakes in two companies
listed on NASDAQ OMX Copenhagen, H.Lundbeck A/S and ALK-ABELLO A/S.
In addition, the Foundation holds a securities portfolio worth
approximately DKK 10 billion. See also www.lundbeckfonden.dk
About KIRKBI
KIRKBI is the holding and investment company of the Kirk
Kristiansen family, with investments concentrated in three
areas:
• a 75% ownership interest in the LEGO Group, which
develops, manufactures, markets and sells toys
• a 36% ownership interest in Merlin Entertainments Group,
the world's second-largest player in the field of theme parks and
other leisure attractions, including ownership of the LEGOLAND
parks
• investment activities comprising real estate, securities,
private equity investments and trade marks
See also www.kirkbi.com
About Nordic Capital Private Equity Funds
Since the start in 1989, Nordic Capital Private Equity Funds
have invested in large and medium sized companies, primarily in
Northern Europe. Through committed ownership and by targeting
strategic development and operational improvements, Nordic Capital
creates value in its investments. The funds invest in companies in
Northern Europe and in selected investment opportunities
internationally. They are based in Jersey, Channel Islands, and are
advised by the NC Advisory companies in Sweden, Denmark, Finland,
Norway, Germany and the UK. Additional information about Nordic
Capital is available through its corporate website, www.nordiccapital.com.
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