Nordic Capital Fund VII acquires Munters
November 09 2010
Nordic Capital Fund VII acquires Munters - a global leading provider of energy efficient solutions for air treatment
Nordic Capital VII Limited ("Nordic Capital Fund VII") has acquired Munters AB ("Munters") through a recommended public tender offer. On 29 September, Cidron Intressenter AB, a company indirectly wholly owned by Nordic Capital Fund VII, announced a recommended offer to the shareholders in Munters, listed on Nasdaq OMX Stockholm. The initial offer of SEK 73 in cash per share was later increased to SEK 77 in cash per share. The offer was successfully completed on 5 November, at an acceptance level of 97.6 per cent.
"Nordic Capital has extensive experience from successfully carrying out growth strategies and we will, together with Munters' management and employees, continue Munters' acquisition and expansion strategy", says Joakim Karlsson, Managing Partner, Nordic Capital.
"In Nordic Capital Fund VII, Munters gets a strong and long-term owner, with a clear industrial focus. I firmly believe they can support our ongoing strategy and vision to be a global leading supplier of energy-efficient solutions for air treatment", says Lars Engström, President and CEO of Munters.
Munters, founded in 1955 by the Swedish inventor Carl Munters, is a global leader in energy efficient air treatment solutions based on expertise in humidity and climate control technologies. The company has two product divisions focused on industrial-process air treatment, comfort-oriented climate control and climate control for the AgHort industry, with about 2,100 employees in more than 30 countries.
"Nordic Capital Fund VII intends to maintain Munters' long term strategic aim through active ownership, including support to expand the two divisions and further develop the company's strategic vision. This will be easier to achieve under private stewardship that can take a more long-term view than the public equity market", says Joakim Karlsson.
For more information, please contact:
Mikael Widell, Communications Manager
+46 8 440 50 70
+46 703 11 99 60
Munters is a global leading provider of energy efficient solutions for air treatment based on expertise within humidity and climate control technologies. Munters is organised in two divisions (continuing operations): Dehumidification and HumiCool. Dehumidification manufactures products and complete solutions for moisture control and HumiCool manufactures products and solutions for evaporative cooling and humidification. The company has customers in several segments including the food, pharmaceuticals, and electronics industries. Munters has approximately 2,100 employees. The turnover for the continuing operations of Munters amounted to approximately SEK 3.8 billion in 2009 and the operating profit amounted to SEK 263 million. www.munters.com
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. The 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. The Nordic Capital Funds are based in Jersey, Channel Islands, and are advised by the NC Advisory entities in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com