Fundraising

Altor fund ’over 60 percent invested’ after Simrad deal

The Nordic buyout firm has acquired boating electronics company Simrad Yachting from Norwegian technology group Kongsberg Gruppen.

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Altor Equity Partners, the stockholm-based buyout firm, has acquired Simrad Yachting, a company that makes electronic equipment for yachts and commercial vessels.
 
The debt-free deal is valued at NOK 586 million (€75 million; $90 million). The vendor, Norwegian high-tech group Kongsberg Gruppen ASA, retains its Simrad subsidiary’s fisheries focused arm as it makes a better fit with the company’s industrial focus.

This was a classic case of a manufacturing company that … was a non-core operation of a large industrial corporation

Hugo Maurstad, partner, Altor

“This was a classic case of a manufacturing company that has a strong technology focus and a good market position, but was a non-core operation of a large industrial corporation,” Hugo Maurstad, the Altor partner responsible for the deal, told PEO.
 
“We see substantial opportunities for improving the top line, both through organic growth by stepping up the marketing effort, and through add on acquisitions in order to build up the company’s product portfolio and geographical range.”
 
He also said that the firm’s €650 million debut fund, Altor 2003 GP Ltd, is now between 60 and 70 percent invested. However, he declined to comment on fundraising plans.

Maurstad: Altor 2003 over 60 percent  invested

Altor’s other investments include Nordic debt collection business Lindorff Group, road building equipment maker Dynapac, and Norwegian oil services company AGR Ability Group. Earlier this month it acquired GE Healthcare’s Finnish dental imaging business for an undisclosed sum.
 
Maurstad said that the firm has also made one realisation, selling Swedish skin care pharmaceutical business Aco Hud in September 2004.