Nordic buyout firm Segulah has sold Danish oil and gas company Kosan Crisplant to United International Bank of Bahrain for an undisclosed sum.
Kosan Crisplant makes systems involved in the filling and reconditioning of liquefied petroleum gas cylinders.
The company has a turnover of €51.5 million ($75.5 million) and an EBITA of €6 million. Segulah acquired the company three years ago for an undisclosed sum from logistics group FKI. Segulah bolted on engineering company Provenale Automation et de Mecanique to Kosan Crisplant in January 2006.
Sebastian Ehrnrooth, a partner at Segulah, said: “The identification of the buyer was the result of a targeted effort by our side.” There was strong demand from the Middle East for the company due to the company’s oil and gas focus, he said. A number of the company’s clients are based in the region.
Kosan Crisplant had doubled profits and revenues during the buyout firm’s ownership, he said. “We expanded the business through organic means by broadening the network and opened sales offices in five different countries including Algeria, Brazil and Mexico.”
Ehrnrooth said after the sale of Kosan Crisplant Segulah had one holding left in its €100 million second fund, electronic repair company Infocare.
Segulah closed its fourth fund in October on its hard cap of Skr5 billion (€543 million; $778 million) five times oversubscribed seven weeks after embarking on fundraising.