3i invests in Skanska Modul in a £26 million deal
3i, Europe's leading venture capital and private equity company, has signed an agreement to acquire Skanska Modul from Skanska for £26 million (SEK 361 million).
The transaction includes the Temporent and Flexator business units. The acquisition is subject to approval from the relevant competition authorities.
Skanska Modul is a market leader in Sweden in manufacturing and letting prefabricated premises. The companies'' estimated turnover for 2005 is £35.5 million (SEK 480 million) and it employs 200 staff. The company has been divided into three business lines: Temporent (renting out temporary premises like offices, schools and nurseries), Flexator (manufacturing prefabricated buildings) and Skanska Modul (customer financing).
Gustav Bard, Managing Director, 3i Nordic, said: "Skanska Modul Group has a good business model and has great opportunities for growth in this profitable sector. 3i is going to work actively with the new board for Skanska Modul''s further expansion."
Lars Erik Blom, Investment Director, 3i Nordic, commented: "We find that the construction business is in upswing and prefabricating within it is rising. Temporent and Flexator are already among the market leaders in Sweden and with 3i''s backing they are going to further strengthen their position elsewhere in the Nordic countries."
3i is introducing Mats Mared as the new Chairman for Skanska Modul. Mared has genuine experience in the sector, as he has worked for Skanska for 30 years. Additionally he has been Managing Director for the stock exchange listed company Drott AB.
Notes to editors
3i is a FTSE100 company and world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia.
Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. It underpins the value that we deliver to our portfolio and to our shareholders. For further information:www.3i.com
Om Skanska Modul
Skanska Modul is a market leader in producing and letting of prefabricated buildings, divided into business lines Temporent and Flexator.
Temporent has been established in 1995 is today one of the biggest companies in Sweden renting out temporary premises. Temporent''s clients are spread all parts of Sweden, and the modules are being used as offices, schools and nurseries. Further information: www.temporent.se
Flexator has been a market leader in Sweden for 50 years in building prefabricated buildings, e.g. schools, offices and hotels. The clients are among both private and public sector. Flexator head office is located in Anneberg in South of Sweden and sales office in Stockholm. Further information: www.flexator.se