3i invests in HTC to drive further growth
3i, Europe's leading private equity and venture capital company, has invested in HTC Sweden AB, taking a stake of one third in the company.
3i has committed circa €11 million (SEK 100 million) to the company along with a purchase of shares from existing shareholders. The increase in capital will be used to fuel HTC''s further expansion.
HTC produces and sells a diamond-based grinding system for professional flooring in manufacturing, commercial and public buildings. The company has expanded continuously since 1987 and has been the market leader in Europe and the US in its niche during the last ten years. HTC, based in Söderköping, Sweden, forecasts a turnover of circa €33million (SEK 300 million) for 2006.
Henrik Flygar, Director, 3i Nordic, says: "HTC is a profitable and fast growing family owned company. The business has grown more than 50 % annually in the past two years and we are convinced that there is still plenty of growth potential. 3i will actively work with HTC, both in Sweden and internationally, to drive further expansion."
Sten Jeansson, Managing Director of HTC says: "HTC is the market leader in a sector with strong growth. We have ambitious targets for HTC''s future development and in 3i we have a competent financial partner with extensive experience in supporting fast growing companies."
Håkan Thysell, founder and main owner of HTC comments on the investment: "It is a natural part of our current development phase to bring in a strong co-owner to the company. I am looking forward to seeing my ideas realised through HTC''s fast international development."
Danske Bank Corporate Finance, Sweden, has acted as financial advisor for HTC and its owners in the transaction.