Altor acquires CTEK Creator Group
Altor Fund III (“Altor”) has signed an agreement to acquire CTEK Creator Group (“CTEK”), the world leading advanced switch mode battery charger company from FSN Capital.
CTEK is the world’s premier provider of advanced switch mode battery chargers and ancillary equipment. From its base in Vikmanshyttan, Sweden, CTEK has developed battery chargers that continuously become top rated when comparing to alternatives and in a user friendly way help people maintain and optimize all their vehicle power supplies. CTEK’s main markets include the Nordics, Germany, Benelux and Italy and the company had a turnover of SEK 334 million in 2010.
“CTEK has shown an impressive ability to combine technology advantage, customer value and market communication to build leading market positions across the geographies where the company has promoted its products. Altor looks forward to continue to drive strong growth on the back of features like better battery performance, longer battery life time and lower costs together with less environmental impact” said Stefan Linder, Partner at Altor Equity Partners.
The transaction is expected to close in June subject to customary closing
The Altor funds are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, the Altor Fund II”, with committed capital of EUR 1,150 million and also the “Altor Fund III”, with committed capital of EUR 2,000 million. The Altor funds are advised by Altor Equity Partners. The Altor funds invest in companies in the Nordic region with a focus on value creation through growth initiatives, strategic development and operational improvements and have since their inception in 2003 invested in over 30 platform investments and more than 30 add-on acquisitions. Investments include Lindorff, Dustin, Helly Hansen, Constructor, Euro Cater, Apotek Hjärtat, Carnegie, Papyrus, Elixia and Byggmax.