Altor Fund II increases ownership of Åkers
The Åkers Group is the world’s leading producer of high quality cast and forged rolls for the steel and aluminum industries.
Altor Fund II (“Altor”) acquired Åkers in July 2008. The previous owner, STC Interfinans, retained a minority stake.
Åkers performance has not been up to plan and Altor has decided to make an equity injection of up to 210 MSEK, which has been earlier communicated.
In conjunction with the equity injection Altor has also decided to gain full ownership of Åkers by purchasing all shares and the vendor loan from STC Interfinans.
”We really appreciate Altor’s strengthened commitment to Åkers and we are committed to execute on our turnaround plan in 2013” says Claes Ahrengart, CEO of Åkers.
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 “Altor Fund III”, with committed capital of EUR 2 000 million. Altor Equity Partners, acting as investment advisor to the Altor funds. Altor invests in Nordic companies with focus on value creation through growth initiatives, strategic development and operational improvements and has since its inception in 2003 invested in over 30 platform investments and more than 30 add-on acquisitions. Among the investments are Lindorff, Helly Hansen, Apotek Hjärtat, Carnegie, Papyrus, Dustin, Qmatic, Piab, Byggmax, Ålö, Max Matthiessen, Elixia and CTEK. For more information, please visit altor.com