Altor invests in Nimbus Boats
Altor has acquired a 60 per cent shareholding in Nimbus Boats. Through the partnership with Altor, Nimbus Boats is well positioned for future expansion.
Altor has, through its fund Altor 2003, acquired a 60 per cent shareholding in Nimbus Boats. The former owners will remain with a 40 per cent ownership and will remain shareholders in the same proportion as before Altor’s investment.
Nimbus Boats, founded in 1977, today includes the brand names Nimbus Boats, Maxi Yachts, Storebro and Ryds. Nimbus Boats has annual sales of approximately SEK 800 million and employs some 450 people at five production units. For the last six years the company has had an annual sales growth of approximately 15 per cent combined with high and stable margins.
The current chairman, Lennart Svantesson, is appointed new CEO as of 1 April. Both founders of the company, Hans and Lars Wiklund, will continue to be operationally active in the company and remain as members of the board of directors. Håkan Larsson, CEO of Rederi AB Transatlantic, is proposed to be the new chairman of Nimbus Boats.
“We believe the best way to further develop the company is to bring a partner aboard. With Altor and its proven track record as owner of growth companies we have found an ideal partner to explore our future opportunities. We will jointly prepare the company for a potential IPO in a few years time. I’m also very happy to hand over the CEO-position to Lennart Svantesson, who has been active on the Board for many years”, says Nimbus Boats’ current CEO Hans Wiklund.
Nimbus Boats’ new CEO Lennart Svantesson says “I am confident that we can grow the company at the same pace as the last few years and at the same time further improve our efficiency. Our plans for growth are founded on a strong product plan and selective geographical expansion. I know Altor well since before and having worked together with them for the last couple of months has reconfirmed that we have chosen the right partner for the future”.
“Nimbus Boats is one of the leading boat manufacturers in the Nordic region, with very strong brands, a strong position in the high-end leisure boat market and an exciting programme of new models. We are looking forward to work with management to further reinforce the company’s competitiveness and market position”, comments Fredrik Strömholm, partner at Altor Equity Partners.
Altor’s acquisition is subject to competition authority approval. Kaupthing Bank has been financial adviser to the owners of Nimbus Boats and SEB Enskilda has been financial advisor to Altor.
Altor 2003 Fund is a private equity fund with EUR 650 million in capital. It is advised by Altor Equity Partners AB. The fund specializes in Nordic investments ranging from SEK 500 million to SEK 4 billion. Altor focuses on opportunities for value creation through growth, strategic re-positioning and operational improvements. Altor Equity Partners AB has 25 employees, highly qualified and experienced in supporting companies through a change process. Since its inception, Altor has, among other investments, invested in Relacom, Dynapac, Byggmax, Ferrosan, Lindorff and Simrad Yachting.