Altor PC AB announces a recommended public cash offer to the shareholders in Permascand Top Holding AB


Dec 19 2023

Altor PC AB (“Altor PC” or the “Offeror”), a company controlled by Altor Fund VI (No. 1) AB and Altor Fund VI (No. 2) AB (“Altor Fund VI”), hereby announces a recommended public cash offer to the shareholders in Permascand Top Holding AB (“Permascand” or the “Company”), to tender all shares in Permascand to the Offeror at a price of SEK 17 per share (the “Offer”). Permascand’s shares are listed on Nasdaq First North Growth Market.

To read about the offer in full length, please go to the bid website:

The Offer in brief

  • The shareholders in Permascand are offered SEK 17 in cash per share in the Company. The total Offer value based of all shares in Permascand amounts to SEK 1,008 million.
  • The Board of Directors of Permascand unanimously recommends the shareholders in Permascand to accept the Offer, based on, inter alia, a fairness opinion from Grant Thornton according to which the Offer is fair to Permascand’s shareholders from a financial point of view.
  • The Offer represents a premium of 58 percent in relation to the closing price of SEK 10.75 on Nasdaq First North Growth Market on 18 December 2023, which was the last day of trading prior to the announcement of the Offer and 94 percent in relation to the volume weighted average price of SEK 8.78 on Nasdaq First North Growth Market during a period of 90 trading days prior to 18 December 2023.
  • Norvestor VI L.P., Ulven Invest AB, 5J Holding AB and Peter Lundström, shareholders in Permascand,representing approximately 68 percent of the shares and votes in the Company have, subject to certain conditions, irrevocably undertaken to accept the Offer.
  • The acceptance period of the Offer is expected to commence on 19 December 2023 and end on 19 January 2024.
  • Completion of the Offer is conditional upon, inter alia, the Offer being accepted to such extent that Altor PC becomes the owner of more than 90 percent of the total number of shares in Permascand and that no other party announces an offer to acquire shares in Permascand on terms that are more favourable than the Offer to the shareholders in Permascand.

We have followed the company over the last year closely, and truly believe that there is a fantastic opportunity for Permascand to take significant share in the fast-growing hydrogen market as a supplier of a key and hard-to-manufacture component to electrolyzers.” Clara Zverina, Principal at Altor, continues. “We have increasingly invested in Green Transition companies, and Permascand is a perfect fit next to companies such as H2 Green Steel, Aira and Vianode. Given the significant investments required to increase manufacturing capacity, particularly in relation to the renewables end-market, we strongly believe that the company should be operated in a private setting during this transformative period.”

For media enquiries, please contact:

Tor Krusell, Head of Communications, Altor


Telephone: +46 705 43 87 47



Since inception, the family of Altor funds has raised more than EUR 10 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Trioworld, OX2, FLSmidth, H2 Green Steel, Aira and Vianode.

For more information visit


Permascand is an independent technology-driven manufacturer of electrochemical solutions based on proprietary catalytic coatings for clean tech applications. The company has supplied electrodes, electrochemical cells and aftermarket services to a variety of sectors for more than 50 years. Permascand is headquartered in Ljungaverk, Sweden, with operations including research and development, technology development and production and with sales organizations in, Sweden, Germany and North America.

For more information visit: Permascand’s Certified Adviser is FNCA Sweden AB.

Press contact

Karin Åström

Head of Communications

+46 707 64 86 59


Eleda Gets New Ownership: Altor Sells Controlling Stake to Bain Capital, Companies Form Partnerships for Future Expansion

Dec 13 2023


Altor successfully raises record fund 

Jan 19 2024

Powered and created by Gibon Webb