Altor 2003 Fund (”Altor”) has sold its entire holding of 11,920,908 shares, corresponding to 19.6% of the shares in Byggmax Group AB (”Byggmax”). The transaction was completed through an accelerated bookbuilding to Swedish and international institutional investors at a price of SEK 53.50 per share (“the placing”). Following the placing, Altor does not own any shares in Byggmax.
In 2006, Altor acquired a majority ownership in Byggmax which had been founded 13 years earlier. The founders maintained a 25% ownership.
“The Byggmax investment exemplifies Altor’s partnership approach where the company has been developed in close cooperation with its founders. We want to thank them, management and all employees for all their hard work over the years. During Altor’s 8 years of ownership, Byggmax has grown its revenues from SEK 1.1bn in 2005 to 3.2bn in 2013 by expanding into Norway and Finland and increasing number of stores from 27 to 107. We are proud to have been part of developing the leading Nordic discount DIY retailer” says Stefan Linder, Partner at Altor Equity Partners AB and Board member of Byggmax.
In June 2010, Byggmax was listed on Nasdaq OMX Stockholm and had at the end of 2013 in excess of 5,700 shareholders.
The sale consisted of 11,920 908 shares and was conducted through an accelerated bookbuilding, whereby the price was set at SEK 53.50 per share. The demand from investors was very high and the shares were distributed to investors in Sweden, continental Europe and the US.
Carnegie Investment Bank and SEB have acted as Joint Managers and Bookrunners in connection with the placing.
For additional information please contact
Altor Equity Partners AB
Head of Communications
Tel: +46 8 678 91 96
Altor Equity Partners act as investment advisor to the Altor funds. Since inception, the Altor funds have invested in close to 40 companies with a committed capital of EUR 3 800 million. The investments have been made in Nordic mid-cap companies with focus on value creation through growth initiatives and operational improvements. 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