Altor to acquire Bravida Telecom
Bravida and Nordic private equity fund Altor have today entered into an agreement in which Altor acquires Bravida’s Telecom-unit.
Bravida Telecom AS employs approximately 1.850 people, and expects sales of about NOK 1.4 billion in 2004. Earnings before interest and taxes (EBIT) are expected at NOK 150 million.
-Through this agreement we have succeeded in finding an owner for Bravida Telecom AS with the competence, capital and continued effort needed in order to create a Nordic platform on its basis. This poses great opportunities both for the company and its employees, says a very pleased Bravida CEO Amund Skarholt.
The acquisition is being made by Altor 2003 Fund, advised by Altor Equity Partners AB. Altor is a Nordic private equity fund focusing on control investments in the middle market segment, with EUR 650 million in committed capital. Altor has so far made several acquisitions, also in the Norwegian market, amongst them Lindorff (debt-collection and credit information), Adviso (accounting) and AGR (oil service equipment).
-Bravida Telecom is being acquired in order to establish a platform for further growth within the Nordic region. Our aim is to continue to invest in and position Bravida Telecom as a Nordic service provider, says Hugo Maurstad, partner at Altor Equity Partners.
-We view Bravida Telecom as a very interesting company with skilful management and a very competent organization. We shall therefore look forward to developing the company together with management and the employees, Maurstad continues.