Hilding Anders approved by the EU Commission
Formation of Europe's third largest bed manufacturer - Hilding Anders - approved by the EU Commission The EU Commission has approved the merger of the bed manufacturers, Hilding Anders and Apax, which as a result forms the third largest bed manufacturer in Europe. The annual sales rate in the new company amounts to just under SEK 1 billion, earnings before financial income and expenses to approximately SEK 110M, annual production to 700,000 beds and number of employees to 500. The new Group, in which Atle is the largest owner with 36 per cent, will be named Hilding Anders AB. It is expected that the Group will be listed on the stockmarket within two years. Hilding Anders has operations in Sweden, Finland, Denmark, Norway, Estonia and Lithuania. Bengt Adolfsson is President of Hilding Anders and the former President of Apax, Anders Hultman, is Chairman. The head office will be located in Hästveda in Southern Sweden. Hilding Anders will have continued large sales of private labels to, among others, IKEA, MIO and Europa Möbler. The Group also manufactures beds with interior sprung mattresses, quilts, pillows and mattresses under its own brandnames, Ekens, Hilding, Scapa, Tibro Bädden, Stjärnbädden and ScandiSleep. Owners in the new Group are Atle, 35.6 per cent, Bengt and Ann-Charlotte Adolfsson, 18.2 per cent, Anders Hultman, 7.6 per cent, Yngve Conradsson, 7.6 per cent, Skandia Investment, 5.6 per cent, and Bure, 4:e AP Fonden and Handelsbanken Liv via Nordic Capital, 25 per cent. Stockholm, 9 February 1999 Atle AB (publ) For further information, please contact: Lars Gårdö, President of Atle AB, tel +46 8-506 101 00 Bengt Adolfsson, President of Hilding Anders AB, tel +46 451-388 901 ATLE AB (Publ) P.O. BOX 7308 S-103 90 STOCKHOLM SWEDEN VISITORS: REGERINGSGATAN 48 TELEPHONE +46-8-506 101 00 TELEFAX +46-8-506 101 10 REGISTERED OFFICE: 556454-8799 (The new) Hilding Anders AB Hilding Anders and Apax are two companies with strong roots on the Nordic furniture market. Both companies manufacture private labels as well as own brands and have a similar customer structure. In January 1998, Atle acquired a 60 per cent holding in the "old" Hilding Anders from Bengt and Ann-Charlotte Adolfsson, who remained owners of 40 per cent of the company. Soon thereafter, Hilding Anders acquired the Finnish company, Unituli. Since the split financial year 1993/94, Hilding Anders has quadrupled its sales to SEK 370M and now has 225 employees. In 1997, the company was voted "Supplier of the Year" by IKEA. In addition to sales of private labels, Hilding Anders manufactures and markets beds with interior sprung mattresses, quilts, pillows and mattresses under its own brandnames, Ekens and Hilding. The company sells approximately 300,000 beds per annum and has production units in Hästveda, Tollarp and Falkenberg in Sweden as well as in Finland and Estonia. On 2 October 1997, Nordic Capital acquired a 60 per cent holding in Apax. Through its ownership in Nordic Capital, the deal gave Atle an indirect ownership of 15 per cent in Apax. The Hultman and Conradsson families remained owners of 30 per cent of the company and Skandia Investment owned 10 per cent. Apax has sales of SEK 470M and 300 employees. Apax sells approximately 400,000 beds per annum and has production units in Rydaholm and Tibro in Sweden as well as in Denmark, Finland and Lithania. In addition to private labels, Apax markets its own brands, Tibro Bädden, Scapa and Scandi Sleep. Atle AB Atle is an industrial and trading group which invests in and develops small and medium-size companies which are generally unlisted. Atle's core expertise is business development which includes the ability to find interesting companies, create acquisition situations and through active and responsible ownership to develop and after a period of time to find new suitable habitats for owned companies. Atle, which was introduced on the stockmarket in 1993, has a sales rate of approximately SEK 9 billion and a total of 8,000 employees. Since the stockmarket introduction, the number of shareholders has increased to more than 13,000. Operations are carried out in the six business sectors: Atle Karolin Verkstadsindustri, Atle Tjänste & Handel, Atle Miljöteknik, Atle Informationsteknogi, Atle Mergers & Acquisitions and Atle Företagskapital. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/09/19990209BIT00280/bit0001.doc http://www.bit.se/bitonline/1999/02/09/19990209BIT00280/bit0002.pdf