Investor acquires Aleris
Investor AB has signed an agreement to acquire health care and care service provider Aleris Holding AB (“Aleris”) from EQT III for an enterprise value of SEK 4.4 bn. Investor’s net investment, considering the existing ownership in EQT’s funds and the external debt-financing, will amount to approximately SEK 1.7 bn. After the closing of the transaction, Aleris will be a subsidiary of Investor AB.
Aleris is market leading in the Nordic countries and has developed a strong platform for growth focusing on both privately and publicly financed care and healthcare services. The group has around 5,000 employees and in 2009, the group reported sales of approximately SEK 3.9 bn. and EBITDA (pro forma) of approximately SEK 400 m.
“Aleris has a strong market position and solid development potential in an industry that fits well into our ownership model and long-term approach. We look forward to develop the company further together with the management and the people in the organization whose commitment to quality care is an important prerequisite,” says Börje Ekholm, President and CEO of Investor.
Aleris’ CEO Stanley Brodén comments: “We are very pleased that it was Investor that acquired Aleris. They are financially stable, have good knowledge about our industry and a long-term strategy that give us very attractive opportunities to further strengthen our market position. Together we will continue to develop Aleris as a successful company providing first-class health care and care services.”
Investor has a solid track record of building companies within the healthcare area, with holdings such as AstraZeneca, Gambro, Mölnlycke Health Care, CaridianBCT, Swedish Orphan Biovitrum, Memira, Vårdapoteket and Global Health Partners.
Investor’s ownership in Aleris will amount to 97 percent of the capital and Aleris’ management will own the remaining share. The external debt, which is non-recourse to Investor AB, is arranged by SEB and Swedbank. The company will have a debt ratio of around 45 percent.
Subject to certain operating milestones being reached in 2010-2012, up to a maximum of SEK 100 m. (in net present value) in a deferred earn-out payment can be made to EQT III in 2013.
Aleris will be included in Operating Investments as a consolidated subsidiary.
The acquisition is subject to approval from the relevant competition authorities.
Press meeting
A press meeting in Swedish will be held today in Stockholm, July 2, at 10:00 a.m. CET, at Investor AB headquarters on Arsenalsgatan 8C with Investor’s President and CEO Börje Ekholm and Stanley Brodén, President of Aleris.
Conference call
A conference call in English will be held today, July 2, at 12:30 p.m. CET. To participate, dial +44 203 043 24 36, +1 866 458 40 87 or +46 8 505 598 53. You can also listen to the proceedings of the conference call afterwards on-demand on Investor’s website www.investorab.com
For further information:
Oscar Stege Unger, Head of Corporate Communications, Phone +46 8 614 2059, +46 70 624 2059
Magnus Dalhammar, Investor Relations Manager, Phone +46 8 614 2130, +46 73 524 2130
Our press releases can be accessed at www.investorab.com on the Internet. Investor AB is a Nordic-based industrial holding company founded almost one hundred years ago by the Wallenberg family. Today we have investment activities in Europe, the United States and Asia. The business concept is to generate attractive long-term returns for our shareholders by owning and developing companies with solid potential for value creation. We are an engaged owner and apply experience, knowledge and a unique network to develop listed and unlisted companies to make them best-in-class.
Tags: