Swedish private equity firm Altor is acquiring Bure Equity’s stakes in Carnegie Holding, Max Matthiessen and Carnegie Asset Management subject to customary closing conditions, including regulatory approvals. Bure Equity is also a Swedish investment company.
Altor (Altor Fund III GP Limited) has entered into a binding agreement to acquire Bure Equity’s stakes in Carnegie Holding, Max Matthiessen and Carnegie Asset Management subject to customary closing conditions, including regulatory approvals.
Harald Mix, CEO and Partner at Altor’s investment adviser, Altor Equity Partners AB, and board member of Carnegie Holding and Carnegie Asset Management, said: “The original investments into Carnegie and Max Matthiessen have developed favourably despite adverse market conditions. Carnegie Private Banking, Carnegie Fonder, Carnegie Asset Management and Max Matthiessen have all strengthened their relative market position in recent years. Carnegie’s Investment Banking and Securities activities are currently taking significant actions to restore profitability to historic levels. We continue to have strong belief in the long term return prospects in each business as evidenced by our increased commitment. We look forward to continue working with each management team to realize the full potential of each franchise.”
Fredrik Strömholm, Partner, Altor Equity Partners, and board member of Carnegie Holding, said: “We see great potential to streamline and grow Carnegie’s business within the three areas, Investment Banking and Securities, Private Banking and Asset Management, based on increased customer focus with independent advice and cost efficiency.”
“Building on the existing platform of Max Matthiessen, Altor aims to accelerate the company’s further development as a trusted adviser in the pensions market.” Claes Ekström, partner at Altor Equity Partners, and Chairman of Max Matthiessen added.
Closing of the transaction is expected by the end of June 2012, subject to relevant regulatory approval. In connection with the change in ownership, new non-executive directors will be proposed to the Boards of the three entities.
The Altor Funds are private equity funds, consisting of the “Altor 2003 Fund”, which has committed capital of EUR 650 million, “Altor Fund II”, which has committed capital of EUR 1,150 million, and “Altor Fund III”, which has committed capital of EUR 2,000 million. The Altor Funds are advised by Altor Equity Partners. The Altor Funds invest in Nordic businesses, committed to creating value through growth, strategic development and operational improvements. Since being founded in 2003, the Altor Funds have made more than 30 platform investments and more than 35 strategic add-on acquisitions. Current and former companies of the Altor Fund portfolio include Aalborg Industries, Ferrosan, Piab, Byggmax, Helly Hansen, Apotek Hjärtat and Ålö.