Segulah Sells Kosan Crisplant

Segulah has completed its sale of Kosan Crisplant AS, a Danish provider of systems and solutions for filling and reconditioning of liquefied petroleum gas cylinders, to United International Bank of Bahrain. No financial terms were disclosed. 

 
PRESS RELEASE

Segulah II, L.P. signed an unconditional agreement with Bahrain based United International Bank B.S.C. (“UIB”) regarding the sale of Kosan Crisplant Holding A/S. The transaction was subsequently closed. Kosan Crisplant was acquired by Segulah in November 2004.

Headquartered in Aarhus, Denmark, Kosan Crisplant is the world leading provider of systems and solutions for filling and reconditioning of Liquefied Petroleum Gas (“LPG”) cylinders. In the financial year ending March 31, 2007, Kosan Crisplant had a turnover of EUR 51.5 million and an EBITA of EUR 6 million. For further information on the company, please visit www.kosancrisplant.com.

“With Segulah as owners, we have been able to grow the company significantly. We have expanded the geographic foot print, commenced sourcing and assembly operations in low cost countries and launched a successful facility management concept. We are now looking forward to continue our development with UIB as owners, taking our group to the next level.” says Anders C. Anderson, Managing Director Kosan Crisplant.

“We are very pleased with Kosan Crisplant's extraordinary development over the past three years and think that UIB as new owners will greatly enhance Kosan Crisplant's ability to penetrate some of the world's most interesting LPG markets ” says Sebastian Ehrnrooth, Partner at Segulah.

Headquartered in the Kingdom of Bahrain, United International Bank (UIB) is an investment bank licensed and regulated by the Central Bank of Bahrain with an authorized share capital of US$ 2.5 billion and a paid-up capital of US$ 291 million. The Bank started operations in the fourth quarter of 2006 and provides investment banking products and services in strict adherence to Islamic rules and principles.