Realised investments

* Sales 2008 or latest year available at time of exit for exited investment

COMPANY	COUNTRY	SECTOR	DATE ACQ.	EXIT DATE
Cerba European Lab	France	Healthcare	Jul/06	Jul/10
Cerba European Lab www.lab-cerba.com Cerba European Lab ("CEL") is a leading European medical testing laboratory. CEL was acquiredby IK2004 in July 2006 and has a leading position in specialised testing for routine laboratories and hospitals in France (with a 45% market share). The BARC Group was acquired by CEL in October 2007 and is a leading Belgian routine testing laboratory as wekk as a worldwide clinical trialtesting laboratory. Following the acquisition of Biolille and Biotop and subsequent buy-and-build acquisitions since 2009, CEL is key operator of routine laboratories in France. Headquartered near Paris, the group now has a staff of over 1,250 highly qualified employees and benefits from a strong technological base and an excellent brand. Principal contact Christopher Masek French, based in London Value creation strategy Leverage strong organic growth Focus on international expansion Selective add-on acquisitions across Europe Investment history Joined the share holding structure as a majority shareholder in July 2006 Country France Sales 186 million euro Press releases PAI Partners acquires Cerba European Lab from IK Investment Partners Industri Kapital enters into Cerba European Lab’s capital
Kid Interiør	Norway	Retail/wholesale	Jul/05	Aug/09
Kid Interiør www.kid.no Kid Interiør was established by Jul Andrew Gundersen in 1937 as JAG shoe factory. The first shop was opened in Drammen in 1953 and was called “Fabrikkutsalget” (Factory Outlet). The company changed its name to Kid Interiør in 1994, and further introduced the trade name Kid for selected products. Today Kid is the leading home textile retailer in Norway with 90 wholly-owned stores across the country. Kid is headquartered in Drammen, Norway and employs approximately 1,000 people. Principal contact Trygve Grindheim Norwegian, based in London Value creation strategy Build on position as the leading Norwegian home textile retailer Expand the business further, both in Norway and abroad Investment history Acquired 75 percent from its family owners Gundersens in July 2005 Country Norway Sales 90 million euro Press releases Industri Kapital acquires 75 percent of Kid Interiør
Wehkamp	Netherlands	Retail/wholesale	Jan/06	Dec/08
Wehkamp www.wehkamp.nl Wehkamp is the market leader in the Dutch home shopping market. Wehkamp has 1.4 million regular customers and completes more than 5 million orders every year. Product categories include Fashion, Living, Home Appliances, Electronics, Health & Beauty and Leisure. Wehkamp's website has more than 1 million visitors per week. Principal contact Kristiaan Nieuwenburg Dutch, based in London Value creation strategy Separate home shopping, finance and debt collection activities in independent operating companies Continue transformation of Wehkamp’s historical catalogue retail business into multi-channel operation with focus on online sales Develop consumer finance activities by adding products and services independent from home shopping business Grow debt collection business organically and through acquisitions Investment history Acquired 100% in the combined home shopping retail and credit management companies in January 2006. Country Netherlands Sales 313 million euro Press releases IK sells the Dutch internet retailer Wehkamp Industri Kapital to Acquire Wehkamp and Transfair from GUS plc
CPS Color	Finland	Manufacturing	Oct/00	Jun/08
CPS Color www.cpscolor.com CPS Color Group is the world’s leading supplier of tinting systems and technology. It is the only company in the world that supplies all of the necessary tinting system components: colorants, dispensers, mixers, software, marketing materials, technical support and consulting services. The company has operations on all five continents. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Explore and target new markets & customer segments Take advantage of increased usage of tinting in the paint industry Leverage CPS’ position as a leading tinting systems supplier Investment history Buyout from Kemira Oyj in October 2000 Sold to Nordic Capital in June 2008 Country Finland Sales 185 million euro Press releases Industri Kapital to sell CPS Color Industri Kapital acquires the tinting systems business of Tikkurila CPS Industri Kapital completes the acquisition of the tinting systems business of Tikkurila CPS
ELFA	Sweden	Retail/wholesale	Aug/06	Apr/08
ELFA www.elfa.se ELFA markets, sells and distributes electronic components and other technical products to primarily business customers in northern Europe. Headquartered in Stockholm (Sweden), ELFA has over 430 employees. With over 51,000 customers and 130,000 catalogues distributed annually, ELFA is a leading distributor in the Nordic countries, Poland, the Baltic countries and Russia. In 2005 the company achieved sales of €88 million (MSEK 815) most of which was derived from the maintenance, repair and overhaul segments. Other important end-user segments include production, R&D and education. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Leverage strong organic growth Focus on international expansion Selective add-on acquisitions Investment history Acquired in August 2006 Sold to Daetwyler in April 2008 Country Sweden Sales 110 million euro Press releases Industri Kapital sells ELFA to Daetwyler Industri Kapital to acquire ELFA AB for approximately €130 million
Dataphone	Sweden	Service	Jan/01	Feb/08
Dataphone www.dataphone.com Dataphone offers solutions for fast, secure and high quality tele- and data communication to communications intensive companies and public entities throughout Sweden. Dataphone has Sweden’s most modern commercial network for telephony and data communication. In the same network, the company manages voice and data communication as well as video transmissions with superior quality and performance. Principal contact Gerard De Geer Swedish, based in Stockholm Value creation strategy Focus on direct access sales to Swedish communications intensive companies Develop product offering based on technology platform Expand customer base and develop partnerships with other Swedish operators Leverage the multi-service network platform Investment history Incorporated and founded in 2001 Citylink and Dataphone merge, creating a new leading tele- and datacommunication operator in December 2005 Sold to IP-Only Telecommunications AB and Blixtvik AB in February 2008 Country Sweden Sales 28 million euro
DSI (DYWIDAG-Systems Int'l GmbH)	Germany	Building materials	Sep/05	Oct/07
DSI (DYWIDAG-Systems Int'l GmbH) www.dywidag-systems.com DSI is a market leader in the development, production and application of post-tensioning and geotechnical (steel) fastening parts and systems. The high value added safety/durability critical products are used in bridge building, slope stabilisation and mining. Headquartered in Germany, DSI has over 1,100 employees globally with operations across Europe, Asia-Pacific and the Americas. Principal contact Detlef Dinsel German, based in Hamburg Value creation strategy Pursue appropriate add-on acquisition opportunities Improve the overall business efficiency and take advantage of organic growth opportunities Investment history Acquired from Walter Bau Group in September 2005 Sold to CVC Capital Parners in October 2007 Country Germany Sales 552 million euro Press releases DYWIDAG-Systems International sold by Industri Kapital to CVC Capital Partners Industri Kapital acquires DSI
Eltel Networks	Sweden	Service	Jun/01	Aug/07
Eltel Networks www.eltelnetworks.com Eltel Networks consists of Swedia Networks and Eltel Networks. The two companies were combined in December 2004 when Eltel Networks was acquired and subsequently merged with Swedia Networks. The combined company is a Northern European market leader within installation and maintenance of infrastructure for electricity and telecommunications. Swedia Networks is one of originally seven businesses included in the Telefos investment. The seven businesses - Ki Consulting, Validation and Swedtel (telecom consulting), Respons and TA Teleadress Information (directory enquiry and data-handling services), Multicom Security (secure alarm network operations) and Swedia Networks - were acquired from Telia in 2001. Since then all companies, except Swedia Networks, have been divested. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Grow by meeting increased demand of combined el and tele projects Improve efficiency with multi-skilled workforce working with both el and tele Grow maintenance business Investment history Swedtel sold to Worldtel in November 2002 Respons sold to Eniro in May 2003 Ki Consulting sold to TietoEnator in January 2004 Validation sold to TeliaSonera and WM-data in June 2004 Eltel Networks acquired in December 2004 to be combined with Swedia Networks TA Teleadress sold to Aftonbladet in February 2005 Multicom Security sold to GMT Communications Partners in March 2005 Eltel Networks was sold to 3i in August 2007 Country Sweden Sales 756 million euro Press releases Industri Kapital divests Eltel Networks Industri Kapital new owner of Eltel Networks Industri Kapital completes the acquisition of eight companies within Enterprises from Telia
Elektrokoppar	Sweden	Manufacturing	Nov/97	Jun/07
Elektrokoppar www.elektrokoppar.se Elektrokoppar is one of the leading winding wire and wire rod manufactures in Europe. The company supplies its products mainly to the electric industries. Elektrokoppar employs 450 people. Principal contact Gerard De Geer Swedish, based in Stockholm Value creation strategy Participate in industry restructuring Integrate winding wire business Implement internal efficiency measures Investment history Acquired from ABB in November 1997 Sold to Liljedahlsbolagen in June 2007 Country Sweden Sales 862 million euro Press releases Industri Kapital sells Elektrokoppar to Liljedahlsbolagen
CEVA Santé Animale	France	Healthcare	Sep/03	Jun/07
CEVA Santé Animale www.ceva.com CEVA Santé Animale develops, manufactures and distributes Animal Health products. The company’s main expertise lies within the anti-infectives, vaccines and reproduction control devices areas. CEVA operates in all key European Union markets and has established a strong presence in international growing markets such as Eastern and Central Europe, Middle East and Turkey, Africa, Asia, and Latin America. The company employs 1,200 persons and is headquartered in Libourne, near Bordeaux (France). Principal contact Christopher Masek French, based in London Value creation strategy Develop companion animal products and vaccines Expand customer-base in North America Pursue add-on acquisitions Accelerate operational improvements Investment history Acquired from PAI partners in September 2003 Sold to its management, associated with a consortium of investors grouping Euromezzanine, Natexis Industrie and Natixis Investissement. Country France Sales 314 million euro Press releases Industri Kapital in exclusive negotiation to sell Ceva Santé Animale PAI partners sells its stake in CEVA Santé Animale to Industri Kapital Industri Kapital completes the acquisition of CEVA Santé Animale
Prevesta/Myresjöhus	Sweden	Manufacturing	Mar/05	May/07
Prevesta/Myresjöhus www.myresjohus.se Prevesta/Myresjöhus is one of the leading prefabricated house manufacturers in Sweden. Since inception in 1927 the company, with its strong brands Myresjöhus and SmålandsVillan, has delivered more than 80,000 houses. Prevesta/Myresjöhus employs some 390 people and has a market share of approximately 10 per cent in Sweden. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Focus on sales growth Make add-on acquisitions Improve operating performance Investment history Acquired from Skanska in March 2005 Sold to Block Watne Group in May 2007 Country Sweden Sales 189 million euro Press releases Industri Kapital sells Prevesta to Block Watne Group for SEK 1,900 million Industri Kapital finalises the acquisition of Myresjöhus from Skanska Industri Kapital acquires Myresjöhus from Skanska
Consolis (ex Bonna Sabla)	Belgium	Building materials	Oct/05	Mar/07
Consolis (ex Bonna Sabla) www.consolis.com Consolis is the market leader in prefabricated concrete in Europe. The new Consolis was formed by combining Consolis Oy Ab and French Bonna Sabla in November 2005. Consolis is the largest precast concrete based solution provider and manufacturer of structural precast concrete elements in Europe. The companies belonging to Consolis Group have over 100 production plants in 20 countries with leading positions in their respective markets. Principal contact Christopher Masek French, based in London Value creation strategy Improving profitability in mature markets, by the systematic development of new markets for pre-cast concrete Expansion overseas, particularly in the Mediterranean, Eastern Europe, Indonesia and the Indochinese peninsula Investment history Bonna Sabla aquired from AXA Private Equity in October 2005 Acquired Consolis from IK1994 and co-investors in late October 2005 The new Consolis was formed by combining Consolis Oy Ab and French Bonna Sabla in November 2005 Consolis was sold to LBO France in March 2007 Country Belgium Sales 1200 million euro Press releases Industri Kapital sells Consolis to LBO France Industri Kapital creates a leading pan-European pre-cast concrete company through the combination of Bonna Sabla and Consolis. Industri Kapital en route to acquire Bonna Sabla from Axa Private Equity
Gardena	Germany	Manufacturing	May/02	Mar/07
Gardena www.gardena.com Gardena is one of the leading gardening equipment companies in Europe. Gardena manufactures garden irrigation equipment, garden care products as well as water pumps and pond products. The group has nine production facilities and approximately 3,000 employees. Customers include DIY stores, garden centres, large general retailers and ironmongers. Gardena’s products are available through a distribution network in over 85 countries. Principal contact Detlef Dinsel German, based in Hamburg Value creation strategy Become category manager for key distribution channels Expand portfolio with strong and complementary brands Improve operating performance Investment history Acquired from private owners in May 2002 and through a public tender offer in May/June 2002 Country Germany Sales 418 million euro Press releases Industri Kapital sells GARDENA to Husqvarna for 730 million euro Industri Kapital acquires majority in Gardena
F Group	Denmark	Retail/wholesale	Nov/97	Dec/06
F Group www.f-group.dk F Group was formed through the merger of Fona Gruppen (held by the Industri Kapital 1997 Fund) and Fredgaard Radio in June 2001. The new group is a leader in Danish high street brown goods retailing and a provider of consumer financing. Principal contact Mads Ryum Larsen Danish, based in London Value creation strategy Participate in industry restructuring opportunities Improve efficiency Investment history Fona Gruppen was acquired from Thorn in November 1997 Fona Gruppen merged with Fredgaard Radio in June 2001 to form F Group F Group was sold to DSGi plc in December 2006 Country Denmark Sales 266 million euro Press releases Industri Kapital to sell stake in F GROUP A/S to DSGi plc Fredgaard and Fona combine forces
Oriflame	Sweden	Retail/wholesale	Oct/99	Aug/06
Oriflame www.oriflame.com Oriflame is a leading global direct sales cosmetics company. Founded more than 30 years ago, the company develops and markets a full range of beauty products including colour cosmetics, skin care and fragrances. Value creation strategy Continue geographic expansion Develop sales management Refine logistics and manufacturing Improve product supply Investment history Acquired through a public offering on the London Stock Exchange in October 1999 Partial exit in March 2004 through an IPO on the Stockholm Exchange February 2006: IK 1997 reduced its remaining stake in Oriflame to 11.8 per cent May 2006: IK 1997 reduced its remaining stake in Oriflame to 4.5 per cent August 2006: IK 1997 sells its entire holding in Oriflame Country Sweden Sales 671 million euro Press releases Industri Kapital sells its entire holding in Oriflame Industri Kapital has reduced its shareholding in Oriflame to 4.5 per cent Oriflame transaction completed
Enermet Group	Finland	Manufacturing	Aug/99	Jul/06
Enermet Group www.enermet.com Enermet Group is one of the world’s leading suppliers of energy metering systems. The company develops, produces and markets comprehensive new generation systems for the metering of energy, the control of its use and the refinement and management of metering data. Enermet has branches in ten countries around the globe. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Improve operational efficiency and implement process oriented group structure Expand customer offering and develop metering services business Focus on deregulating markets Make add-on acquisitions Investment history Acquired from Fortum Corporation in August 1999 Country Finland Sales 72 million euro Press releases Industri Kapital sells Enermet Group Oy to Bayard Group Fortum sold Enermet to Industri Kapital for FIM 610 million. The acquision of Enermet completed
Continental Bakeries	Netherlands	Food processing	Feb/99	Jul/06
Continental Bakeries www.continentalbakeries.com Continental Bakeries is a manufacturer and distributor of biscuit products in Europe. The group focuses on private label and branded niche products within sweet, unsweetened and savoury biscuits. Principal contact Kristiaan Nieuwenburg Dutch, based in London Value creation strategy Rationalise production to fewer, larger units Make add-on acquisitions Broaden product offering in existing markets Expand geographic distribution capabilities Investment history Acquired from Hillsdown Holdings in February 1999 Sold to NPM Capital in July 2006 Country Netherlands Sales 166 million euro Press releases Industri Kapital to sell Continental Bakeries to NPM Capital Industri Kapital acquires Continental Bakeries
VSM Group	Sweden	Manufacturing	Apr/97	Feb/06
VSM Group www.vsmgroup.com VSM Group produces top-of-the-line household sewing machines with related accessories and software. The company’s two brands, Husqvarna Viking and Pfaff, have their own unique and separate product lines. With sales subsidiaries in 15 countries, VSM Group employs some 2,250 people. Value creation strategy Penetrate high-end embroidery segment further Emphasise after-market sales of accessories and software Enhance dealer network which focuses on hobby segment Acquired Pfaff in 2000 Investment history Acquired from Electrolux in April 1997 Sold to Affiliates of Kohlberg Management IV L.L.C. in February 2006 Country Sweden Sales 240 million euro Press releases Industri Kapital Sells VSM Group to Affiliates of Kohlberg Management IV, L.L.C.
Sydsvenska Kemi	Sweden	Specialised process	Jun/01	Dec/05
Sydsvenska Kemi www.perstorp.com Sydsvenska Kemi is a leading specialty chemicals group consisting of the former businesses of Perstorp AB and Neste Oxo. The company has strong positions in selected niche segments such as coating intermediates and formaldehyde technology. Sydsvenska Kemi operates globally and has approximately 2,000 employees. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Focus on specialty chemicals and divest non-core assets Increase focus on value-added products in targeted customer segments Integrate Perstorp and Neste Oxo and bring forth synergies Improve operating performance Investment history Acquired through a public offering on the Stockholm Stock Exchange in June 2001 (Perstorp AB) and from Fortum Oyj in November 1999 as a part of Neste Chemicals Oy (Neste Oxo) Sold to PAI Partners in December 2005 Country Sweden Sales 724 million euro Press releases Industri Kapital Exits Sydsvenska Kemi to PAI partners Industri Kapital launches an offer for Perstorp and builds a world leading Nordic chemicals group Sydsvenska Kemi’s partial offer for Pergo unconditional
Dyno Nobel	Norway	Specialised process	Aug/00	Nov/05
Dyno Nobel www.dynonobel.com Dyno Nobel is the world’s leading explosives company. Its most important customer segments are the mining industry and the building and construction industries. Dyno Nobel has operations in 35 countries in Europe, the Americas and the Asia-Pacific region. Principal contact Trygve Grindheim Norwegian, based in London Value creation strategy Achieve operational improvements by implementing internal restructuring plan Increase focus on global sourcing Streamline organisation Transition from commodity supplier to blasting solution provider with high value-added content Investment history Acquired through a public offering on the Oslo Stock Exchange in August 2000 In May 2003 Dyno Nobel merged with Ensign-Bickford Company of the U.S. Sold to a consortium of institutional investors lead by Macquarie Bank in November 2005 Country Norway Sales 906 million euro Press releases Industri Kapital Exits Dyno Nobel NOK 206 per share cash offer for Dyno ASA from Industri Kapital Industri Kapital’s acquisition of Dyno ASA - Settlement for shares and mandatory offer
Consolis	Finland	Building materials	Dec/97	Oct/05
Consolis www.consolis.com Consolis is the largest manufacturer of prefabricated concrete elements in Europe. Consolis produces a wide range of prefabricated concrete products for the construction of buildings, such as floors, structures and walls. Consolis also makes products for infrastructure, such as railway sleepers and structures for bridges and tunnels. In addition, the company provides services ranging from planning to erection of its products. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Develop value-added products and services Expand into new markets Improve operating performance Investment history Formed through a merger between Strängbetong (held by Addum) and Partek Precast Concrete (held by Partek) in December 1997 Sold to Bonna Sabla in October 2005. Country Finland Sales 646 million euro
Intrum Justitia	Sweden	Service	Mar/98	Aug/05
Intrum Justitia www.intrum.com Intrum Justitia is the leading debt collection and credit management company in Europe. It offers commercial and consumer debt collection services (domestically as well as cross-border), outsourcing and other related credit management services. Principal contact Gerard De Geer Swedish, based in Stockholm Value creation strategy Make add-on acquisitions Expand product and service portfolio Improve operations using benchmarking Investment history Acquired through a public offering on the London Stock Exchange in March 1998 Partial exit in June 2002 through an IPO on the Stockholm Exchange Spring 2005: IK1997 reduced its remaining stake in Intrum Justitia from 25.0 to 11.7 per cent August 2005: IK1997 sold its remaining 11.7 per cent stake in Intrum Justitia Country Sweden Sales 312 million euro Press releases Industri Kapital sells its entire holding in Intrum Justitia AB Industri Kapital has reduced its shareholding in Intrum Justitia with 3,500,000 shares Industri Kapital has reduced its shareholding in Intrum Justitia to 18.4 per cent
Fortex	Netherlands	Service	Mar/00	Jul/05
Fortex www.fortex.nl Fortex is a leading provider of textile rental and industrial laundry services in the Benelux countries. Main customer categories include hospitals (bed linen, hygienic products & work-wear) and different kinds of companies (uniforms & work-wear). Fortex also provides special cleaning services for surgical tools and textiles. Principal contact Kristiaan Nieuwenburg Dutch, based in London Value creation strategy Participate in market consolidation through add-on acquisitions Introduce plant rationalisation programme Shift from a family–owned business to a corporation Investment history Formed through the combination of three family-owned companies in March 2000 Sold to ABN AMRO Capital in July 2005 Country Netherlands Sales 64 million euro Press releases Industri Kapital divests Fortex to ABN AMRO Capital Industri Kapital forms new textile rental group in the Benelux
Laho Equipement	France	Service	Jun/00	Apr/05
Laho Equipement www.laho.fr Laho Equipement is one of the leading construction equipment rental groups in France. The group has national coverage through its 75 agencies. Principal contact Christopher Masek French, based in London Value creation strategy Expanded the business, mainly in France, via add-on acquisitions Enhanced rental value-added services Reduced trading activities Investment history Acquired from a consortium of financial investors in June 2000 Sold to Barclays Private Equity in April 2005. Country France Sales 118 million euro Press releases Industri Kapital exits Laho Equipement Industri Kapital buys LAHO EQUIPEMENT and makes its first investment in France
MacGREGOR	Sweden	Manufacturing	Sep/98	Mar/05
MacGREGOR www.macgregor-group.com MacGREGOR is the global market leader in providing marine cargo flow engineering solutions and services for ship-owners, shipyards and ship operators. Products include hatch covers, cranes, RoRo equipment, shipboard elevators and escalators, galleys, cargo securing systems and refrigerated cargo handling systems. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Increase breadth and depth of product range Develop a leading service business Restructure underperforming business units Investment history Acquired from Gambro in September 1998 Sold to Kone Corporation and merged with Kone Cargotec in March 2005 Country Sweden Sales 355 million euro Press releases Industri Kapital and Gambro finalise the divestment of MacGREGOR to Kone Corporation Industri Kapital and Gambro divest MacGREGOR to Kone Corporation The sale of 60% in MacGREGOR completed
Alfa Laval	Sweden	Manufacturing	Aug/00	Mar/05
Alfa Laval www.alfalaval.com/ Alfa Laval is a leading global provider of specialised process engineering solutions, equipment and services in the areas of separation, heat transfer and fluid handling. The company’s customers span more than 100 countries and it has approximately 9,400 employees. Principal contact Björn Savén Swedish, based in Stockholm Value creation strategy Develop a customer-focused organisation Accelerate operational improvement and restructuring programme Continue strengthening “after-sales” business Develop new industry applications Investment history Acquired from the Tetra Laval Group in August 2000 Partial exit in May 2002 through an IPO on the Stockholm Exchange. IK retained a 26.9 per cent stake in the company October 2003: IK2000 reduced its remaining stake in Alfa Laval from 26.9 to 17.9 per cent May 2004: IK2000 reduced its remaining stake in Alfa Laval from 17.9 to 8.5 per cent March 2005: IK2000 sold its remaining 8.5 per cent stake in Alfa Laval Country Sweden Sales 1,500 million euro Press releases Industri Kapital sells its entire holding in Alfa Laval AB Industri Kapital has reduced its shareholding in Alfa Laval to 8.5 per cent Industri Kapital has reduced its shareholding in Alfa Laval to 17.9 per cent
Arca Systems	Sweden	Manufacturing	Jul/98	Feb/05
Arca Systems www.arcasystems.com Arca Systems is the European market leader in returnable plastic packaging products and systems for transport and materials handling. Customer sectors include the assembly industry, retailing, beverages and agriculture. Arca Systems has some 900 employees. Value creation strategy Established a platform for growth by developing new and innovative products and systems in close cooperation with Arca’s customers Increased Arca’s efficiency and reduced costs through significant production restructuring and operational reengineering Divested non-core businesses Improved profitability Investment history Acquired from Perstorp in July 1998 Sold to Schoeller Wavin Systems in February 2005 Country Sweden Sales 198 million euro Press releases Industri Kapital divests Arca Systems to Schoeller Wavin Systems Perstorp Sells Plastic Systems Division to Industri Kapital
Labeyrie	France	Food processing	Mar/02	Dec/04
Labeyrie www.labeyrie.com Labeyrie is a French company producing upmarket branded food products sold on the French, Dutch, Belgian and Spanish markets. Its product range encompasses three main categories: seafood products (mainly smoked salmon), speciality regional products (mainly foie gras) and blinis & spreadables (taramasalata, guacamole etc.). Labeyrie is a clear market leader, with market shares in excess of 20% in all those segments. The company sells its products only through retailers. Principal contact Christopher Masek French, based in London Value creation strategy Expanded geographic distribution Developed salmon processing segment further Expanded value-added processed products portfolio Investment history Acquired from Suez and through a public offering on the Paris Stock Exchange in March 2002 Sold to SÍF in December 2004 Country France Sales 208 million euro Press releases Industri Kapital finalises sale of Labeyrie to SÍF Industri Kapital close to selling Labeyrie Group to SÍF Financière de Kiel acquires control of the Labeyrie Group
Groupe Fives-Lille	France	Manufacturing	Feb/01	Aug/04
Groupe Fives-Lille www.fiveslille.com Groupe Fives-Lille is an international industrial engineering group that designs and produces equipment, primarily for the automotive, steel and aluminium industries. The company’s broad selection of equipment ranges from isolated machines to complete production lines, shops and turnkey plants. Principal contact Christopher Masek French, based in London Value creation strategy Increased focus on automotive segment Divested non-core activities Shifted focus from manufacturing to design & integration Investment history Acquired through a public offering on the Paris Stock Exchange in February 2001 Sold to Barclays Private Equity France in August 2004 Country France Sales 749 million euro Press releases Industri Kapital sells Groupe Fives-Lille Proposed public tender offer for Compagnie de FIVES-LILLE Recapitalisation of Fives-Lille by Industri Kapital
Nobia	Sweden	Manufacturing	Sep/96	Feb/04
Nobia www.nobia.se Nobia is the leading manufacturer and retailer of kitchen interior products in Europe. Nobia sells its products directly to consumers and to the construction industry under well-known brands such as Marbodal, HTH, Novart, Norema, Poggenpohl and Magnet. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Restructured the organisation Focused on kitchens as core business Strengthened brand recognition Made add-on acquisitions Investment history Acquired from Stora in September 1996 IPO on the Stockholm Exchange in June 2002 October 2003: IK1994 reduced its remaining stake in Nobia from 38.4 to 25.4 per cent February 2004: IK1994 sold its remaining stake of 25.4 per cent in Nobia Country Sweden Sales 1,000 million euro Press releases Industri Kapital sells its entire holding in Nobia Industri Kapital has reduced its shareholding in Nobia to 25.4 per cent
Paroc	Finland	Building materials	Aug/99	Feb/03
Paroc www.paroc.com Paroc is one of the leading mineral wool insulation manufacturers in Europe. The company develops, manufactures and distributes stone wool products for use by the building industry and other industrial applications. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Expanded into new markets in Eastern Europe Restructured Swedish operations Strengthened position in current home markets Participated in industry consolidation opportunities Investment history Acquired from Partek Corporation in August 1999 Sold to Banc of America Equity Partners in February 2003 Country Finland Sales 296 million euro Press releases Industri Kapital to acquire Partek's insulation operations Partek sells its insulation business to Industri Kapital Industri Kapital finalises the sale of Paroc to Banc of America Equity Partners
i-center	Germany	Retail/wholesale	Jan/98	Oct/01
i-center i-center Elektrogrosshandels GmbH & Co KG is a wholesaler of electrical installation equipment in Germany, Austria and other central European markets. i-center operates through wholesale outlets, which supply diverse industry sectors. Principal contact Detlef Dinsel German, based in Hamburg Value creation strategy Made add-on acquisitions Reorganised logistics Reduced SG&A costs Investment history Acquired from Siemens in January 1998 Filed for insolvency in October 2001 Country Germany Sales 774 million euro Press releases Press release i-center
Guldfynd	Sweden	Retail/wholesale	Jul/93	Sep/01
Guldfynd www.guldfynd.se Guldfynd is Sweden's leading retail jewellery group. It operates 115 stores under the Guldfynd brand and 27 stores under the Hallbergs brand. Principal contact Helena Stjernholm Swedish, based in Stockholm Value creation strategy Acquired Hallbergs in 1998 Focused on cost rationalisation Developed concept further Expanded store network Investment history Acquired from KF in July 1993 Sold to Albrekts Guld in September 2001 Country Sweden Sales 77 million euro Press releases Industri Kapital sells Guldfynd to Albrekts Guld Industri Kapital finalises the sale of Guldfynd to Albrekts Guld
Kongsberg Automotive	Norway	Manufacturing	May/99	Aug/01
Kongsberg Automotive www.ka-group.com Kongsberg Automotive is a niche auto components supplier with a strong market position in seat heating, clutch actuation and automatic/hydraulic gearshift systems. Customer segments include the car industry and commercial vehicles. Principal contact Mads Ryum Larsen Danish, based in London Value creation strategy Separated business units into individual profit centres Increased leadership in seat heating, hydraulic gearshift systems and automatic gear change systems Restructured portfolio of components and stabilising rods Investment history Acquired through a public offering on the Oslo Stock Exchange in May 1999 Sold to FSN Capital in August 2001 Country Norway Sales 157 million euro Press releases Industri Kapital will bid for all shares in Kongsberg Automotive ASA Industri Kapital will bid for all shares in Kongsberg Automotive ASA Industri Kapital finalises sale of Kongsberg Automotive to FSN Capital
Amas	Netherlands	Service	Nov/95	Jul/01
Amas www.amas.nl Amas is one of the leading air-freight forwarders in the Benelux countries. It holds strong positions in sea and road freight forwarding in certain niche markets such as flower bulbs. The group also operates a number of highly specialised forwarding-related service activities. Value creation strategy Divested non-core activities Expanded organically and via several add-on acquisitions Investment history Acquired from Inter Forward in November 1995 Sold to TMI in March 2001 Country Netherlands Sales 109 million euro Press releases Amas merger with TMI completed
Noviant	Finland	Specialised process	Dec/96	Jul/01
Noviant www.noviantgroup.com Noviant, formerly MSC Metsa Specialty Chemicals, is the global market leader in the development and production of carboxymethyl cellulose (CMC). CMC is marketed for a large variety of applications including paper coating, food, pharmaceuticals, oil drilling and detergents. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Developed new application areas for CMC Increased capacity substantially Strengthened cost and market leadership position further Investment history Acquired from Metsä-Serla Corporation (today M-Real) in December 1996 Sold to the J.M. Huber Corporation in July 2001 Country Finland Sales 188 million euro Press releases Industri Kapital sells Noviant to J.M. Huber Corporation Industri Kapital finalises the sale of Noviant to J.M. Huber Corporation
Pieters	Belgium	Food processing	Jan/98	Dec/00
Pieters www.pieters.com Pieters is one of the leading fish processors and distributors in Europe. Pieters is engaged in the purchase, aquaculture, processing, packaging, sales and distribution of fish products. Its major product categories are salmon, North Atlantic whitefish and South East Asian prawns. Value creation strategy Expanded its salmon farming and processing Expanded geographic distribution Expanded its value-added processed products portfolio Strengthened sourcing capabilities for whitefish in the North Atlantic area Investment history Acquired from private owners in January 1998 Sold to Fjord Seafood and Domstein in December 2000 Country Belgium Sales 187 million euro Press releases Industri Kapital sells Pieters to Fjord Seafood and Domstein Industri Kapital finalises the sale of Pieters to Fjord Seafood and Domstein
Addum	Sweden	Service	Mar/96	May/00
Addum www.cramo.se Addum was, at acquisition, an industry conglomerate consisting of many separate businesses including construction equipment rental (Cramo), pre-cast concrete manufacturing and the production of piston rings. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Focused on two of the larger companies to develop their core business activities Prepared a number of smaller businesses for sale and divested them Put optimal structure in place for remaining construction equipment rental business Investment history Acquired from Securum in March 1996 Partial exits through divestitures or IPOs of several of the businesses within Addum, and final exit through sale of Cramo to Geveke in May 2000 Country Sweden Sales 141 million euro Press releases Industri Kapital sells Cramo to Dutch consortium
Nyge Aero	Sweden	Service	Dec/94	May/99
Nyge Aero nygeaero.com Nyge Aero Norden provides various aviation services. It is a leader in target towing for military practice purposes in Sweden, Norway, Austria and Greece. The company also provides engineering and maintenance services. Value creation strategy Developed engineering and maintenance service businesses Entered new markets in target towing Investment history Acquired from private owners in August 1990 in conjunction with the CSE Oxford Ltd investment Separated from CSE Oxford in December 1994 Sold to SAAB in May 1999 Country Sweden Sales 19 million euro Press releases Saab to acquire Nyge Aero
Idesta	Sweden	Manufacturing	Dec/89	Jan/99
Idesta www.idesta.se Idesta manufactures and markets industrial kitchen supplies and specialty windows and doors. Value creation strategy Implemented cost reduction programme Reorganised the company into two distinct divisions; Kitchens and Speciality Construction Investment history Acquired from Atlas Copco in December 1989 Sold to Nyge Aero Norden AB in June 1998 and from Nyge to Coldator in 1999 Country Sweden Sales 5 million euro
Lithells	Sweden	Food processing	May/94	Dec/97
Lithells www.lithells.se Lithells is a leader in the Swedish market for processed meats. The company produces and sells processed meat and sausages to retail grocery stores, institutional caterers and fast-food stands. Brand names include Lithells and Sibylla, a top brand in the Swedish market. Principal contact Mads Ryum Larsen Danish, based in London Value creation strategy Implemented rationalisation programme Applied production efficiency Sold non-core businesses Strengthened the Sibylla brand name through franchising and convenience stores Investment history Acquired from Procordia in May 1994 Sold to Atria in December 1997 Country Sweden Sales 134 million euro
Hjem-Is Europa	Denmark	Food processing	Dec/91	Oct/97
Hjem-Is Europa www.hjemis.dk Hjem-Is Europa (Hemglass) is the leading direct distributor of ice cream in Scandinavia. The company manufactures the ice cream and distributes it directly to customers' homes from its well-known blue vans. Principal contact Mads Ryum Larsen Danish, based in London Value creation strategy Expanded into Finland, Germany and Norway Applied internal benchmarking & transfer-of-best-practices programmes Restructured its distribution system Set-up new production facility in Esbjerg Investment history Acquired from Munksjö in January 1992 Sold to Schöller in October 1997 Country Denmark Sales 83 million euro
Ellos	Sweden	Retail/wholesale	Nov/95	Jul/97
Ellos www.ellos.se Ellos is a leading mail-order company in the Nordic countries. Its main product area is clothing, and the company also runs a substantial financing operation. Value creation strategy Acquired Josefssons, Sweden's fourth largest mail-order house Expanded geographically, mainly by moving into Denmark & the Baltic states Utilised international benchmarking to improve operations Utilised segmented, targeted mailings Investment history Acquired from ICA in November 1995 Sold to La Redoute in July 1997 Country Sweden Sales 271 million euro
CSE Oxford	United Kingdom	Service	Aug/90	Jul/97
CSE Oxford CSE Oxford is engaged in pilot training as well as aircraft engineering and maintenance services. The engineering division provides comprehensive ground support to owners of small and medium-sized aircraft based in the United Kingdom. Value creation strategy Implemented cost rationalisation to improve profitability in the down-turn of the airline industry after the Gulf War Divested peripheral businesses Increased market penetration in Continental Europé Investment history Acquired from private owners in August 1990 Sold to Close Investment Management in July 1997 Country United Kingdom Sales 21 million euro
KCI Konecranes	Finland	Manufacturing	Apr/94	Mar/96
KCI Konecranes www.konecranes.com KCI Konecranes is a world-leading engineering group specialising in advanced overhead lifting solutions and maintenance services. The company’s customers span virtually every industry and its products are used in harbours around the globe. Principal contact Michael Rosenlew Finnish, based in Stockholm Value creation strategy Made add-on acquisitions Expanded geographic scope Developed after market business Investment history Acquired from Kone in April 1994 IPO on Helsinki Stock Exchange in March 1996 Country Finland Sales 409 million euro
Partena	Sweden	Service	Dec/92	Dec/95
Partena www.partena.se Partena was, at acquisition, a leading provider of contracted catering, cleaning, care and security services in Sweden and Norway. Principal contact Björn Savén Swedish, based in Stockholm Value creation strategy Completed add-on acquisitions Reorganised the security division before divesting it Made operational improvements, partly by restructuring the organisation Investment history Buy-out from Procordia/BCP Group in December 1992 Sold to Sodexho in December 1995 Country Sweden Sales 405 million euro
Crisplant Industries	Denmark	Manufacturing	Jul/92	Dec/95
Crisplant Industries Crisplant Industries is a leading world-wide manufacturer of automatic industrial sorting systems (ATS) and liquefied petroleum gas filling equipment (LPG). Main application areas within ATS include baggage-sorting systems for airports, parcel sorting systems for postal authorities and package sorting equipment for various other industries. Principal contact Mads Ryum Larsen Danish, based in London Value creation strategy Built up manufacturing capacity in the US Established world-wide service concept Transferred sorting expertise into other end-user segments to reduce dependency on postal & airport customers Investment history Acquired from Unibank in July 1992 Listed on the Copenhagen Stock Exchange in December 1995 Remaining shares sold to FKI in connection with its public offering in June 1999 and company was thereafter de-listed Country Denmark Sales 159 million euro Press releases Crisplant transfers to British ownership
Lindex	Sweden	Retail/wholesale	Aug/93	Apr/95
Lindex www.lindex.se Lindex is one of the leading retailers in Scandinavia, specialising in ladieswear, children's clothes and lingerie. Value creation strategy Divested loss-making subsidiary, Gulins Improved purchasing and logistics by opening new Hong Kong office Introduced Lindex card Launched new product categories Rolled-out children's wear departments Investment history Acquired from ICA in August 1993 Listed on the Stockholm Stock Exchange in April 1995 Country Sweden Sales 304 million euro
Graphium	Sweden	Media	Oct/90	Dec/93
Graphium Graphium is one of Sweden’s leading specialty printing companies, which focuses on payment cards, security printing and government printing. Value creation strategy Expanded rapidly through add-on acquisitions Investment history Acquired from the Esselte Group in October 1990 Listed on the Stockholm Stock Exchange in December 1993 Country Sweden Sales 66 million euro
Liva Bil	Norway	Service	Apr/91	Jun/93
Liva Bil Liva Bil is Norway's leading car rental company, operating the AVIS franchise in car rental and full-service fleet leasing. Value creation strategy Acquired AVIS’ operations in Sweden Improved operating profits by expanding fleet leasing activities Investment history Acquired from AVIS Europe in April 1991 Listed on the Oslo Stock Exchange in June 1993 Country Norway Sales 16 million euro
Liber	Sweden	Media	Sep/90	Jan/93
Liber www.liber.se Liber is Sweden’s largest publisher of educational and professional literature. Principal contact Björn Savén Swedish, based in Stockholm Value creation strategy Integrated newly merged businesses Brought forth synergies by consolidating activities Investment history Merged Liber (acquired from Marieberg) with Esselte Publishing (acquired from Esselte) in September 1990 Sold to Wolters Kluwer in January 1993 Country Sweden Sales 143 million euro