The story of IK

The Beginning

IK Investment Partners’ origins lie in Enskilda Ventures Ltd, a London based subsidiary of SE Banken (SEB), Stockholm, which in 1988 sponsored founder Björn Savén to raise the Scandinavian Acquisition Capital Fund (SAC), the first private equity fund raised targeting the Nordic markets.

1989-1993 SAC/The IK 1989 Fund

  • The SAC fund closed in 1989 with approximately €108 million in final commitments, mainly from Scandinavian investors
  • The first investment was Idesta, a Swedish “corporate orphan” from within the Atlas Copco group
  • On 19 May 1993, Industri Kapital (IK) became an independent entity and SAC was renamed the Industri Kapital 1989 Fund
  • IK moved to its current head office at Brettenham House in London and local offices were opened in Stockholm and Oslo

1994-1996 The IK 1994 Fund

  • IK’s first independent fund, the IK 1994 Fund, closed with commitments of €250 million
  • The Nordic investor base was broadened to include European and North American institutions, many of which remain with the group to date
  • The IK 1994 Fund’s first investment was the acquisition of KCI Konecranes, a landmark transaction for Finnish private equity
  • In 1995, the Fund expanded into the Benelux region, with the acquisition of Amas from the Netherlands
  • In 1996 the Fund acquired Nobia, the building products division of Finnish group Stora Enso. This was the first time IK Funds had bought a loss-making business with significant restructuring needs. It became one of the group’s most successful investments

1997-1999 The IK 1997 Fund

  • The IK 1997 Fund closed with commitments of €750 million
  • Industri Kapital had made around 25 different investments and capital from the IK 1994 Fund had been returned in full
  • IK opened a local investment advisory office in Hamburg in 1997, and in 1998 the group made its first investment in Germany

2000-2003 The IK 2000 Fund

  • The IK 2000 Fund closed with €2.1 billion in commitments
  • One of the most notable investments was the NOK 10 billion public-to-private acquisition of Norwegian explosives and chemicals conglomerate Dyno Industrier, which underwent significant operational re-engineering once it had been acquired
  • The IK 2000 Fund also made the group’s first investment in France, through the acquisition of Laho Equipement
  • In 2002, IK provided three out of the four private equity-backed IPOs in Sweden, listing Alfa Laval, Nobia and Intrum Justitia. Oriflame followed in 2003

2004-2006 The IK 2004 Fund

  • IK closed the IK 2004 Fund, with €825 million in commitments
  • The fund acquired businesses across the Nordic region, Benelux, the DACH region and France and in 2006 opened a local advisory office in Paris
  • A number of attractive investments and successful exits, including Prevesta and Magotteaux , were completed and the partnership within IK was broadened from four to over ten partners

2007-2012 The IK 2007 Fund

  • Following a strong performance from the IK 2004 Fund, IK 2007 was oversubscribed. It closed with commitments of €1.7 billion
  • In 2008, Industri Kapital became IK Investment Partners. This reflected a new phase in the group’s development and highlighted the successful transition of ownership to a new generation
  • In 2010, Christopher Masek and Detlef Dinsel became Managing Partners and Björn Savén became non-executive Chairman
  • The Fund was active through the financial crisis, making investments across Northern Europe and achieving several successful exits

2013 The IK VII Fund

  • IK closed its seventh fund, IK VII Fund, in 2013, with €1.4 billion in commitments
  • The new fund attracted interest from investors across the globe, including Asia
  • Looking to the future, IK Funds intends to build on 25 years of success, investing in mid-sized companies, growing them, improving performance and creating sustainable value for all stakeholders

A longer version of our history can be found here.

Our History

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