3i, the London-listed private equity and venture capital company, has sold Nordic Modular, a temporary building provider, to Kungsleden, a Stockholm-listed real estate firm, for €100 million ($130 million). 3i has made almost 10 times its original investment and a capital gain of SEK600 million (€65 million), according to Lars Erik Blom, director of 3i Nordic.
3i bought Nordic Modular from Skanska, a global construction group, in 2005 for an enterprise value of SEK360 million.
Nordic Modular makes prefabricated buildings and posted turnover of €61 million in 2006. The company operates under two brands: Temporent, which rents out temporary premises such as offices, schools and nurseries; and Flexator, which manufactures module buildings. The sale also includes Nordic Modular Leasing, a letting company.
Nordic Modular is 3i’s second sale in two days. Yesterday 3i, Candover and JP Morgan Partners sold Vetco Gray, an oil and gas services company, for $1.5 billion to US conglomerate General Electric.