ABN AMRO sells Swedish heat-pump maker

ABN AMRO Capital has exited its investment in IVT through a trade sale to Bosch heating products subsidiary BBT Thermotechnik.

ABN AMRO Capital has sold its majority stake in Swedish heat-pump manufacturer IVT to BBT Thermotechnik, Europe's largest supplier of heating products, for an undisclosed sum.
IVT employs approximately 300 people and reported sales of €81 million ($105 million) last year. ABN AMRO Capital acquired its stake in the company in a leveraged buyout in 2002, together with management and some of the previous owners. The company will now become a wholly owned subsidiary of BBT Thermotechnik.
ABN AMRO Capital is the global private equity business of Netherlands-based bank ABN AMRO, specialising in mid-market buyouts, expansion capital and public-to-private deals. It operates in 11 countries including the Netherlands, UK, France, Spain, Italy, Sweden and Australia, and currently manages total funds of approximately €2 billion.

Since the start of this year, the firm has completed 11 buyouts worth a total of €2.3 billion, and made 12 exits. IVT is the firm's second deal in Scandanavia this year. In June, it completed the MBO of Finnish homewear designer Littala.
ABN AMRO Capital received legal advice on the sale of IVT from Lindberg and Saxon, and tax advice from Vinge.