Nordic lower-mid market firm Accent Equity Partners will sell Autotube Group, a supplier to the automotive sector, to Paris-listed MGI Coutier, according to a statement.
Accent declined to disclose a return multiple for the deal but a source close to the matter said the enterprise value was approximately SEK 400 million (€45 million, $62 million), netting Accent a 4x return. Autotube supplies products for air and fluid distribution as well as structural pipe components to both light vehicles and trucks. The company’s main customers include Volvo, Scania, MAN, Ford, Jaguar and Land Rover.
Accent acquired Autotube in 2011, investing from its €380 million Accent Equity 2008 vehicle. Under the firm’s ownership, sales have nearly doubled and profits have more than doubled. Net sales in 2013 amounted to SEK 610 million.
The divestment of Autotube comes just a week after Accent agreed to sell Hööks, a Nordic retailer in equestrian sports, to Alipes, the Swedish investment firm owned by IKEA Investments. The deal value was undisclosed and still needs to be approved by competition authorities. It is understood that the divestment will yield Accent a return of more than 2.5x.
Hööks sales in 2013 amounted to SEK 365 million. The company has 33 locations in Sweden, six in Norway, four in Finland and two in Denmark. Accent made the initial investment from Accent Equity 2008, which has invested in 12 companies, two of which have now been fully exited.
Accent is currently investing its Accent Equity 2012 fund, a SEK 3.8 billion vehicle.