BC takes Sanitec private

BC Partners buys the ceramics company for E908m in what could be Scandinavia’s biggest ever public-to-private deal.

BC Partners has bought a 60.8 per cent stake in Sanitec, a Scandinavian ceramics company, in what is likely to be Scandinavia’s biggest ever public-to-private deal. It bought the shares from Finnish engineering company Wärtsilä and other investors.

The offer of E14.6 a share values Sanitec at E908m and represents a premium of 49 per cent to Sanitec’s share price in the month to March 12, when Wärtsilä announced it wished to sell its 46.7 per cent stake.

Sanitec’s shares, which have traded as low as E8.5 this year, were up to E14.32 this morning, having risen almost E2 on the offer.

BC Partners has also offered to acquire all the outstanding shares in Sanitec at the same price. The shares are held by Finnish institutions and private investors. Sanitec’s board has unanimously recommended the offer.

BC Partners has said it will continue Sanitec’s strategy of pursuing acquisitions. Sanitec made pre-tax profits E64.3m last year. Brandt Brunow will remain CEO.

BC Partners has made 48 investments and has about E5.9bn under investment.