Bridgepoint closes two deals in five days

Bridgepoint has completed two deals in five days, selling a Nordic care company to a private equity fund and a pumping business to a global technology corporation.

Bridgepoint has sold Attendo, the largest care services company for older and disabled people in the Nordic region, to private equity fund Industri Kapital.  The private equity company has also sold rental group Longville, which focuses on pumping and temperature control, to US-based Carrier.  No financial details were disclosed.  The deals bring Bridgepoint’s total exits this year to 11.

Bridgepoint bought a majority shareholding in Attendo in February 2005 after it approached Attendo’s two largest shareholders to propose the involvement of a private equity sponsor as an alternative funding source to the company’s then anticipated initial public offering. The sale and recommended bid by Bridgepoint valued Attendo at that time at SEK2.2 billion (€245 million).

According to Graham Oldroyd, partner responsible for Bridgepoint’s operations in the Nordic region, Attendo was in development phase when Bridgepoint first invested but has grown significantly with total revenue of €309 million in 2006.

Goldman Sachs and PricewaterhouseCoopers provided financial services to Bridgepoint, while Mannheimer Swartling and Linklaters gave legal advice.
ABN Amro and Deloitte advised Industri Kapital financially, while Roschier gave legal advice.

Bridgepoint’s previous investments in the care sector include French company Medica, which it sold to BC Partners in July 2006 in a transaction totalling €750 million, and UK business Robinia, which it sold in January 2006 to Barclays Private Equity in a transaction totalling €115 million.

Bridgepoint’s second deal was Longville, created in the acquisition of three specialist hire companies in September 1999. Since then the company has made seven acquisitions in the UK and US, which it said were designed to broaden the group’s product offering and geographic presence.

Longville now has pump hire operations in the UK, Holland, Poland and Singapore and a temperature control business in the US, UK, France and Germany. 

Bridgepoint is a European private equity firm focusing on the acquisition of companies valued up to €1bn. With €7 billion of capital raised to date, it backs firms in the area of the consumer, financial services, healthcare, media, support services and transport sectors.