Montagu sells Hansen Protection to IK

Montagu has made its fourth exit this year by selling a Norwegian survival suit business to IK Investment Partners for approximately €150m to €160m.

Montagu Private Equity has sold Hansen Protection, a provider of specialist survival suits for extreme weather conditions, to IK Investment Partners. 

Details of the transaction were undisclosed, but the deal value was between €150 million to €160 million, according to a source close to the matter.  

Montagu, which acquired the company in February 2011, netted a return which was “over 2x”, the source added. Montagu declined to comment, while IK was unable to respond at press time.

Under Montagu’s ownership, Hansen Protection invested significantly in its infrastructure, facilities and product range. The business’ prospects are underpinned by strong growth forecasts in the North Sea region as well as continued exploration of extreme weather conditions, according to a statement. 

The divestment is Montagu’s fourth exit so far this year. In April, Montagu sold Unifeeder, a Danish logistics company, to Nordic Capital, returning “well over 2x”, a source told PEI at the time. A month earlier, Montagu sold ABD, an airfield lighting business to PAI Partners, generating a 3.5x return. In February it netted a 3x return on ghd, a maker of flat irons and hair dryers, when it sold the business to Lion Capital. 

At press time it was unclear from which fund IK’s investment was made. The firm is raising its €1.7 billion IK2011 Fund, which held a first close in March 2012. In October last year, IK acquired a majority stake in Vemedia, a Belgium pharmaceuticals company, which was the last investment from IK’s €1.7 billion IK 2007 Fund, the firm said at the time.