Private Equity Deals & Transactions

Nordic Capital sells down stake in Thule

The Swedish firm has offloaded a 20% stake in the outdoor equipment company

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Swedish mid-market firm Nordic Capital has sold a 20 percent stake in Swedish outdoor equipment maker Thule Group for a total of SEK 1.96 billion ($236 million; €209 million). 

Nordic Capital Fund VI and Fund VII sold a total of 20 million shares priced at SEK 98 each through a book-building process, the firm said in a statement. The size of the placement was increased from 15 million shares to accommodate additional demand.

The sale reduces Nordic's stake to 44.3 percent, but the firm is still the largest shareholder in the company and will retain seats on the board and participate in its long term strategy, the statement said.

Nordic Capital Fund VI, a 2006 vintage vehicle that closed on €1.9 billion, acquired Thule in 2007. In 2010, Nordic Capital Fund VII, a 2008 vintage, €4.3 billion fund also invested in the company, which listed on the Nasdaq OMX Stockholm in 2014. Thule reported revenues of €500 million in 2014.

Fund VI is focused on medium and large-sized companies in the Nordic region and some European markets, and specialises in healthcare investments, while Fund VII invests in the Nordic region, Germany and selected global deals across industry sectors but with a focus on healthcare.

In April, the firm strengthened its operating network with the appointment of two senior advisers and an operating chairman, Private Equity International previously reported.Â