Segulah buys 50 percent of car care products company

Nordic private equity firm Segulah has bought a 50 percent stake in a car care products company for an undisclosed amount, in its second acquisition in a month.

Segulah, a Nordic mid-market private equity firm, has bought 50 percent of Kemetyl, a pan-European supplier of car care products to gasoline stations, from Pemco, a Norwegian oil and chemicals group, for an undisclosed amount.  Pemco continues to hold an equal stake in the business.

Kemetyl:car care products

Anders Claesson, a partner at Segulah, said: “We would have loved 100 percent but Pemco wanted to keep 50 percent because they believe in the growth of the company.”

Christian Sievert, managing partner of Segulah, said: “Kemetyl has a good historic track record of growth.  It has grown 10-fold in the last five years.”

Sievert said Segulah would grow the company organically as well as by making bolt-on acquisitions in wider Europe.

Cederquist, a Stockholm-base firm, gave legal advice to Segulah while Pricewaterhouse Coopers provided financial services.

The deal is subject to regulatory approval.

The acquisition is Segulah’s second in a month.  In mid-December the firm bought Isaberg Rapid, a European staple and stapler manufacturer, from Industrivärden, a Nordic mid-market holding company, for an undisclosed amount.