Studsvik secures E34.9m in pre-IPO financing

Swedish venture capital group Atle Euroventures Nordica invested in the round.

Studsvik, a products and services provider to the nuclear power and nuclear medicine industries, has raised SEK 320.5m (E34.9m) in pre-IPO financing from its main shareholder Atle and venture capital firm Euroventures Nordica II.

Swedish venture capital firm Atle invested E30m in the financing round increasing its stake in Studvik to 67.2 per cent. Euroventures Nordica invested E4.9m in the round.

Atle’s shareholders will vote on 19 April on whether to accept a proposed £580m takeover of the firm by venture capital groups 3i and Ratos. Completion of the deal is conditional on Atle shareholders agreeing to sell their stake in Studsvik. It is proposed that Studvik’s shares will be distributed to over 10,000 Atle shareholders at a rate of one share in Studsvik for every 10 shares in Atle.

Studsvik plans to go to IPO on the Stockholm stock exchange on May 4, 2001. This final round of funding will be used for company operations growth.

The group has 1,200 employees and, in 2000, reported net sales of just over SEK 800m. Studsvik’s customers are mainly nuclear power plants and nuclear fuel vendors as well as pharmaceutical companies and companies in the health care sector.