Aker Sells Aker Material Handling to Altor Fund II
Aker has agreed to sell the industrial company Aker Material Handling to Altor Fund II. The private equity fund focuses on acquiring and further developing Nordic-based companies.
Aker Material Handling’s management and employees have accomplished an impressive turnaround, and Aker is very pleased with their achievements, says Leif-Arne Langøy, Aker President and CEO and Board Chairman of Aker Material Handling.
Aker’s business mission is to create and develop commercially viable businesses, improve existing business enterprises, and sell businesses when Aker concludes that their potential can be better realized by new owners.
Aker Material Handling was created via corporate acquisitions in the 1990s and restructuring after the turn of the millennium. Today’s Aker Material Handling is northern Europe’s leading producer and supplier of logistics solutions for archiving, office, and storage environments. Aker Material Handling’s brand names Bruynzeel, Constructor, and Dexion will be continued following the takeover by Altor Fund II.
Bringing in new, capable owners benefits workplaces and the company’s future. As an active owner, Aker has assumed responsibility for Aker Material Handling for several years. Aker has now decided to sell the company and hand over the reigns of leadership to new owners that possess the industrial and financial capacity to further advance it, says Hallvard Muri, President and CEO of Aker Material Handling. The entire management team will stay on with the company under the new ownership.
Aker Material Handling has 825 employees in Europe. The company has four factories: two are located in Germany, one in the Netherlands, and one in Norway.
The EUR 1.15 billion (approx. NOK 9 billion) private equity firm Altor Fund II is managed by Altor Equity Partners which has offices in Oslo and Stockholm. Altor Funds’ corporate investments include Helly-Hansen, Lindorff, Simrad, and Ability Group ASA.
The accounting effect of the transaction for Aker is marginally positive compared to total book values. The transaction is expected to be closed in October.
The sale of Aker Material Handling is contingent on approval by competition authorities in Norway, Germany, and Sweden. There is also a general provision that no major negative events affect Aker Material Handling prior to final takeover.
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