FSN Capital IV divests its holding in Velcora (Roplan)
FSN Capital IV has sold 100% of its shares in Velcora Holding AB (along with the rest of the shareholders) to IDEX Corporation
FSN Capital Partners and Velcora management have over the past year maintained a close dialogue with IDEX Corporation, a U.S.-based diversified industrial company listed on the NYSE. After the transaction, Velcora will operate within the IDEX portfolio of more than 40 businesses worldwide.
“We first established a relationship with Velcora’s founder in 2010, and after a five-year relationship, we partnered with the founder (who retained 25% of the company) through an exclusive process in 2015. Since then, we have together with management transformed Velcora from an entrepreneur driven company to a professional global industrial company with structured capital and a focused strategy. With a new management team that has leveraged the FSN Execution Framework, Velcora has grown sales by more than 25% in our holding period and positioned the company for further international growth. We are very impressed by the CEO Peter Schmid and his team for their stellar work in transforming the company. We believe IDEX will be a great partner to Velcora as Peter and his team embark on the next phase of growth,” said Ulrik Smith, Partner at FSN Capital Partners, acting as investment adviser to the FSN Capital Funds.
Velcora CEO Peter Schmid said, “We are excited about teaming up with IDEX to continue the growth journey initiated during the FSN partnership period. We are very grateful for the support we have received from FSN in building a stronger Velcora. They have also been instrumental in raising the focus and awareness on Environmental, Social and Governance (ESG) throughout the organization. Although it is sad to leave the “FSN family,” I am confident that joining a proven industrial company like IDEX will allow us to continue our trajectory of success with our new owners sharing much of the same values as us.”
The transaction was completed on July 18th, 2019
* FSN Capital GP IV Limited acting in its capacity as general partner for and on behalf of each of FSN Capital IV L.P., FSN Capital IV (B) L.P. and FSN Capital IV Invest L.P.
The Roplan Group (Velcora) is a leading global manufacturer of engineered mechanical seals and aseptic processing equipment. The company is based in Tumba, Sweden, and was acquired by FSN in July 2015. The Group consist of two main divisions; Roplan (~85% of Sales) a leading global manufacturer of engineered mechanical seals for a wide range of industries, and Steridose (~15% of Sales) a leading global manufacturer of aseptic processing equipment for the pharmaceutical industry. For Q1 2019, Velcora had LTM Net Sales of SEK 335.7 million and an adjusted LTM EBITDA of SEK 85.4 million, corresponding to an adjusted EBITDA margin of 24.3%.
For more information please contact the following representatives of FSN Capital Partners (the investment advisor of FSN Capital IV):
Ulrik Smith, Partner
+47 97 41 55 69
Morten Welo, Partner & COO/IR
+47 924 48 555