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1998-06-29

Incentive sells MacGREGOR to Industri Kapital

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Incentive is concluding its focusing of operations to medical technology. An agreement has been reached to sell the subsidiary MacGREGOR. The Industri Kapital investment fund is acquiring a majority interest, 60 percent of the votes and capital, in a new company that includes MacGREGOR. The sale is at a price of SEK 900 M and results in a capital gain for Incentive of about SEK 400 M and releases about SEK 1000 M in liquid funds. MacGREGOR is being deconsolidated in Incentive’s accounts during third quarter 1998. Incentive will remain a 40% part-owner of the new company.

“This is the final step in the focusing of Incentive’s operations,” says Mikael Lilius, President and CEO. “Incentive now comprises solely Gambro and in our transformation of Incentive’s operation we are now at the final objective – through Gambro, the Group is now totally oriented toward healthcare/medical technology. The previously decided name change to Gambro which will be effected on July 1 can be viewed as a confirmation of this.

I am convinced that this ownership solution which we have now reached with Industri Kapital will ensure MacGREGOR continued favorable development possibilities as an independent company. As a minority owner we will continue to contribute to the value addition within MacGREGOR. We view our continued ownership in a medium-term perspective.”

“MacGREGOR is a successful and profitable company with a global leading position as a supplier of material handling equipment for ships. This is an attractive niche market with interesting future potential,” says Björn Savén, President and CEO of Industri Kapital. “MacGREGOR has exciting development possibilities, both in the product and service area. It fits well in Industri Kapital’s strategy to invest in companies with favorable development potential and a strong management.”

“We are highly positive,” says Anders Jagraeus, President of MacGREGOR. “This was the best solution for MacGREGOR, which can now develop further as an independent company. Industri Kapital is an investor, with a strong industrial profile. We are looking forward to moving MacGREGOR forward in cooperation with the new owners. Incentive has been a good owner and made major efforts for MacGREGOR, particularly in supporting the extensive restructuring/rationalization which we initiated in autumn 1997 which is now yielding results.”

About MacGREGOR

MacGREGOR is a global leading company in marine cargo handing. The company had sales in 1997 of SEK 3.6 billion, with 1,000 employees. Operations focus on cargo-handling systems for various types of ships, such as container, bulk, general cargo, RoRo, passenger and reefer vessels. The most important products are deck cranes, cargo hatches, RoRo ramps, container securing equipment and refrigeration plants. MacGREGOR has a strong base in Asia, including the partly owned subsidiary MacGREGOR-Kayaba. MacGREGOR has a total of more than 50 offices and service depots in over 25 countries. Industri Kapital is a leading Northern European private equity fund, with assets under management of about SEK 10 billion, Since 1989, about 25 investments have been made in companies in various industries. The fund investors are mainly well-known Nordic, European and North American institutional investors.

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