Industri Kapital sells its entire holding in Intrum Justitia AB
The Industri Kapital 1997 Fund has, on 30 August 2005, sold its entire remaining holding of 9,102,686 shares in Intrum Justitia AB to a limited number of Swedish and international institutional investors. The sale corresponds to 11.7 per cent of the total number of shares and votes in Intrum Justitia. The shares were sold at the price of SEK 61,75 per share.
Industri Kapital acquired a 50 per cent stake in Intrum Justitia in March 1998 when it took the company private from the London Stock Exchange together with the founding family Göransson. Since then Intrum Justitia has carried out a significant change process which focused on transfer of best practices, operational excellence and selected strategic add-on acquisitions. This has resulted in substantial cost reduction and margin improvement, while supporting a significant revenue growth, from SEK 1,155 million in 1997 to SEK 2,849 million in 2004. During the same period operating profit (EBITA) increased from SEK 99 million to SEK 431 million.
Intrum Justitia was listed on the Stockholm Exchange in May 2002 at the listing price of SEK 47 per share. At the time of listing, the Industri Kapital 1997 Fund retained a 25 per cent stake in Intrum Justitia, which has subsequently been reduced during 2005.
“It has been exciting to work with Intrum Justitia and its management over this period, building Europe’s leading Credit Management Services group. Intrum Justitia has been a good investment for us and we believe the company has a solid platform for future development.”, says Anne Holm Rannaleet, Partner and Information Director at Industri Kapital.
Industri Kapital 1997 Limited
acting as attorney or general partner to the investors in the Industri Kapital 1997 Fund
3rd Floor, Charles Bisson House,
30-32 New Street, St. Helier,
Jersey JE2 3RA Channel Islands
For further information, please contact:
Anne Holm Rannaleet, Partner and Information Director, Industri Kapital, +46-8-678 95 50
This announcement is not for distribution directly or indirectly in or into the United States, Australia, Canada or Japan. This announcement does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire ordinary shares in the capital of Intrum Justitia in the United States, Australia, Canada or Japan or any jurisdiction in which such an offer or solicitation is unlawful. The ordinary shares in Intrum Justitia referred to in this announcement have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. No public offering of securities will be made in the United Kingdom, the United States, Sweden or elsewhere.