Segulah III L.P. today reached an agreement to divest NEA to the
European technical services provider, Imtech N.V. The transaction,
which is expected to be completed in the third quarter of 2010, is
subject to approval from the Swedish Competition Authority.
NEA has a turnover of around SEK 2.5 billion and employs
approximately 2,200 staff. The com-pany was acquired in 2006 by
Segulah III L.P. through a public offer to the shareholders in
former Närkes Elektriska AB (publ), at the time listed on the
Stockholm Stock Exchange.
Based in Gouda in the Netherlands, Imtech is one of Europe's
leading technology companies which combines electrical services
with ICT (information and communication technology) and mechanical
services total technical solutions. With approximately 23,000
employees, Imtech has a turnover of more than Euro 4.3 billion with
activities in the Netherlands, Belgium, Luxembourg, Germany, the
Nordics, the U.K., Spain and East¬ern Europe. Imtech is listed on
the Euronext Stock Exchange Amsterdam. In 2008 the company acquired
NVS Installation, previously owned by Segulah II L.P.
"The acquisition of NEA forms a true breakthrough for our company.
Imtech has a strategic growth plan that includes the objective to
realise a revenue level of 5 billion euro by 2012, among others by
realising a strong position in Nordic. At the end of 2008, Imtech
therefore acquired the mechanical services specialist NVS, one of
the largest mechanical services providers in Nordic. The
acquisition of NEA, the second largest player in the market for
electrotechnical services in Sweden, makes it strategically
possible to offer technical total solutions to the market (by
combining mechanical and electrical services). This results in
considerable growth potential. With a total staff of over 4,500 and
a pro forma 2010 annualized total revenue level of nearly SEK 5.9
billion, Imtech will be able to strengthen its top 3 position in
Nordic", says Imtech's CEO René van der Bruggen,
NEA General Manager Per Sjöstrand also has a positive view on
Imtech's acquisition.
"With Segulah as owners, we have been able to implement substantial
structure changes and effi-ciency improvements within NEA to become
more focused in our offer to the market and more efficient as an
organization. Becoming part of Imtech's Nordic organization will
further add a dimension to this. There are large synergies between
us and NVS which we will make use of to further move forward our
market position. It is also valuable for us that Imtech as a group
has a strong focus on total technical solutions. I see a great
value in NEA getting a new, strong owner who will add both
technology qualification and experience from a very demanding
perspective" Per Sjöstrand concludes.
NEA is Segulah III L.P's third divestment of originally ten
portfolio companies.
"As principal owner Segulah has together with NEA's management been
the driving force in making NEA a better company. We are pleased
that NEA now will be part of one of Europe's leading installation
groups, as this will guarantee a further strong development of
NEA", says Sebastian Ehrnrooth, partner at Segulah III L.P.'s
investment advisor Segulah Advisor AB.
For further information visit www.segulah.se or contact:
Sebastian Ehrnrooth, Partner, Segulah Advisor AB
Tel: +46 (0)8 402 87 02
Cell: + 46 (0) 733 604 205
E-mail: ehrnrooth@segulah.se