STOCKHOLM Private equity firm Triton said on Monday it had struck a deal to sell Scandinavian installation services provider Bravida to investment group Bain Capital for an undisclosed sum, the latest deal in the Nordic region's buzzing private equity sector.
Earlier this year, sources told Reuters that Bain Capital was among at least four private equity firms to proceed into the second round of bids for Bravida which was estimated to be worth around $1 billion.
Triton, which owns Bravida through its Triton Fund III, bought the company from Norway's Telenor (TEL.OL) in 2006. Bravida has about 8,000 employees and reported revenues of 10.77 billion Swedish crowns ($1.55 billion) last year.
"Triton has, together with management, put a lot of effort into transforming Bravida in several critical areas, resulting in a very successful turnaround for the business," Triton's Thomas Tarnowski said in a statement.
"We strongly believe that Bravida will continue to prosper under the ownership of Bain Capital."
The private equity sector in the Nordic region has seen strong activity this year and the deal for Bravida follows the sale of Ahlsell by Cinven and Goldman Sachs Capital Partners for 1.8 billion euros to rival CVC.
Among other expected equity sales in the region this year, Sweden's EQT is seen selling toilet and bathroom maker Sanitec.
Sources familiar with the matter said in March that EQT, Apax Partners APAX.UL, PAI Partners and Bain were in the running for the company while rival installation services firms, such as Imtech (IMUN.AS) and France's Spie, did not submit bids.
"We see considerable opportunities for driving expansion of the business, including via acquisitions and we are looking forward to being part of Bravida's next phase of growth," Bain Capital Managing Director Michel Plantevin said.
Triton said the deal was subject to approval by competition authorities. Reuters reported earlier this year that Deutsche Bank and Handelsbanken were advising Triton on the sale.
($1 = 6.9466 Swedish crowns)
(Reporting by Niklas Pollard; Editing by Hans-Juergen Peters)