CVC Capital seals Ahlsell deal with Goldman Sachs, Cinven for $2.4 bn
29 February 2012
CVC Capital Partners will acquire Swedish tools trader Ahlsell AB from Goldman Sachs and European buyout firm Cinven for €1.8 billion ($2.4 billion), Europe's biggest private equity deal this year.
The deal is Europe's biggest since BC Partners agreed to buy Swedish cable company Com Hem in July. the Ahlsell transaction would see Goldman Sachs and Cinven get a return of twice their investment.
Goldman Sachs and Cinven each own 48 per cent of Ahlsell, while the rest is held by the management.
Goldman Sachs and Cinven had acquired Stockholm-based Ahlsell from Nordic Capital in 2006 for €1.2 billion ($1.6 billion) in one of the largest private equity deals in Sweden at the time.
Founded in 1877, Ahlsell distributes heating and plumbing products and other construction equipment in the Nordic region, Russia and Eastern Europe.
Ahlsell has 4,500 employees, with more than 220 outlets in Sweden, Norway, Finland, Denmark, Estonia and Russia.