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A Danish private equity firm has bought a Swedish logistics provider to the house-building industry after backing its three-strong management team.

Polaris now holds an 87% shareholding in Fiskarhedenvillan, which provides construction materials for wooden family houses and smaller houses built on site, after investing an undisclosed amount in the deal. 

The firm, which backed the deal with its fourth investment from its Polaris Fund II, supported Fiskarhedenvillan’s exiting management team - Pär Larsson, Esbjörn Andrén and Göran Stenberg.

The three will be joined in the business by a new chief executive who will be appointed in due course. Ants Suurkuusk, a former CEO of Myresjöhus, has joined the company as chairman.

Polaris partner Jan Dahlqvist said the acquired company operates in a market with growth potential and has an efficient business model.

“They meet customer demands with great flexibility and deliver high quality at a reasonable cost level. The fact that the present management will continue to lead operations with the addition of a new CEO is also a positive factor.

“The founder Pär Larsson and his staff have developed a strong position within the industry,” he added. “They have expanded rapidly, but at a high level of profitability. Fiskarhedenvillan is exactly the kind of mid-size, well established operation that Polaris is scouting for.”

Larsson added that he looks forward to the partnership with Polaris. “They provide the resources necessary for expansion and further consolidation of our position. They have the financial strength and the experience needed for further growth and they have a solid reputation for active ownership and high standards of partnership ethics.”
 
Polaris’ legal adviser was Mannheimer Swartling, led by partner Peter Idsäter and senior associate Lucas Jonsson.

The firm structured the transaction as well as negotiated and drafted all documents and managed the due diligence. The firm also provided legal advice relating to the financing of the transaction

Mannheimer Swartling’s assignment also included providing legal advice on the financing of the transaction. Zoran Stambolovski was partner in charge of the financing of the transaction, who was assisted by associate Karolina Ericsson.

Idsäter said the firm was introduced to the deal by Jan Dahlqvist. “The transaction was driven by a scarce time schedule and the positive attitude of the purchaser and the sellers.”

Polaris’ tax adviser was Svalner Skatt & Transaktion (SS&K), which has worked with the company for several years.

SS&K was led by managing partner Anders Harbo Thomasson and M&A specialist Lars-Peter Ekelund.

“One of the key success factors in our opinion has been Polaris’ interaction with management/future co-owners from the very beginning regarding the tax issues of structuring the deal as well as creating a good tax position for the sellers in their exit.

“When taking an overall perspective of tax implications for the sellers/management as well as for Polaris as buyer, trust is built that will enhance future co-operation and a positive development of the investment,” he added.  

Polaris appointed Amrop Hever to perform a management due diligence review of the buy-out team. The firm, which is a consultancy specialising in executive search and management audits, was led by managing partner Marie Högstedt.

Högstedt, who was supported by senior consultant and psychologist Fredrik Roxenius, said: “Based on the audit on management and organisational set-up, we will continue to support the new owners with finding an appropriate CEO and CFO.”

Fiskarhedenvillan has been supplying construction materials for family houses and leisure cottages since 1993. Last year it reported a SEK205 million (£15.2 million) turnover.

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