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Litorina Kapital, a private equity house that focuses on acquiring and developing small to medium-sized companies in the Nordic region, has acquired three Scandinavian physical IT security companies: Coromatic, Metric Power and Scanpocon for an undisclosed sum.

The new group, Coromatic Holding, will become one of Scandinavia’s largest companies in IT security products and services, with a turnover exceeding SEK 550 million (£44 million).

Coromatic, a provider of secure data room facilities in Sweden, has 70 employees and has grown organically by 30 per cent annually over the past four years – with a turnover of SEK 325 (£26 million) in 2007.

Metric Power and Scanpocon provide power supply products and services in Norway, Denmark and Sweden, has shown growth and profitability. The company has around 60 employees and a combined turnover of approximately SEK 225 million (£18 million), mainly in the Norwegian and Danish markets.

Maths Waxin, Coromatic CEO, who will become the CEO of the newly established group, said: “The companies have successful businesses in Sweden, Norway and Denmark and are a clear value-add within physical IT security. The group’s customer offering will continue to provide the market with strategies as well as services for physical IT security, including data room solutions and secure power supplies in a wide range of applications.”

The management consulting firm Occam Associates conducted commercial due diligence on the acquired businesses. The team was led by Mattias Aronsson, partner, and Per Långsved, project manager, who focused on market potential and other key issues.

“The rich interaction with the management teams and interviews with customers and industry experts proved beneficial to the assignment. Looking forward, demands for physical IT security will continue to increase,” says Aronsson.

“The new company formed by Paul Steene, Maths Waxin and their teams has the opportunity to become the market leader across Scandinavia and to grow the market significantly through its own efforts.”

Other advisers included law firm Gärde Wesslau Advokatbyrå, which advised the management team. Jürgen Conzen, partner, led the team and was assisted by Clarissa Fröberg and Magdalena Nilum.

Vinge, specialist lawyers in M&A, financing and competition, was the lead legal adviser to Litorina Kapital. Johan Winnerblad, partner, led the team which regularly advises Litorina Kapital on its buy-outs and exits.

Winnerblad said: “It was a rather complex deal since it was in fact two deals: The first was Coromatic with the previous shareholders re-investing. The second was Metric Power and Scanpocon, which was a more tradition M&A deal involving four entities in three jurisdictions. The transaction documents had to reflect that the deals were interrelated and subject to each other and that the financing on the deals assumed simultaneous closings.”

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