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CreVal moves in on furniture company

By Mark Dunne on November 14 2007

Swedish private equity fund CreVal Partners has bought bathroom furniture company Aspen for an undisclosed sum.

The firm has taken a majority shareholding in the business with the balance held by its previous owner Jan Asplund, who remains chief executive. Acquisition debt was provided by Nordea.

Asplund is enthusiastic about CreVal’s investment in the company. “Through CreVal, Aspen will get a strong partner for continued rapid development. CreVal shares our vision and view of growth opportunities and the importance of focusing on quality, design and delivery capacity for continued success.”

CreVal’s founders, Nils and Per Forsberg, released a statement that said: “The market for bathroom furniture is expected to show continued strong growth over the coming years and Aspen is one of the leading suppliers within their niche with a good reputation for design, high product quality and delivery reliability.

“We are looking forward to working together with management to continue the development and growth of the business in the future.”

CreVal has appointed Stig-Arne Blom, former chief executive of IRO, to Aspen’s board along with former NCC head Jan Sjöqvist and Johan Vikman, once of Fenix Outdoor.

The acquirer’s commercial adviser was Vadestra Strategy, which was led by chief executive Niklas Löfling.

The firm was responsible for the commercial due diligence review and advised on the development of the business plan.

Vadestra Strategy was introduced to the deal by Nils Forsberg, who has a long-standing relationship with the firm.

“The Aspen investment represents a significant potential for CreVal, considering its strong market position, the solid market demand and the historical growth rate of Aspen.”

CreVal was advised on the legal issues of the deal by Setterwalls, which was led by partner Jan Jensen.

The firm’s team, which included contracts, financing, tax and real estate specialists, managed the legal due diligence review and drafted the acquisition and shareholder agreements. It also handled the incentive programs as well as managed the corporate and tax issues and helped raise the finance.

Jensen said his team has advised CreVal on previous deals. “As a fast growing company focusing on product design and quality with a strong and committed management team continuing to be shareholders, Aspen is a suitable investment for CreVal that can use its financial and industrial expertise to take it to the next level.”

The financial due diligence review was managed by Lindebergs Grant Thornton, a specialist adviser to mid-market Swedish companies, which has worked for CreVal on previous transactions.

The deal team was led by senior manager Robert Nordahl and engagement partner Pär Ekengren.

Aspen supplies bathroom furniture in Sweden, Norway and Denmark. It also sells its products to construction companies. Aspen has estimated sales of more than SEK 70 million (£5.2 million) for this year.

CreVal is a SEK 1 billion (£75 million) fund backed by several institutional investors, such as Sixth Swedish National Pension Fund and Third Swedish National Pension Fund as well as CreVal’s founders, directors and several entrepreneurs.

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Setterwalls’ philosophy is based on our understanding that clients’ turn to us to achieve their business goals. Because of experience and expertise in a number of industries, we can assist our clients with creative and effective solutions. We know that our clients’ problems and questions can arise at any time and that it is of the utmost importance that our clients receive quick answers. Setterwalls’ resources afford us the unique ability to meet the needs of our clients with flexible and client-oriented solutions.

Lindebergs Grant Thornton is an independent member firm of Grant Thornton International. We have 850 employees in Sweden. We help an increasing number of international companies as they look for an independent firm to handle their business advisory services. As the fifth largest assurance firm in Sweden we offer a unique combination of a slim and efficient organisation with the capability to operate globally.

Vadestra Strategy is an advisory firm that delivers strategic and financial advisory services to CEOs or investor/owners. We advise in areas related to risk assessment studies, commercial due diligences and identification of value creation opportunities. Our core team of analysts and advisers are based in Stockholm and we have presence throughout the Nordic region through our network of partners.

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