Norican Holdings ApS (“Norican”) the world’s leading metallic parts enhancement company (by virtue of its ownership of both DISA and Wheelabrator Group) is pleased to announce that the company has entered into a binding agreement with Altor Fund IV (“Altor”) to sell a majority of its shares.
“This is yet another major milestone for the Norican Group”, says Robert E. Joyce Jr., President and CEO. “Being able to team with Altor, the leading Scandinavian private equity firm, creates a unique opportunity for us in pursuing the next phase of our strategic evolution. While we thank our former partner, Mid Europa, for their contribution to the success of the company we jointly built over the past eight years together, we look forward to working with Altor in writing the next chapter of Norican’s great story.”
“Attracting the right stakeholders at each stage of our strategic evolution is key to the long term success of our Group. Having attracted Altor in partnership with the banking consortium of Nordea, SEB and Swedbank is absolutely the right development for our capital structure.” added Andrew J. Matsuyama, chief financial officer. “With such well capitalized and experienced partners we are well positioned to achieve our growth ambitions.”
“Norican is a world market leader in very interesting segments supported by attractive structural growth drivers. We are very impressed with the business platform that the employees and management team have built under the current ownership and we look forward to supporting the company in its future development”, says Søren Johansen Partner at Altor Equity Partners.
Mr. Joyce concluded: “Our message to our customers remains the same: You will continue to receive the same level of high quality technical solutions and on-site support you have come to expect from us and our staff will continue to deliver the most innovative products and services the industry has to offer .”
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About Norican Group
Norican Group is the world's leading provider of technology and services for improving metallic parts. Currently the offer includes all forms of parts formation (horizontal, matchplate & vertical moulding) and surface preparation technologies (airblast, wheelblast and mass finishing). Its core branded technology platforms are DISA and Wheelabrator. The organization represents over 200 years of expertise and experience, and employs more than 2,200 people over 4 continents, with major operations in Canada, China, Czech Republic, Denmark, France, Germany, India, Poland, Switzerland, UK and USA. Norican Group works with the industry’s leading representatives and business partners in serving its customers throughout the world.
Since inception, the family of Altor funds have raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.1 billion in more than 40 companies. The investments have been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements.
For more information see www.altor.com.