Ratos sells Anticimex to EQT

2012-04-02

Ratos and co-owners have signed an agreement to sell all the shares in the
subsidiary Anticimex to EQT for approximately SEK 2,900m (enterprise value),
which provides approximately SEK 1,530m for Ratos's shareholding, as well as an
earn-out payment to be made if earnings and cash flow milestones for 2012 are
surpassed. The sale generates a net exit gain for Ratos of approximately SEK
940m and an average annual return (IRR) of approximately 24%, before a potential
earn-out. The sale is subject to approval from the regulatory authorities.
Anticimex is a European service company that provides safe and healthy indoor
environments through inspections, guarantees and insurance. The range of
services includes pest assurance, hygiene assurance, dehumidification and fire
protection as well as property transfer and energy performance surveys. The
Group has operations in Sweden, Finland, Denmark, Norway, Germany and the
Netherlands.
Ratos acquired Anticimex at the beginning of 2006. During the holding period the
original operations have grown and been expanded with new service areas. Sales
have increased by approximately 7% per year from SEK 1,275m in 2005 to SEK
1,927m in 2011 and operating profit has risen from SEK 118m in 2005 to SEK 192m
in 2011.
Ratos CEO Arne Karlsson comments: "Anticimex has a unique position with a
successful business model, a strong brand and growth every year since its
formation in 1934. Stable cash flows and good sales increases have made
Anticimex a very successful investment for Ratos. EQT will now take over as the
new owner and further develop the range of services both in Sweden and in other
markets."
The selling price for 100% of the shares (equity value) amounts to approximately
SEK 1,775m and the enterprise value is approximately SEK 2,900m. Ratos's share
of the equity value amounts to SEK 1,530m and the exit gain amounts to
approximately SEK 940m, calculated on the book value in Anticimex at
31 December 2011. The final exit gain will be affected, among other things, by
Ratos's share of profit from Anticimex during the period until final completion
of the deal and by a potential earn-out payment. The average annual return (IRR)
amounts to approximately 24%, before a potential earn-out payment. Ratos's
holding in Anticimex is 85%. Co-owners are the company's board and management.
The sale is subject to approval from the relevant authorities and is expected to
be completed at the end of the second quarter.
For further information, please contact:
Arne Karlsson, CEO, Ratos, +46 703 79 79 79
Emma Rheborg, Head of Corporate Communications and IR, Ratos, +46 8 700 17 20

 Financial calendar from Ratos:
 Annual General Meeting                  18 April 2012
 Interim Report January - March 2012     8 May 2012
 Interim Report January - June 2012      17 August 2012
 Interim Report January - September 2012 9 November 2012

Ratos is a private equity conglomerate. The company's mission is to maximise
shareholder value over time through the professional, active and responsible
exercise of its ownership role in primarily medium to large unlisted Nordic
companies. Ratos's holdings include AH Industries, Anticimex, Arcus-Gruppen,
Biolin Scientific, Bisnode, Contex, DIAB, Euromaint, Finnkino, GS-Hydro, Hafa
Bathroom Group, HL Display, Inwido, Jøtul, KVD Kvarndammen, Lindab, Mobile
Climate Control, SB Seating and Stofa. Ratos is listed on Nasdaq OMX Stockholm
and market capitalisation amounts to approximately SEK 29 billion.