Changes in the ownership of Aibel

Late last night a deal was signed giving Aibel a new owner constellation. Ratos, a Swedish private equity conglomerate, takes over Herkules' shares and becomes owner of the company together with Ferd. Ratos and Ferd will each hold 50 percent of the shares.

“Ferd and Herkules have played an active and long-term ownership role in Aibel. I speak on behalf of the entire team at Aibel when I say how pleased I am that Ferd has committed itself to the continuing development of our company in partnership with Ratos. This gives us the financial strength that is so important in the current competitive situation,” says Jan Skogseth, CEO of Aibel.

50 percent each
Herkules, which currently controls around 50% of Aibel through its Fund II and a special purpose vehicle, will sell its entire investment in the company. In parallel with this, Ferd will enter into a partnership with Ratos which will mean that the two companies each own 50% of Aibel. Ferd currently owns around 50% of Aibel directly, and in addition owns approximately 60% of the capital of Herkules Fund II.

Ratos will hold approximately 32% of Aibel in its own right, and the Swedish Sixth AP Fund will hold approximately 18%. However, Ratos will manage the Sixth AP Fund’s ownership interest, which will mean that the company will represent 50% of the total ownership interests in Aibel. The agreed equity value for 100% of the shares of Aibel is NOK 5.4 billion, exclusive the company’s net debt. The total value of the company is NOK 8.6 billion.

The changes in the ownership of Aibel are subject to approval by the relevant authorities. Assuming that the relevant approvals are granted, the changes are expected to be completed during the course of the first quarter of 2013.

Click here to see Ferd's press release

Click here to see Ratos's press release

Ferd and Ratos, new owners
From left: CEO of Ferd, John Giverholt, CEO of Ratos, Susanna Campbell and Managing Partner in Herkules / Chairman of Aibel, Gert W. Munthe.

Ratos – who are they?
Ratos is a Swedish limited company with an industrial focus that invests principally in medium-sized to large unlisted Nordic companies. Ratos can trace its roots back to 1866 when Söderberg & Haak was first registered. The Söderberg family is still the largest shareholder in Ratos. Ratos currently owns 17 companies, of which three are in Norway: Arcus-Gruppen, Jøtul and SB Seating (Håg). Ratos is listed on Nasdaq OMX Stockholm, and the company's market capitalisation is approximately SEK 22 billion.

Published 2012-12-18, 09:05 CET Updated 2014-01-22, 03:33 CET

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