Enermet sold to Bayard Group

Industri Kapital, Fortum Oyj and MB Funds are selling Enermet Group Oy to Bayard Group for around €90m. Return details on the transaction were not disclosed. The exit marks the end of IK 1994 Fund. Overall the fund has delivered a top quartile performance with a 4x return.

Industri Kapital acquired the business in August 1999 for €102m. Headquartered in Finland, Enermet is a supplier of automatic meter reading (AMR) and load management systems. The company offers customers a wide range of AMR systems and software deploying GSM/GPRS, power line carrier and LAN communication technologies. The company’s net sales in 2005 were €75m.