FKI sorts out Crisplant deal

Industri Kapital has disposed of its entire holding in Crisplant Industries, selling its 47.1 per cent stake in the Danish sorting systems manufacturer to FKI Group of the UK. FKI is paying DKr 425 per share, a price that represents an average 40 per cent premium to Crisplant’s average share price in the three months preceding the offer, valuing Crisplant at slightly more than DKr 2 billion. The company, which has a workforce of more than 800, turned over some DKr 1.2 billion last year. Investors in the 1989 Fund are realising some DKr 990 million through the sale to FKI.

The Industri Kapital 1989 Fund acquired 90 per cent of Crisplant for DKr 108 million in 1992, a stake that was reduced to 48 per cent when the company floated on the Copenhagen stock exchange three years later.

Crisplant manufactures sorting systems used in airports, for mail sorting, and for a broad range of commercial and industrial applications. During its association with Crisplant, Industri Kapital played an active role in restructuring the company, expanding its US business and establishing a Hong Kong operation. Industri Kapital also collaborated closely with the company’s management to develop Crisplant’s worldwide service concept’.

The acquisition positions Crisplant for further international development. “As part of the FKI Group, Crisplant will have access to a larger geographical market’, says Bjrn Saven, Industri Kapital’s managing director, adding that the company is now well placed to benefit from the distribution opportunities offered by the growing e-commerce market.