Industri Kapital, the Swedish private equity firm, closed its fourth fund, Industri Kapital 2000 Fund, at EURO2.1 billion ($1.9 billion). This is a large jump for Industri Kapital, which stopped at EURO750 million last time it raised a fund in 1997. Consequently the firms is looking to expand its teams in Stockholm; Hamburg, Germany, and London.
The 2000 Fund closed in November, although it was just officially announced. Roughly 40% of institutional investors in the fund are from the Nordic region, 30% from continental Europe, and the remaining 30% from the U.S. and Asia.
Placement agent services were provided by Donaldson, Lufkin & Jenrette.
The fund has undertaken six investments already, which leaves it over one third invested. The investments include a 51% stake in Alfa Laval acquired from Tetra Laval Corp. for an undisclosed sum; the acquisition of Fortex, a provider of textile rental and industrial laundry services in the Benelux, for an undisclosed sum through the combination of three family-owned companies; the acquisition of Laho Equipment, a leading construction equipment rental group in France, from a consortium of financial investors; the purchase of 70% of CPS Colour, a leading supplier of tinting systems and technology, from Kemira Oji for EURO200 million; the acquisition of Dyno Nobel, a manufacturer of commercial explosives; and the purchase of Nordkemi, a combination of businesses bought from Fortum in November 1999 and from Dyno in August 2000.