Industri Kapital has sold a further stake in its portfolio company Alfa Laval. The Industri Kapital 2000 Fund has sold 10,500,000 Alfa Laval shares to Swedish and international institutional investors for a total of €125m at a price of SEK111 per share reducing its stake in the group to 8.5%. This brings the total proceeds of the sale including shares sold in October last year, to €406m. The offer was over two times over-subscribed. The firms’ remaining stake in the business is worth around €115m at current market value.
An IK spokesperson said: “It was a good and quick transaction with great interest in the shares.”
Alfa Laval went public in May 2002 with an IPO price of SEK91. The total offer, which was over 3.5 times oversubscribed, was valued at SEK5.657bn. Industri Kapital acquired a controlling stake (51%) in the business in August 2000 from packaging company Tetra Laval, which retained a 49% holding. Both groups reduced their stake at the time of the IPO, after which Industri Kapital held 26.9%. Last October IK sold 10,000,000 Alfa Laval shares at SEK100 each generating proceeds of €109m and reducing its stake to 17.9%