Segulah acquires Swedish IT company

Nordic private equity firm Segulah has bought HMS Industrial Networks, a Swedish-headquartered developer and manufacturer of industrial IT products, for an undisclosed sum.

The €92m Segulah II fund has purchased 60% of the company after Swedish mid-market specialists Industrial Development & Investment (IDI) and SEB Företagsinvest agreed to sell their stakes. The founders of the company, Nicolas Hassbjer and Staffan Dahlström, have reduced their interest from 50.8% to 40%

Berthold Lindqvist will step down as chairman of HMS. He will be succeeded by Jörgen Centerman, formerly CEO of ABB.

SEB Företagsinvest, an evergreen fund of Nordic bank SEB, took a 22.6% stake in 1997 and was joined by IDI in 1999 who acquired a 26.6% share.

HMS, which is headquartered in Halmstead, has offices in Japan, the US, Germany and Great Britain and has 90 employees. Its turnover for 2004 will total MSEK150 (€16.2m). The company is aiming for a listing on the Stockholm Stock Exchange in a couple of years.