Swedish turnaround specialist Segulah has realised its investment in Modul-System for an undisclosed sum. The company, which manufactures vehicle racking systems for service vans, has been sold to the industrial group, Carl Bennet. Modul-System will become an independent business area within Carl Bennett.
Based in Mlndal, Sweden, the company has sales of SEK250 million, 80 per cent of which are to customers outside Sweden. The company’s customers include utility, gas and telecommunications companies and small businesses in a variety of sectors.
Since its acquisition by Segulah I in 1999, Modul-System has trebled its earnings to over SEK30 million in 2001. The original investment in the company was undisclosed, but Christian Sievert, partner at Segulah, said the team is very happy with the return on the investment.
“Modul-System has grown successfully over the years,” said Sievert. “In light of Modul-System’s firm market position and stable profitability, it is natural step for us to pass the torch to a capable owner. Modul-system is in good hands with Carl Bennet, whom we regard as a solid industrial owner with a long-term view