Securia, a Swedish supplier of security related services and insurance products, has been bought by a private equity firm.
Securia, a Swedish supplier of security related services and insurance products, has been bought by a private equity firm.
Litorina Kapital, through its III L.P. fund, has bought a majority shareholding in the company.
“With Litorina Kapital as a new owner, Securia will have a strong partner that shares our view on the company’s future strategy and that adds expertise and financial strength that can support Securia’s future growth,” Securia’s chief executive, Daniel Elfvendahl, said. “Together with Litorina Kapital, we are ideally positioned to further capitalise on Securia’s strong position in a growing underlying market and expand to new markets.”
The company was sold for an undisclosed sum by TCI UK, which has retained a minority shareholding in the business.
Jörgen Ekberg, a senior partner at Litorina Capital Advisors, investment adviser to Litorina Kapital, said Securia is a well-run growing company with a strong position in an interesting market niche.
“The company has shown an impressive development with very strong profitability,” he added. “Together with the company’s management we now look forward to take the company to the next level. The strategy is to achieve further growth through market expansion and further strengthening of Securia’s position in current markets.”
Litorina was advised on the acquisition by Vinge while TCI received legal advice from Setterwalls with Applied transactions, part of the Applied Value Group, handling the financial issues of the disposal.
Setterwalls’ team was led by partner Anders Månsson, who was assisted by Fredrik von Bothmer.
The firm negotiated all the legal terms of the transaction, managed the vendor due diligence and co-ordinated the different buyer’s due diligence investigations. It also negotiated and drafted all documents and the shareholder’s agreement.
Månsson said the firm was introduced to the transaction by Daniel Elfvendahl. “This was a very good deal for our client. We managed to get a very good price, a reasonable and well balanced share purchase agreement and a shareholder’s agreement that in our opinion will safeguard all parties’ interests while at the same time provide for a functioning management of the target company.
“Of particular interest about this deal is that the business of the target company which entails various future possibilities to development and enhancement of both turn-over and margin,” he added.
Securia offers protection and support to cover loss, theft and fraud of credit cards, mobile phones and keys. It was founded in 1999 in Stockholm and offers its products and services mainly to private individuals and small and medium sized companies.
The company also has greenfield operations in Norway and Finland as well as joint ventures in Poland, Russia and Chile.
Litorina Kapital, founded in 1998, is a private equity firm that backs senior management teams at small to mid-sized companies in the Nordic region.
