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2016-11-11

Ratos AB: Ratos divests Mobile Climate Control to VBG Group

11 November 2016

Ratos has signed an agreement to divest its subsidiary Mobile Climate Control,
a global supplier of complete climate comfort systems to the commercial
vehicle industry, to VBG Group AB (publ), a listed Swedish industrial group.
Enterprise Value amounts to approximately SEK 1,790m and Ratos will receive
approximately SEK 1,375m for 100% of the shares.
The divestment generates an exit gain of approximately SEK 250m, an average
annual return (IRR) of approximately 10% and a money multiple of 2.2x.

Ratos acquired Mobile Climate Control (MCC) in 2007. The company is a global
supplier of climate comfort systems with high demands on product performance
and quality for vehicles produced in short series. The climate comfort
systems are designed to customer specifications and include heating and/or
cooling (HVAC) which provides a pleasant environment for drivers and
passengers. Approximately 80% of the company's sales are generated in North
America and the remainder in Europe as well as the rest of the world. Major
production plants are located in Canada, the US and Poland.

Under Ratos's ownership, a number of value-creating strategic initiatives have
been implemented, including two significant add-on acquisitions in North
America, investments in production plants in Poland and Canada as well as
international expansion to China, South Africa and Brazil. MCC sales has
grown approximately 8% per annum since the acquisition in 2007, and sales
amounted to SEK 1,264m in 2015, with an EBITA of SEK 152m.

"In 2007 Ratos acquired a successful, entrepreneur led niche company. Together
with the company's management, we have strengthened MCC's market position
through add-on acquisitions, investments in product development and increased
productivity. We believe that MCC and VBG Group complement each other well
and can benefit from their respective strengths in several areas going
forward. By having a strong focus on value-creation throughout the entire
holding period, despite at times challenging market conditions, we are now
divesting a company, that is nearly twice as big, with good returns," says
Daniel Repfennig, Senior Investment Manager at Ratos.

Ratos has signed an agreement with VBG Group to divest 100% of the shares for
approximately SEK 1,375m in Equity Value. The net invested amount is SEK
622m. The divestment is estimated to generate an exit gain of approximately
SEK 250m and an average annual return (IRR) of approximately 10%. The
transaction is expected to be completed during November.

For further information, please contact:
Daniel Repfennig, Senior Investment Manager, Ratos, +46 8 700 17 00
Elin Ljung, Head of Corporate Communications, Ratos, +46 8 700 17 20

Financial calendar from Ratos:
Year-end report 2016 17 February 2017

Ratos is an investment company that owns and develops unlisted medium-sized
companies in the Nordic countries. Our goal as an active owner is to
contribute to long-term and sustainable business development in the companies
we invest in and to make value-generating transactions. Ratos's portfolio
consists of 21 medium-sized Nordic companies and the largest segments in
terms of sales are Construction, Industrials and Consumer goods/Commerce.
Ratos is listed on Nasdaq Stockholm and has a total of approximately 16,000
employees.

Press release (pdf)
http://hugin.info/1180/R/2056278/770197.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ratos via Globenewswire

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