Carl Bennet acquires Modul-System from Segulah

13 September, 2002

Swedish industrialist Carl Bennet today acquires the Modul-System Group through his company Carl Bennet AB from Segulah I LP, a private equity company. Headquartered in M”lndal, Sweden, Modul-System has sales of MSEK 250 and roughly 200 employees. Modul-System is one of Europe’s leading manufacturers of vehicle racking systems for service vans. 80 percent of Modul-System’s sales are to customers outside Sweden. The company’s customers include utility, gas, and telecommunications companies and small businesses in a variety of sectors.

The acquisition means that the Modul-System Group will become an independent business area within the industrial group Carl Bennet AB. Carl Bennet AB is the major shareholder in listed companies that include Getinge and Elanders, and the group also owns Sorb Industri AB, Lifco AB and Scanrec AB.

Since its acquisition by Segulah I LP in 1999, Modul-System has expanded its international footprint dramatically resulting in overall annual sales growth of 15 – 20 percent. Modul-System’s pretax earnings have since 1998 trebled to more than MSEK 30 in 2001.

– I see many interesting opportunities for developing and expanding the Modul-System Group. It has already established itself as one of the leading European suppliers of racking systems for service vehicles, and there is excellent potential for development, says Carl Bennet.

 Modul-System has grown successfully over the years. A stable and originally founder-owned company has since Segulah’s acquisition grown faster along with trebled earnings to become the European leader in its market. In light of Modul-System’s firm market position and stable profitability, it is a 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, says Christian Sievert, partner at Segulah.

For more information, please contact:

Carl Bennet, +46 300 502 00
Christian Sievert, Partner, AB Segulah, +46-708-66 96 94
Erik Hantoft, CEO, Modul-System AB, +46-705-46 87 02

You are also welcome to visit the Modul-System web site at www.modul-system.com

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