Kemetyl is the number one pan-European supplier of car care products to gasoline stations. Kemetyl also provides industrial, specialty and household chemical products to industry and retail chains, including the “T-Sprit” group of brands. Including two add-on acquisitions currently under completion, 2007 projected revenue is MSEK 2,100 with EBITDA of MSEK 230.
Kemetyl was recently listed by Swedish business journal Veckans Affärer as one of Sweden’s top 30 “Super companies” due to its consistent growth and profitability, having ten-folded its size over the past five years.
Kemetyl is a Swedish company founded in 1918, originally owned by the Swedish government as the technical ethanol division of Vin & Sprit, a producer of consumer alcohol (incl. Absolut Vodka). The company was acquired by Norwegian conglomerate Orkla in 1992 and sold to Norwegian lubricants company Pemco in 2002. During Pemco’s ownership, Kemetyl has made several strategic add-on acquisitions including i.a. Carix (UK, an MBO backed by 3i from Shell in 2000) and Procar (the Netherlands).
In connection with two more add-ons being completed early 2007, Segulah III acquires 50% of Kemetyl and will, with Pemco as partner, work to further grow and develop the group. One of the add-ons is the technical division of Norway’s equivalent to Vin & Sprit, Arcus.
Segulah III and Pemco have a shareholder’s agreement ensuring Segulah III de facto control.
Svante Nilsson, formerly CEO of ICA and Coop Norden, will join Kemetyl’s board of directors.
“We have followed Kemetyl since 2002 and are impressed by its rapid and strong development. We are very pleased that Pemco has selected to team up with Segulah on the future development of Kemetyl”, says Christian Sievert, Managing Partner of AB Segulah, the Investment Advisor of Segulah III, L.P.
“Pemco is confident that the partnership with Segulah will ensure the continued success and growth of the Kemetyl Group, and that Segulah will contribute with valuable competence and experience to Kemetyl”, says Björn Knappskog, CEO of Pemco and Chairman of Kemetyl.
“Both the competence and the financial strength of Segulah will be invaluable in the pursuit of our ambitious goals in the European market”, says Christopher Evers, CEO of Kemetyl.
Completion is conditional i.a. on clearance from Norwegian and Swedish competition authorities.
For further information, please contact:
Christian Sievert, Managing Partner, Segulah
Tel: +46 8 442 89 50
Mobile: +46 708 66 96 94
Anders Claesson, Partner, Segulah
Tel: +46 8 442 89 50
Mobile: +46 70 575 14 55