CVC Fund VIII and Nordic Capital have completed the acquisition and delisting from Nasdaq Stockholm of Cary Group, a European vehicle glass repair and replacement service provider.
Cary Group provides its services to customers in Sweden, Denmark, Norway, the UK, Spain, Portugal, Germany, Luxembourg and Austria.
Between 2018 and 2021, Cary Group invested significantly in initiatives to drive operational excellence and improve the sustainability of its operations, while also deploying an accelerated M&A strategy to expand outside Sweden with the ambition of becoming a leading provider in the Nordics.
CVC and Nordic Capital see a great opportunity across the fragmented European market for Cary Group to expedite its expansion and by staying at the forefront of digitalisation and sustainability within car care. With deep experience of growing businesses both organically and by acquisitions, combined with a broad global network of relationships, CVC and Nordic Capital will enable an accelerated execution in relation to Cary Group’s strategy.
The acquisition follows a public offer to the shareholders on Cary Group, unanimously recommended by the company’s Board of Directors. On 10 October 2022, CVC Funds and Nordic Capital owned 99.9 per cent of the shares in Cary Group, through the commonly owned company Teniralc BidCo AB, and the offer was subsequently closed. The last day of trading in Cary Group’s shares on Nasdaq Stockholm was 18 October 2022.
