EQT Expansion Capital II has invested EUR 40 million, in a combination of equity and loans, to enable management to take over the majority of data centre builder Coromatic from private equity fund Litorina Kapital III.
EQT Expansion Capital II will work actively with management to further extend Coromatic’s market position n the Nordic region and to explore growth opportunities internationally.
Coromatic’s core business is the design and installation of high-end turn-key data centres with a special competence in ensuring uninterrupted operations, security solutions and cost efficient cooling. Coromatic also provides adjacent power products and services, such as uninterruptable power supply as well as backup power solutions. Comprehensive counseling, finding the best suitable data centre solution for its customers and extensive maintenance services are strong competences of the Company. Coromatic has 235 employees and works with over 900 customers, installing close to 100 data centres per year.
“Together with EQT Expansion Capital, their international experience and network, we are excited to take the next steps in our expansion. The data centre and secure power market is expected to show stable growth over the coming years. Coromatic Group is well positioned to take advantage of the growing demand as well as industry trends with continued strong focus on IT security and business continuity as well as an energy saving IT management approach,” says Maths Waxin, CEO and co-founder of Coromatic.
Coromatic was established in 2000 and has since grown strongly, both organically and through acquisitions in the Nordic region.
“We like the management’s entrepreneurial approach, the strong market drivers and in particular the growth potential in extending our market reach. Acquisitions will continue to be part of the strategy but equally important is creating synergies within the group and further rolling out our service offering, enabling us to continue the success story of Coromatic”, says Bo Kastensson who will become new Chairman of the Coromatic Board of Directors. The new Board of Directors will also include Sven Kallstenius and Juan Vallejo.
In 2010, Coromatic had sales of over SEK650 million. The group includes Coromatic AB, Metric Power Systems AB and Skandinaviska Kraftprodukter in Sweden, Metric AS in Norway, Scanpocon A/S and Coromatic A/S in Denmark and Coromatic OY in Finland.
Coromatic fits well into EQT Expansion Capital’s investment strategy. EQT Expansion Capital enables growth and change in ownership through providing capital and knowledge with flexible financing solutions, while allowing shareholders to gain or retain majority in their companies. The transaction is expected to close late June or early July and is subject to approval from antitrust authorities.
