Private equity found Triton Fund II has agreed to sell the technical installation and service solutions company Bravida AB (Bravida) to Bain Capital. The transaction value has not been disclosed.
Triton acquired Bravida in 2006. During its ownership and in partnership with management, Triton implemented a comprehensive program to turn around the company. This included improved project selection, increased focus on higher margin service and maintenance revenues, reorganisation of the branch network and restructuring the Norwegian business. As a result Bravida has successfully positioned itself as the market leader in Scandinavia.
Mats O Paulsson, president and CEO of Bravida, says: “Bravida is uniquely positioned for continued growth based on our extensive breadth of capabilities and market position in Scandinavia. We also see a strong upside potential supported by robust industry trends, such as an increased share of installation in building projects. Overall I believe that Bravida today is more competitive than ever.”
Thomas Tarnowski at Triton, says: “Triton has, together with management, put a lot of effort into transforming Bravida in several critical areas, resulting in a very successful turnaround for the business. We are especially proud of how Bravida has developed into a highly resilient company with industry leading margins. We strongly believe that Bravida will continue to prosper under the ownership of Bain Capital.”
Michel Plantevin (pictured), Managing Director at Bain Capital, says: “Bravida is the leading multi-technical services provider in the Nordics with an impressive performance over the last five years, and we are delighted to support the Company and its management to grow and develop the business further. We see considerable opportunities for driving expansion of the business, including via acquisitions and we are looking forward to being part of Bravida’s next phase of growth.”