PRINT THIS PAGE Candover makes 2.5 times return on Swedish company Thule31/05/2007. Source: AltAssets. 
 European buy-out firm Candover has sold Malmö, Sweden-headquartered Thule Group to Nordic Capital Fund VI. The sale represents a return of 2.5 times Candover's original investment and an IRR of more than 40 per cent, according to a statement. Other financial details have not been disclosed.
Thule develops, manufactures and markets rooftop boxes, roof rails, bike carriers, trailers, towing systems, motor home accessories and snow chains. The company employs approximately 4,000 people in North America, Europe, Africa and Asia. Pro-forma sales (including the recent acquisition of Case Logic) increased by 7.7 per cent between 2005 and 2006 to SEK6.6bn (€721m) and profits rose 7.1 per cent to SEK912m (€99.2m), it was announced.
Thule's management team will reinvest in the new company.
Candover led the €465m MBO of Thule in December 2004. The investment was made from the firm's 2001 Fund.
John Arney, managing director of Candover, said, 'Thule has performed extremely well during Candover's partnership with the management team, led by Anders Pettersson. We have more than doubled the size of the business and sales and profits have grown strongly.
'Thule's success has been built on a strategy of adding new categories to its portfolio of products designed for active consumers wanting to transport equipment safely, easily and in style. The company is now in excellent shape to continue its strong growth profile and meet its ambition of being a €1bn turnover company by 2009,' Arney continued.
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