Norwegian mid-market buyout firm Herkules Private Equity has sold Projection Holding to Barco, the global visualisation solutions provider, for an undisclosed sum.
Projection Holding owns 61 per cent of the shares in Projectiondesign, a developer and manufacturer of projectors for professional applications.
Under the ownership of Herkules Private Equity III, the company has strengthened and secured its strategic market positions in important global verticals, the firm said in a statement.
Projectiondesign develops, designs and manufactures projectors for a range of applications including simulation, visualisation, control rooms, visitor attractions and collaboration rooms.
The company, based in Fredrikstad, Norway, has a strong team of engineers with significant experience and competence within electronic, optical and mechanical technology, as well as distinct capabilities within system design of high performance projectors.
From the historically low revenues in 2010 of NOK317m ($57m today) revenues increased to NOK427m in 2011, with continued growth in 2012.
“Herkules acquired the majority share of Projectiondesign late 2009 and has successfully implemented the investment strategy based on commercialisation and professionalisation of the company,” Herkules partner Patrik Bø Egeland said in the statement.
Herkules has sold all its shares in Projection Holding AS, representing 61 per cent of the total number of shares in Projectiondesign AS, to Barco.
Herkules recently hit the headlines after it reached a deal to sell Pronova BioPharma, a Norwegian maker of pharmaceutical products, to BASF, the world’s largest chemicals company, for $847m.
In September the firm also agreed to buy Swedish coffee chain Espresso House from London-based mid-market private equity firm Palamon Capital Partners, which made a 3.4 times return on its original investment.
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