Swedish firm Industrifonden has sold its holding in Australia-listed mining drill manufacturer Imdex for SEK118m (€13.1m), 24 times the amount originally invested.
Industrifonden took a position in the company in 2006, when Imdex acquired Swedish mining equipment company Reflex Instruments to develop its operations in the ore and oil sectors. Reflex develops equipment to measure and determine the position of boreholes, a crucial aspect of oil and ore mining.
At the time of Reflex’s acquisition by Imdex, the company was owned by Småföretagsinvest, a venture capital firm, along with Industrifonden and a consortium of around 30 private investors. Following the Imdex sale, Småföretagsinvest is to be dissolved.
Industrifonden vice president Lennart Samuelsson said, “This is a good example of how Swedish technology can be internationalised and create great value. This investment is the crowning achievement of our more than decade-long cooperation with the private investors in Småföretagsinvest.”
Last month, Industrifonden sold the final portion of its stake in business software company Qliktech, banking a 40 times total return on its original investment, making it one of the most successful exits in the history of the Swedish venture capital industry.
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