BGL Announces Global M&A Transaction in Industrials
February 16 2012
Brown Gibbons Lang & Company (BGL), the United States office of Global M&A, together with its Norwegian partner, Saga Corporate Finance AS (Saga), today announced the sale of an equity stake in Lönne Scandinavia AS (Lönne) to private equity group Credo Partners AS based in Oslo, Norway. Saga served as exclusive financial advisor to Lönne. Credo Partners acquired 50 percent of the outstanding shares of Lönne in the transaction.
Founded in 1949 and headquartered in Nyborg, Norway, Lönne is a leading supplier of electric motors and electromechanical equipment, including electrical motors, frequency controllers and inverters, gearing systems, chains and sprockets, bearings and couplings across the Nordic countries, and is the industry's only integrated Nordic platform for value-added solutions. In March 2010, the company acquired Skein, Norway-based Component Service AS, a provider of service, repair, and maintenance of electro-technical and mechanical equipment to the industrial market, serving utility companies, as well as the marine and offshore markets. Lönne operates sales offices in Norway, Sweden, Denmark, and Finland and generated sales exceeding $80 million in 2011.