Boston, MA -- (ReleaseWire) -- 09/14/2007 -- Downer & Company, an international investment banking firm specializing in mid-market cross-border acquisition and divestiture advisory services, is pleased to announce that Aker ASA has signed an agreement to sell Aker Material Handling to Altor Fund II, which is managed by Altor Equity Partners AB, a leading Scandinavian private equity firm. The transaction is subject to approval by relevant competition authorities and is expected to close in early October 2007. The transaction value was not disclosed.
Aker ASA (“Aker”) is one of the largest publicly traded companies on the Oslo Stock Exchange. Aker’s business mission is to create and develop commercially viable businesses, improve existing business enterprises, and sell businesses when Aker concludes that new owners can better realize the potential of those businesses. Aker’s other business activities include oil & gas services and exploration, shipping, and fishing. Aker Material Handling is the third largest provider of industrial storage solutions and largest provider of commercial storage solutions in Europe. Aker Material Handling was formed through a 1999 merger of the Constructor Group and Dexion.
“Significant consolidation is taking place in the industrial and commercial storage segments of the Material Handling industry,” said Michael Howell, Vice President and Material Handling practice leader with Downer & Company. “Consolidation of the North American and European storage markets, which to a large extent is being driven by private equity, will enable industry players to achieve economies of scale, broaden their geographic reach, and provide more comprehensive solutions to their customers,” he continued. “This transaction further exemplifies Downer & Company’s extensive expertise in the Material Handling industry and we look forward to providing first rate M&A services to this dynamic market as the consolidation continues,” he concluded.
Downer & Company has firmly established itself as one of the preferred advisors to global Material Handling and Logistics companies. This transaction is the third industrial storage transaction Downer & Company has completed in the last eighteen months. Earlier this year, Downer & Company assisted American Capital on the sale of its portfolio company, Kingway Inca-Clymer, to Unarco Material Handling, Inc. Downer & Company also sold Interlake Material Handling, then owned by Brambles North America, to United Fixtures Company, Inc., a portfolio company of Wynnchurch Capital in April 2006.
Downer & Company’s international team for the Aker transaction was led by Michael Howell (Vice President, Boston), and Frank Merkel (Director, Frankfurt), and was supported by Chris Donegan (Associate, Boston), Raymond Morin (Associate, Frankfurt), Michaela Wieser (Analyst, Frankfurt) and Maximilian Kreher (Analyst, Frankfurt).
About Downer & Company
Since its inception in 1975, Downer & Company, LLC, has gained distinction as a leading middle-market M&A firm focused on the execution of acquisition and divestiture mandates for international and domestic corporations and private equity firms. Downer & Company is headquartered in Boston, Massachusetts, and has offices in Paris, Dublin, Frankfurt and Sydney. Downer & Company's corporate headquarters are located at 60 State Street, Boston, MA 02109. For further information, visit www.downer.com.