Njord Partners Sells SolidAl to NKT
June 21 2024 - 4:04AM
Business Wire
Njord Partners, the special situations investment manager, today
announces that it has agreed to sell SolidAl - Condutores
Eléctricos, S.A. (“SolidAl” or the “Company”), a
leading Portuguese manufacturer of power cables and supplier of
integrated solutions for energy transmission and distribution, to
NKT, one of the world’s leading power cable companies.
SolidAl has over 50 years of experience delivering power cables
for projects across more than 40 countries. The Company, which is
located in Esposende, Portugal, has 430 employees and is focused on
European markets, principally France, Spain, Portugal, Ireland and
the UK.
Njord Partners first invested in SolidAl in 2015, when, against
the backdrop of a complex and short-term debt structure, the
Company required a funding solution to provide working capital and
increase the capacity of the Company’s key production plant in
Esposende in Northern Portugal. Njord Partners created a solution
that solved both the issue of the short-dated nature of the
Company’s debt and its complex capital structure, and addressed
SolidAl’s need for working capital.
Njord Partners’ became majority shareholder in 2018, and under
its guidance, a new and highly experienced leadership and advisory
team was introduced to strengthen capabilities across the business,
resulting in a full financial restructuring and operational
turnaround, the success of which was recognized by the Turnaround
Management Association (TMA) in 2020 as International Company
Turnaround of the Year, and is reflected in SolidAl’s profitable
growth since 2018.
Since Njord Partners’ initial investment, SolidAl has
experienced very strong growth, more than doubling its revenue and
EBITDA and in 2023 generated revenue of approximately €150m and
EBITDA of approximately €20m. NKT has acquired SolidAl for a total
enterprise value of €192m, an EV/EBITDA multiple of 9.4x.
Arvid Trolle, co-founder of Njord Partners, commented:
"We are proud to have supported SolidAl in its turnaround. The
Company’s significant progress is testament to Francois Moufflet
and his leadership team who have led the transformation of the
business and were awarded Company Turnaround of the Year in
recognition of their efforts. NKT is the best partner to continue
SolidAl’s journey and we look forward to seeing its ongoing
success."
Francois Moufflet, CEO at SolidAl, added: “Our
partnership with the Njord team has been a great success. Our
shared dedication to transform the business has enabled SolidAl to
strengthen its position across Europe. We look forward to our
partnership with the NKT team and a new growth phase for
SolidAl.”
Njord Partners was advised on the transaction by Lazard
(M&A), Barou Advisers (M&A), Macfarlanes (Legal) and Uría
Menéndez (Legal - Portugal).
About Njord Partners
Njord Partners is a special situations investment manager and
provider of long-term flexible capital solutions. Established in
2013, Njord Partners manages capital in excess of €1 billion.
Investing in European middle-market companies facing complex
situations, its mission is to deliver superior risk-weighted
returns to investors while preserving capital. As a capital
partner, Njord Partners offers flexible debt and equity solutions,
actively facilitating strategic and operational enhancements within
its portfolio companies to drive value.
To find out more visit: https://njordpartners.com/
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