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Sale of Cerbo Group March 2007
   

VISION CAPITAL SELLS CERBO GROUP TO NOLATO FOR £32M

Deal marks sale of last asset in First Fund

Vision Capital today announced that it has completed the sale of Cerbo Group AB, the leading supplier of pharmaceutical primary and secondary packaging, to Nolato, the Swedish high-tech polymer manufacturing group, for £32m (SEK 437m).

The announcement marks the final disposal from the portfolio of assets acquired by Vision Capital in February 2003 from Morgan Grenfell Equity Partners funds and was one of the first direct portfolio transactions to be completed in Europe. The portfolio represented the majority of the investments held by MGEP and included interests in Deloro Stellite Group Limited, Abrasive Technologies Holding AG, AB Cerbo Group and Shearings Group Limited.

  • Deloro Stellite – Vision Capital’s controlling stake in Deloro, the leading global provider of engineered metal-based wear solutions, was sold in February 2006 for an undisclosed sum
  • Abrasive Technologies – a leading European provider of complex abrasive solutions was successfully floated on the Swiss Stock Exchange in June 2005 as Winterthur Technologie AG at SF 33 per share
  • Shearings Goup – the company was sold to 3i in February 2005 in a deal worth £200m, creating a major force in the European coach travel holiday industry

Cerbo Group is a market-leading developer and manufacturer of pharmaceutical packaging in polymer and paper-based material with sales of about SEK 350 million.

Commenting on the transaction Julian Mash, Chief Executive of Vision Capital, said:

"This transaction marks the final disposal from a portfolio of assets we acquired in February 2003 and fulfils Vision Capital’s strategy for the Fund. When we acquired Cerbo we saw the opportunity to invest in a strong business that needed a supportive partner to move the company on to the next stage of its development. Following the strong growth generated under Vision Capital, we wish the company every success under its new ownership.”

Vision Capital was advised in Sweden by Nordea Bank AB (publ), Corporate Finance

Vision Capital is a limited liability partnership | Registered in England number: OC336240 | Authorised and regulated by the Financial Conduct Authority