The transaction will enables the management to take over the majority of the company from private equity fund Litorina Kapital III.
EQT Expansion Capital II intends to work actively with management to further extend Coromatic’s position in the Nordic market and explore growth opportunities internationally.
Coromatic was established in 2000 and led by CEO and co-founder Maths Waxin, Coromatic designs and installs high-end turn-key data centers designed to ensure uninterrupted operations, security solutions and cost efficient cooling. The company also provides adjacent power products and services, such as uninterruptable power supply as well as backup power solutions.
Coromatic employs 235 people with sales of over SEK 650m in 2010. The group, which serves over 900 customers, includes Coromatic AB, Metric Power Systems AB and Skandinaviska Kraftprodukter in Sweden, Metric AS in Norway, Scanpocon A/S and Coromatic A/S in Denmark and Coromatic OY in Finland.
In conjunction with the investment, Bo Kastensson will become new Chairman of Coromatic’s Board of Directors. New Board of Directors will also include Sven Kallstenius and Juan Vallejo.