Industri Kapital (IK) has signed an agreement with Nordic Capital Fund VI regarding the sale of CPS Color Group Oy.
Based in Vantaa, Finland and with approximately 900 employees in eleven countries, CPS Color a global supplier of advanced tinting systems supplying all of the necessary tinting system components including colorants, dispensers, mixers, software, marketing materials, technical support and consulting services.
IK acquired CPS Color (formerly known as Tikkurila CPS) in 2000. Since then, the company has undergone significant organizational and operational restructuring, including simplification of the production footprint, resulting in increased efficiencies and cost savings. Under IK's ownership, CPS Color has focused on organic growth, strengthening of R&D and building its overall solution provider business model. The business has also grown with the acquisition and integration of Corob in 2002. Since 2000, the company's revenues have more than doubled, whereas earnings (EBITDA) nearly tripled during the same period.
"Under IK's ownership, CPS Color has been significantly reorganized and restructured," said Michael Rosenlew, partner, Industri Kapital. "We have worked closely with the management team to implement operational improvements while at the same time executing acquisition-driven growth. Today CPS Color is a much stronger company than when we acquired it with a unique profile and market leading position."
"IK have been highly supportive owners during a period of significant growth of CPS Color," said Arto Metsänen, CEO, CPS Color. "IK led the company in establishing its independence from Tikkurila and was fully committed to the development of the company as a tinting solutions provider; as part of the latter strategy IK supported the important acquisition of Corob in 2002. We are very pleased that Nordic Capital will become our new shareholder supporting us in our next step for successful development."
"It is an exciting time in the development of the company and Nordic Capital are committed to supporting the management team in its development plans," said Robert Furuhjelm, partner, Nordic Capital. "We are delighted to participate in the success of CPS Color and look forward to taking an active role as the company continues to strengthen its position and expand into new markets and products."