Ratos is to acquire 60% of the heating and air conditionings systems (HVAC) company Mobile Climate Control (MCC) from its founder Gunnar Mannerheim. MCC offers complete climate control systems for all types of vehicles including buses and construction vehicles and is expected to post sales of approximately SEK 650m current financial year. Ratos's investment amounts to approximately SEK 300m.
MCC, which was founded by Gunnar Mannerheim in 1975 and has its head office in Norrtälje, Sweden, offers complete climate comfort systems for buses, off road and specialty vehicles. Approximately 60% of the company's sales take place in North America and the remainder in Europe. Major production plants are located in Toronto, Canada, and in Norrköping and Norrtälje, Sweden. MCC's sales are expected to exceed SEK 650m (560) during the current split financial year and profit (EBITA) is expected to be approximately SEK 120m (80). The company has some 500 employees, including 360 in North America.
- Gunnar Mannerheim says: "By having Ratos as a part-owner MCC will receive both the financial resources and owner competence needed for further development. I look forward to developing the company together with Ratos."
MCC develops, manufactures and sells systems for installation in vehicles with short production series and a high degree of customisation. This makes the company a partner with the vehicle manufacturer in the design and development of the complete climate comfort system for a vehicle. Approximately half of sales are to bus manufacturers while the remaining 50% goes to on and off-road, and specialty vehicles.
- Ratos CEO, Arne Karlsson, comments: "MCC is a well-positioned and successful niche company with good growth prospects. The global vehicle production within MCC's segment is rising while climate comfort systems are increasingly becoming a requirement from the end customer. I am glad that Ratos has gained this opportunity to exploit this growth potential together with the company's founder."
The company's senior executives will remain in their present positions. The company's founder and CEO, Gunnar Mannerheim, intends to reinvest some of the purchase price in the acquisition company through which Ratos will acquire MCC and will subsequently own 40% of the company.
Ratos's acquisition is among others subject to approval from the appropriate authorities.
For additional information, please contact:
Arne Karlsson, CEO Ratos, +46 8 700 17 00
Anna-Karin Celsing, Head of Corporate Communications Ratos, +46 703 99 62 39