- June 21, 2024, London, -(BUSINESS WIRE) -The leading Portuguese power cable manufacturer and supplier of integrated energy transmission and distribution solutions, SolidAl – Condutores Eléctricos, S.A. (“SolidAl” or the “Company”), has agreed to be sold to NKT, one of the top power cable companies in the world, by Njord Partners, the special situations investment manager.
- Delivering power connections for projects in more than 40 countries is something SolidAl has been doing for more than 50 years. With 430 workers and a primary emphasis on European markets, including France, Spain, Portugal, Ireland, and the UK, the company is based in Esposende, Portugal.
- Njord Partners made its first investment in SolidAl in 2015. At the time, the company needed funds to expand the capacity of its main manufacturing unit in Esposende, Northern Portugal, and to provide operating cash due to a complicated and short-term loan structure.
- SolidAl has experienced profitable growth since 2018. Njord Partners became the company’s majority shareholder in 2018. Under its direction, a new, highly experienced leadership and advisory team was introduced to strengthen capabilities across the business, leading to a complete financial restructuring and operational turnaround. The success of this effort was recognized by the Turnaround Management Association (TMA) in 2020 as International Company Turnaround of the Year.
- SolidAl has grown quite quickly after Njord Partners’ first investment, more than tripling its sales and EBITDA, and generating over €150 million in revenue and €20 million in EBITDA in 2023. SolidAl was purchased by NKT for a total enterprise value of €192 million, or a 9.4x EV/EBITDA multiple.
- Njord Partners co-founder Arvid Trolle made the following statement: “We are honored to have assisted SolidAl in its recovery. Francois Moufflet and his leadership team, who spearheaded the company’s turnaround and were recognized for their achievements by winning Company Turnaround of the Year, are to be commended for the company’s noteworthy advancements. SolidAl’s path is best continued with NKT, and we anticipate its further success.”
- SolidAl CEO Francois Moufflet continued, saying, “We’ve had tremendous success working with the Njord team. SolidAl has been able to solidify its position across Europe because of our combined commitment to transforming the company. We are excited about SolidAl’s next development phase and our relationship with the NKT team.”
Source:
fortuneindia
