Bridgepoint is acquiring a majority shareholding in Attendo AB and is submitting a recommended bid for the remaining shares and convertibles. The acquisition of the shares and convertibles from the current principal owners comprises about 89.4 percent of the total voting rights in the company after full dilution. The acquisition and the recommended bid amount to a total value of SEK 2.2 billion (c. €245 million).
The market for care for elderly or disabled people has substantial potential in Sweden and other European countries. In Sweden alone, it is estimated to amount to more than SEK 115 billion. Attendo currently has a strong position in the Nordic countries and some presence in the rest of Europe. Attendo expects to expand its operations significantly in these and in new markets. To be best able to realize these plans, Bridgepoint intends to be an active owner, using its extensive industry knowledge and capital resources to offer the necessary support to management and the business. Existing executive managers within Attendo will retain their current positions and provide an important foundation for future development work.
"The company is still in a strong development phase. To enable Attendo to respond effectively to market opportunities, Bridgepoint will work closely with the existing management, providing support through our European network, our experience and capital. Together with the existing management, we will be able to ensure that the business has everything it needs for continued strong expansion", says Graham Oldroyd, responsible for Bridgepoint's operations in the Nordic region.
The independent members of the Attendo Board of Directors, Monica Lindstedt and Arja Pohjamäki, recommend that shareholders and holders of convertibles in Attendo accept the offer. Following the acquisition and offer, Board Chairman Melker Schörling will through companies, and Vice Chairman Gustaf Douglas will through his majority interest in listed SäkI, be shareholders in the new owning company. Their holding will amount to 11 per cent each. Attendo's management group and other employees will own up to 22 per cent. Bridgepoint intends to present an employee ownership programme to Attendo staff during 2005.
"With Bridgepoint as principal owner, we will have an excellent opportunity to maintain the strong growth that Attendo has achieved. We will now begin to exploit new growth markets more actively," says Henrik Borelius, President and CEO of Attendo.
Bridgepoint's professional advisors in this transaction were: D Carnegie AB, Stockholm, Corporate Finance Linklaters Advokatbyrå AB, Stockholm, Legal and Tax Ernst & Young, Stockholm, Accounting and Tax White & Case, Stockholm, Legal Due Diligence LEK, Paris and London, Market
Bridgepoint has appointed PricewaterhouseCoopers, Stockholm, as Auditors to Attendo Group AB. Principal advisors to the sellers and to Attendo AB: Mannheimer Swartling, Stockholm, Legal PricewaterhouseCoopers, Stockholm, Accounting Deloitte & Touche, Stockholm, Fairness Opinion.
For all press enquiries, contact James Murray on +44 (0) 20 7034 3555