EQT invests EUR 40 million in a management buyout transaction of data center builder Coromatic.

EQT Partners announced entering into an investment agreement  for EUR 40 million ($57.3M) which enables management to take over the majority of Coromatic from private equity fund Litorina Kapital III.

The deal was made through its fund, EQT Expansion Capital II, and the investment consists of a combination of equity and loans and is made together with current management who will stay invested and will become the majority shareholder in the Company.

Coromatic, founded in 2000 by CEO Maths Waxin, has grown strongly, both organically and through acquisitions in the Nordic region.

Coromatic’s core business is the design and installation of high-end turn-key data centers with a special competence in ensuring uninterrupted operations, security solutions and cost efficient cooling. Coromatic also provides adjacent power products and services, such as uninterruptable power supply as well as backup power solutions. Comprehensive counseling, finding the best suitable data center solution for its customers and extensive maintenance services are strong competences of the Company. Coromatic has 235 employees and works with over 900 customers, installing close to 100 data centers per year.

In 2010, Coromatic had sales of over SEK 650 million. The group 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.