28 April 2008

Sweden’s leading towel dryer group is created: Litorina’s portfolio company PAX acquires Dryson

PAX Electro Products, the leading Nordic company within bathroom fans and electrical towel rails, is expanding its customer offering within towel rails through the acquisition of Dryson. Together PAX and Dryson will have the most complete product range on the Swedish towel rail market.

– PAX’s strategy is to offer a broad range of high quality products for an improved bathroom environment. The combination of Dryson’s high-end design product portfolio and PAX’s industrialized processes has a high commercial attractiveness, says Paul Steene, Partner at Litorina Capital Advisors, investment advisors for Litorina Kapital III LP. Further, the acquisition strengthens the growth and profitability potential of the combined entity.

Dryson is a successful niche player within towel rails. The company is located in Karlskrona and has some 15 employees. Dryson’s product offering includes electrical towel rails and water towel rails with varying effects. Revenues have grown strongly during the last years. In 2007 the company had revenues of SEK 21 million while performing high profitability.

For further information, please contact:

Paul Steene
Partner, Litorina Kapital
Tel: +46 70 931 0332
E-mail: paul.steene@litorina.se
Website: http://www.litorina.se/

Litorina Kapital, founded in 1998, is a private equity firm that focuses on acquiring and industrially developing small to medium-sized primarily Swedish companies. Litorina Kapital offers broad and deep expertise via its own organization as well as through its network of industrial advisors. Litorina Capital Advisors AB acts as an investment advisor to Litorina’s third fund, Litorina Kapital III LP, which is currently in an active investment phase. Litorina Kapital is backed by a number of venerable and reputable Swedish and international institutions who have together invested approximately SEK 2,400 million in Litorina Kapital’s three funds. For more information please see www.litorina.se