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Press Release

2004-12-2

Industri Kapital and Gambro divest MacGREGOR to Kone Corporation

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Industri Kapital and Gambro are divesting the co-owned marine cargo company MacGREGOR to Kone Corporation for an enterprise value of approximately SEK 1,650 million (€186 million). MacGREGOR will be integrated into the Kone Cargotec division.

“MacGREGOR has made a remarkable turn-around after the difficult years in the shipping industry. The company’s growth over the last few years has been driven both by value enhancing measures implemented throughout the operations, management and organisation of the group as well as by the recent upturn in the industry. The management team of MacGREGOR, headed by Hans Pettersson, has done an excellent job in transforming the company and expanding its operations into the important Asian region.The combination with Kone Cargotec follows a clear industrial logic and the two companies complement each other very well”, says Michael Rosenlew, Partner at Industri Kapital.

“MacGREGOR is now ready to take further steps forward. Kone Cargotec will provide an environment where MacGREGOR can continue to develop and grow”, says Hans Pettersson, CEO of MacGREGOR.

Industri Kapital acquired a 60 per cent stake in the MacGREGOR Group from Incentive (now Gambro) in 1998. Gambro retained a 40 percent stake in the company.

The transaction is subject to approval from relevant competition authorities.

For more information, please contact

Michael Rosenlew, Partner, Industri Kapital, +46 8 678 95 25
Maria Nilsson, Press co-ordinator, Industri Kapital, +46 8 678 95 51, +46 70 378 95 51

About Industri Kapital

Industri Kapital is a European private equity firm with Nordic roots, managing close to €4 billion in fund commitments from Nordic, European and international institutional investors. Since 1989, Industri Kapital has acquired 48 European companies. The current portfolio encompasses 26 companies with a total turnover exceeding €9 billion.

www.macgregor-group.com

About MacGREGOR

The MacGREGOR Group is the global market leader in providing marine cargo flow solutions and service for ship-owners, ship operators and shipyards. The products include hatch covers, cranes, RoRo equipment, shipboard elevators and escalators, galleys, cargo securing systems and refrigeration systems. In 2003, the Group achieved net sales of approximately SEK 3.2 billion and employed approximately 1,000 people.

www.macgregor-group.com

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