Ratos Says Profit Fell, Names Strid Finance Chief
Ratos AB (RATOB), the Swedish private equity firm that failed to attract enough interest for its planned stock-market listing of Bisnode AB, said third-quarter profit fell. The company named Carina Strid as Chief Financial Officer.
Net income declined 27 percent to 304 million kronor ($48.3 million) from 414 million kronor a year earlier after costs increased, Stockholm-based Ratos today said in a statement. Strid will succeed Hans Ekelund, who will leave the firm to set up his own business in the spring next year, Ratos said.
Ratos last month canceled the initial public offering of as much as 52.2 percent of Bisnode, the Swedish media company that includes local newswire Direkt. The sale would have resulted in a gain of as much as 500 million kronor for Ratos.
The Bisnode offering was withdrawn because ``the offering wasn't fully subscribed, the main reason being the volatile situation on the stock market,'' Ratos said. The market turbulence is ``more a matter of a dent in the curve, than a new macroeconomic trend'' and will have a ``limited'' effect on the economy overall, the company said.
Private equity firms such as Ratos invest in companies and try to generate the highest possible returns through active management. Ratos has invested in Inwido AB, a window-maker that completed 14 acquisitions last year, pest controller Anticimex AB and HL Display, a maker of market-display systems. Ratos's investments have a market value of about 30 billion kronor.
To contact the reporter on this story: Niklas Magnusson in Stockholm at firstname.lastname@example.org