Swedish small- and mid-cap GP Priveq has acquired Stockholm-based educational audiobook company ILT Inläsningstjänst.
The MBO sees Priveq provide growth capital for ILT's continued expansion, which will be shepherded by the existing management team and board of directors. ILT's management will also re-invest in the buyout and continue as part owners of the company with the board.
Priveq provided capital from commitments to its 2015-vintage Priveq V fund, which closed on SEK 2.3bn in December.
As part of the deal, Keith Fransson and Jacob Dalborg will join the company's board of directors as chair and board member, respectively. Fransson is the former CEO of Hermods, a subsidiary of EQT-owned education provider Academedia, and Dalborg is the current CEO of Bonnier Books.
Based in Stockholm, ILT is a provider of educational audiobooks for students with reading difficulties and disabilities, such as dyslexia, as well as support for immigrant students.
The company had revenues of SEK 55m in 2015. ILT employs a full-time staff of 20 and a further 50 on a project basis.
Priveq – Henrik Westfeldt (partner, investment manager).
ILT Inläsningstjänst – Jakob Skogholm (CEO).
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