June 2005

Financial advisor to Altor Equity Partners in acquisition of Aalborg Industries

ATRIUM acted as financial advisor to Altor 2003 Fund for the acquisition of a majority stake in Aalborg Industries.

After 5 years of ownership, Axcel and FIH sell the share majority (68 %) in Aalborg Industries to the Nordic investment fund Altor 2003 Fund, while LD continues as minority shareholder. Altor sees good opportunities for collaboration with LD and the existing management. The goal in the coming years is to develop Aalborg Industries and further strengthen the company’s position and profitability through several initiatives in product development, production and increased focus on aftersales.

Aalborg Industries is the world’s leading supplier of marine boilers for all types of commercial vessels. Aalborg Industries is an international company with subsidiaries in Denmark, Sweden, Finland, Holland, Dubai, Singapore, Japan, China, Indonesia, Korea, Brazil, Vietnam and the United States. Aalborg Industries had revenues in 2004 of approx. DKK 1.4 bn and employed 1,650 employees.

ATRIUM acted as exclusive financial advisor to Altor and secured a successful takeover through a closed dialogue with Axcel and FIH.