Beauty, naturally - IK Investment Partners

news
U P D AT E F R O M I N D U S T R I K A P I TA L I S S U E 1 0 S U M M E R 2 0 0 4
“These factors underpin IK’s disciplined
investment strategy and contribute to our
robust deal pipeline, which looks set to
deliver some exciting deals over the course
of this year.”
viewpoint, page 2
Beauty,
naturally
ORIFLAME COSMETICS’ IPO
SIGNALS NEW OPTIMISM
ROAD TO BETTER
BOARD WORK
NEW RAW MATERIAL
FOR PERSTORP
VIEWPOINT
COMPANY FOCUS: ORIFLAME COSMETICS
Looking ahead:
Exciting deals in
the pipeline
a good start
in 2004. Our portfolio is performing strongly,
we have achieved some highly successful
realisations and our current deal pipeline
looks very promising.
A continued focus on operational
improvements contributed to an aggregate
27 per cent increase in EBITDA across the
portfolio in the first quarter of this year –
over the same period in 2003 – with the
majority of portfolio companies on, or
ahead of, budget.
Portfolio activity has also been lively with
add-on acquisitions for Dyno Nobel, Ceva
Sante Animale, Groupe Fives-Lille and
Fortex; divestments for Telefos and F Group;
and a debt/equity swap for Continental
Bakeries.
At the end of the value chain, IK has
recently achieved three ‘liquidity events’ on
the Stockholm Exchange, returning around
€500 million to fund investors.
In February, we sold our remaining
25 per cent stake in Nobia and in May we
reduced our holding in Alfa Laval from
18 per cent to 8.5 per cent. But the real
highlight of 2004, so far, has been the IPO
of the cosmetics company Oriflame in
March, in which we reduced our ownership
in the company from 39 to 16 per cent.
Looking ahead, we believe the macroeconomic backdrop could be better with
concerns over the oil price, strength of the
dollar, sustainability of growth in China
and, conversely, Europe’s rate of GDP
growth.
But, in our markets, there are some
positives, including the low interest rate
environment, recent enlargement of the EU,
success of the euro, rising levels of M&A
activity and continuing consolidation in
key sectors.
These factors underpin IK’s disciplined
investment strategy and contribute to our
robust deal pipeline, which looks set to
deliver some exciting deals over the course
of this year.
INDUSTRI KAPITAL IS OFF TO
Björn Savén
Chief Executive,
Industri Kapital
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ik news
Success
more than
skin deep
Having undergone a corporate makeover following its delisting
from the London stock market five years ago, Oriflame Cosmetics
has now made a stunning debut on the Stockholm Exchange.
THE SUCCESSFUL FLOTATION of Oriflame
Cosmetics on the Stockholm Exchange in
March this year heralded a long-awaited revival
in Europe’s IPO markets and rewarded five
years of hard work spent developing the
business and preparing the company for the
stock market.
Such was the strength of Oriflame’s track
record and growth profile that the €577 million
offering – the first IPO in the Nordic region for
almost 20 months – was ten times oversubscribed,
with the share price increasing by some ten per
cent on the first day of trading.
“Maybe it can be argued that a strong
company like this is always going to be attractive
to investors,” says Christian Salamon, the Director
who led the transaction from IK’s side. “But
this would not do justice to the meticulous
preparation and team work involved in the
IPO process, its decisive execution, or, most
importantly, the significant restructuring and
development programme which preceded the
company’s re-entry to the public markets,” he
says.
Following the IPO, which valued the
international cosmetics company at over
€1 billion, founders Jonas and Robert af
Jochnick now have a 20 per cent stake in the
company. The Industri Kapital 1997 Fund has
retained 16 per cent.
Firm foundations
Oriflame, which sells its high quality, natural
cosmetics and skin care products through an
independent sales force, was founded by the af
Jochnick brothers in Sweden in 1967.
The company initially focused on markets in
Scandinavia and Western Europe and built its
first manufacturing plant in Dublin in 1979. To
facilitate further expansion in Western Europe
and entry into Asia, Oriflame was listed on the
London Stock Exchange in 1982.
Oriflame Eastern Europe SA (ORESA) – in
which Oriflame took a 26 per cent interest –
was formed in 1990 to access Eastern Europe
and a manufacturing plant was established in
Warsaw in 1995.
Following ORESA’s success in developing its
LONG-LASTING EFFECT: High-quality
skincare cosmetics products and innovative
direct sales methods are a forceful combination.
business in Eastern Europe, Oriflame and
“IK had a track record of successfully taking the
ORESA merged under the Oriflame name in
debt collection company Intrum Justitia private
1997.
from the London Stock Exchange in 1998.
A significant proportion of the newly
They could see Oriflame’s potential and were
combined company’s sales was now derived
committed to working alongside us to build
from emerging markets but the timing of the
and expand the business,” says Robert af
merger was unfortunate, with Oriflame hit hard
Jochnick, Chairman of the Board of Oriflame.
by the economic turmoil which engulfed these
Ahead of the buyout IK became very
markets, particularly Russia, in 1998. The
comfortable with the values and management
situation impacted heavily on Oriflame’s
style of the af Jochnick brothers.
financial and, in particular, stock market
The PTP, launched in 1999, saw IK and the
performance, not helped by the operational
af Jochnick family each take some 40 per cent
challenges wrought by the merger
with its sister company.
“As part of its face-lift, Oriflame initiated a
It became clear that a significant
corporate branding program and launched
restructuring of Oriflame was
several new sales initiatives.”
required. Given the negative
stock market sentiment which
surrounded emerging markets businesses, and
of Oriflame. The outstanding shares were
also small cap companies in general at that time,
retained by the company’s management and
it was felt best that the reorganisation be carried
other investors.
out in the private domain.
“The af Jochnicks headed a strong, dynamic
It is at this point that IK became involved
management team which we could support
with Oriflame, working closely with the af
effectively. We were very pleased to have this
Jochnick family to fund and execute a
opportunity to be involved with Oriflame, to
€450 million public-to-private (PTP) buyout.
become part of the success story, and had a
common view on what needed to be achieved
Rescue remedy
and how,” says Salamon.
With a shared Scandinavian heritage and culture
In 2001, Sven Mattsson was promoted from
and complementary skills and experience, IK
within Oriflame to become the company’s
and Oriflame were natural business partners.
first non-family Chief Executive. Robert af
Jochnick, who had hitherto held the post,
became Chairman.
Cosmetic surgery
Away from the public spotlight, Oriflame’s
management team rapidly implemented a
programme of initiatives designed to reduce
the company’s fixed costs and increase its
operating efficiency and productivity.
“The priority was to work on the company’s
cost structure with the aim of increasing
sales and building a more flexible cost base.
There was also scope for Oriflame to consolidate,
improve its supply chain and make
manufacturing rationalisations,” Christian
Salamon recalls.
A key component in the supply chain reengineering was to bring Oriflame’s production
closer to strategic markets. The company
therefore ceased manufacturing in Dublin in
2000, transferring a major part of it to its Polish
plant.
Meanwhile, selective market expansion took
Oriflame into Georgia, Thailand, Kazakhstan,
Serbia and Montenegro. In 2002 Mongolia was
added to Oriflame’s international coverage,
followed by Vietnam, Armenia and Moldova
last year. Currently Oriflame plans to penetrate
Lebanon and is preparing to begin selling
in China in the near future. Altogether the
company currently has sales, under the
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3
COMPANY FOCUS: ORIFLAME COSMETICS
“Once back firmly on the path to growth, it was then a relatively
short step to achieving the ambition of listing in Stockholm.”
Oriflame brand name, in 54 countries.
With regard to its existing markets, Oriflame
has seen particularly strong growth in its business
in the CIS region* over the last three years
and has rapidly expanded its business in Asia.
It has also made strategic exits from certain
loss-making markets such as Malaysia,
Germany and Brazil.
Vanishing cream?
As part of its face-lift, Oriflame also initiated a
corporate branding program and launched
several new sales initiatives. It also focused on
expanding and developing its comprehensive
product portfolio. This now comprises some
520 items, including some 180 new or improved
products which were on the launch pad for
2004.
On the M&A front, last year Oriflame sold
its ACO business. It was identified as ‘non-core’
since its products are sold primarily through
Nordic pharmacies, whereas Oriflame is
focused on direct sales.
Several strategic acquisitions have been
made, including the purchase of Silver Oak
Laboratories – an Indian cosmetics
manufacturing facility based in New Delhi –
in 2001, and Nordium, which has production
facilities in Ekerö, Sweden, last year.
Oriflame is also building a new manufacturing
and distribution centre in Russia which is due
for completion in 2005. This will complement
Oriflame’s expanded Polish and recently
acquired Swedish facilities. The company
also has plans to establish a local
manufacturing operation in China.
Well in advance of the IPO, thorough
internal management preparations also
needed to be carried out at Oriflame with
adjustments to its corporate governance
structure and company policies to suit its
approaching status as a listed company.
Oriflame also strengthened the composition
of its board.
Performance improvements
From this intensive programme of operational,
structural and strategic change has emerged a
much better aligned, flexible and responsive
organisation with greatly improved levels
of customer service and supplier delivery
performance. This has, in turn, led to lower
distribution costs per unit and increased margins.
Further, Oriflame’s improved cost base,
stronger cash flows and focus on fast-expanding
emerging markets and product segments where
the company can secure strong market positions,
have also shown through in its financial
performance. Sales increased from €333 million
in 1999 to €652 million in 2003 while operating
profits rose from €42 million to €114 million
last year.
As a private entity, supported by its founders
and IK, Oriflame’s management was able to
successfully restructure and revitalise the
company. Once back firmly on the path to
growth, it was then a relatively short step to
achieving the ambition of listing in Stockholm.
“For us, one of the best aspects of this
investment is that throughout the buyout and
restructuring process we all had common goals
and a cohesive view of how the various actions
should be coordinated and
implemented to best achieve
these goals,” Christian
Salamon concludes.
*CIS region includes Armenia,
Azerbaijan, Georgia, Kazakhstan,
Moldova, Mongolia, Russia and
Ukraine.
Sales and operating
margin 1999–2003
Sales (€ million)
Operating margin (%)
652
544
447
395
333
The af Jochnick brothers founded Oriflame in 1967.
IK Director Christian Salamon is flanked by, on the
left, Jonas af Jochnick, and, on the right, Robert
af Jochnick. In 2001, Sven Mattsson, top right,
was promoted to become the company’s first
non-family Chief Executive.
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12.6%
1999
13.9%
2000
17.7%
17.5%
2002
2003
15.5%
2001
Oriflame’s attractive
business model
Oriflame’s product portfolio consists
of approximately 520 products. The
products are marketed using the
concept “natural Swedish cosmetics”,
highlighting the company’s Swedish
heritage and emphasising natural
ingredients. The portfolio encompasses
skincare products, color cosmetics,
fragrances and toiletries as well as
non-cosmetic products such as bags
and jewellery. The products are sold in
54 countries using an independent
sales force, outside of the traditional
retail environment. This provides a
low-cost and efficient method of
distribution. The strong sales culture,
compensation structure and affordable
product range provide attractive
opportunities for the sales consultants,
as demonstrated by the consistent
growth of the sales force.
Some interesting facts:
• Brand recognition for Oriflame’s
cosmetics products among women
between the ages of 18 and 45 in
Russia and Ukraine is 65 and 73 per
cent, respectively (in 2003).
• Oriflame was one of the first direct
sales companies in many of the
countries in which it operates. This
early entry has given Oriflame firstmover advantages and created a
strong and loyal core sales force and
solid brand image in many key markets.
• Oriflame has entered into 34 countries
since 1990.
• Average number of sales consultants
in 2003: 1.4 million.
• In 2003, Oriflame printed over 64
million copies of its product catalogue
in 35 different languages.
BOARD WORK STRATEGY
Efficient board work on the agenda
Boards of IK’s portfolio companies
are in general well functioning,
but some areas of improvement
have been identified, reflects IK’s
Gerard De Geer.
months IK, with the help
of an external consultant, has carried out a
study aimed at reviewing IK portfolio company
board work and dynamics.
IK News talks to Gerard De Geer, IK’s
Director of Operations and Business Control,
who is responsible for the project.
DURING THE LAST FEW
Why did you initiate the project?
Efficient board work is one of the most important
tools in our value creation process and it is
essential that we are best in class when it comes
to this. We therefore decided to conduct a study
to find out if we are optimising the way we are
working in our portfolio company boards. We
also wanted to investigate whether there are
areas for improvement.
What do you want to achieve with this
project?
The findings from the study will serve as
groundwork for establishing best practise for
board work within the IK Group.
How was the study conducted?
Gerard De Geer is developing board work guidelines
to be implemented in the autumn.
In this first round of the study we approached a
representative sample of eight companies from
our portfolio. The information gathering was
carried out through personal interviews with
board members and portfolio company Chief
Executives, conducted by the consultants.
What were the major findings of the study?
On an aggregated level, our boards seem to
be well functioning. However, some of our
hypotheses regarding areas of improvement were
confirmed. We will, for example, be working on
bridging the information gap between IK board
members and external board members in the
beginning of our ownership period. We will
also review the composition of the boards in
order to make sure that we have the relevant
competencies available for each company.
Committee work is also one potential area of
improvement we will further look into.
What are the next steps?
We are currently developing board work
guidelines which will take into account
both the board audit findings and external
development within corporate governance.
These guidelines, which of course always need
to be adapted to local laws and regulations,
will be implemented in the autumn. We are
also reviewing if and when we will conduct a
study of our remaining companies.
RULES & REGULATIONS
New merger regulation saves time and costs
A ‘one-stop-shop’ transaction clearance function is key among the
EC Merger Regulation (ECMR) reforms, presented by the European
Commission in May.
1 MAY 2004 saw not just the accession of ten new
Member States to the European Union but also
the introduction of a reform of the EC Merger
Regulation (ECMR) and important changes to
the Commission’s working
practices. The new mergercontrol system is designed to
promote greater efficiency
and flexibility.
Key among the ECMR
reforms is the ability for
parties to pre-clear deals. It
is now possible to notify on
the basis of a ‘good faith
intention’ to enter into a
deal (e.g. a letter of intent)
Krister Holmberg
rather than as in the
Corporate Counsel,
past having to wait with
Industri Kapital
submitting the notification until the signing of
a binding agreement.
One of the acknowledged strengths of the
ECMR is its ‘one-stop-shop’ transaction
clearance function. Under the old
regime, cross-border transactions
falling beneath the ECMR thresholds
often had to be notified in several
different jurisdictions. Under the new
rules, parties are now able to make
a pre-notification request to the
Commission to take over the case
from the national authorities if the
transaction otherwise would have
been notifiable in three Member
States.
Another important change is to the
substantive test for assessing mergers.
Previously based on individual or joint
‘dominance’, the Commission will now consider
whether a deal ‘significantly impedes effective
competition’ in the common market or a
substantial part of the common market. A
merger in a market with a few large players
probably risks being prohibited even in the
absence of clear market leadership.
Welcome news for IK is that the ECMR
reforms have now extended short-form filing
to all ‘unproblematic’ cases. This makes the
formal notification requirements a far less
onerous task. However, the time limits for the
Commission’s assessment have been somewhat
prolonged.
Generally, the ECMR reforms have been
well-received within the private equity
community and are expected to result in time
and cost savings for most firms involved in EC
exchanges. Inevitably, however, the process will
take time to bed down with a fair few anomalies
and uncertainties until some Commission
precedents (in particular as to the new
substantial test) have been set.
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5
PORTFOLIO COMPANY NEWS
Environmental benefits as Perstorp switches from oil to natural gas
A few weeks ago the extended
natural gas pipe line between
Göteborg and Stenungsund
was inaugurated by Sweden’s
Minister for Industry and Trade,
Leif Pagrotsky. This was an
important event for Perstorp
Oxo as it marks the beginning
of the use of a new raw
material for the company –
natural gas.
While Perstorp’s partner in this
project, Nova Naturgas, has built
the new pipeline from Gothenburg
to Stenungsund, Perstorp has
made a number of changes
inside its plant in order to
provide for delivery of the new
raw material.
Natural gas will replace 60,000
tons of heavy oil as process raw
material for Perstorp Oxo.
“The utilisation of natural gas
as a raw material will increase
our competitiveness, while
simultaneously creating significant
environmental benefits,” said
Lars Lind, Managing Director of
Perstorp Oxo.
By replacing heavy oil with
natural gas, the emission of
sulphur and nitrogen will be
substantially reduced. Another
environmental benefit is that the
need for approximately 30
ship-borne deliveries of heavy oil
to the harbour of Stenungsund
each year will be eliminated, as
the natural gas will be delivered
by pipeline.
“Another benefit provided by
this product is that it will give us
an opportunity to engage in
captive production of hydrogen
gas. This will make our production
less vulnerable to disruptions
affecting other parts of the petrochemical complex,” said Lars Lind.
“A secure and reliable energy
supply is a condition for achieving
our goals for employment and
welfare while at the same time
protecting the environment,”
said Leif Pagrotsky in his speech.
“I will therefore work to promote
the usage of natural gas.”
The Perstorp Group is part of
Sydsvenska Kemi, which is
controlled by the Industri Kapital
2000 Fund. The Perstorp Group
holds leading positions within
NATURAL ENERGY: Leif Pagrotsky, Sweden’s Minister for Industry and Trade,
opens a road barrier with an entry card, before inaugurating the natural gas line.
Lars Lind, Managing Director Perstorp Oxo, to the right.
specialty chemicals and materials
technology. Customers are mainly
active in the coatings, plasticprocessing and automotive
industries. Perstorp reported
sales of approximately €630
million in 2003 and has some
2,200 employees.
F GROUP sells consumer financing business
Enermet receives large order from Sydvest Energi
F Group, the Danish brown
goods retailer, has sold its
consumer financing subsidiary
Dan-Aktiv to Credit Agricole
for DKK 394 million.
The Danish energy utility
Sydvest Energi has ordered the
largest automatic energy
metering system (AMR) to be
delivered in the Nordic market
to date, from Enermet.
In addition, Credit Agricole
assumed DKK 575 million of
interest-bearing debt related to
Dan-Aktiv. The agreement
between F Group and Credit
Agricole means that F Group will
continue to receive provisions
from consumer financing
activities occurring in F Group
stores. The remaining consumer
financing activities in F-Finans
will gradually be realised. Through
the transaction F Group’s
financial leverage has been
significantly reduced.
Going forward, F Group will
focus on its retail activities –
FONA and Electric City – in
accordance with the original plan
established at the time of the
merger between Fona Gruppen
and Fredgaard in 2001.
The system includes all 156,000
customers of Sydvest Energi and
its value is over €21 million.
System delivery continues until
the end of 2007.
Sydvest Energi is located in
Jylland and its distribution area
covers the south-west of
Denmark. This deal is a significant
opening in the Danish market for
Enermet.
Enermet is one of the world’s
leading suppliers of energy
metering and load management
solutions. Enermet has some 300
employees and reported sales of
approximately €80 million in 2003.
Enermet is controlled by the
Industri Kapital 1994 Fund.
Telefos sells Validation
Telefos has sold Validation,
one of its four remaining
businesses, to TeliaSonera
and WM-data.
FOCUSING: F Group is Denmark’s largest brown goods retailer with annual
sales of approximately €280 million. The Industri Kapital 1997 Fund holds a 37
per cent stake in F Group through FGH A/S.
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TeliaSonera acquired Validation’s
Business Area Net in order to
secure strategically vital expertise
within the fields of quality
assurance, validation, and
configuration, while WM-data
strengthened its telecom
operations through the acquisition
of Validation’s IT operations.
Following the divestiture of
Validation, three businesses
remain within the Telefos
Group: Swedia Networks,
Teleadress and Multicom
Security. The Industri Kapital
2000 Fund controls 51 per
cent of Telefos.
PORTFOLIO COMPANY NEWS
PERSONNEL
Dynea and Metafrax join forces in Russia
New recruits
Dynea Chemicals Oy (Finland)
and JSC Metafrax (Russia)
have established a jointly
owned company, which will
operate under the name Z.A.O.
MetaDynea. The new company
aims to ensure the availability
of high quality adhesives for
the manufacture of wood
based panels, for other wood
working industries and
various industrial applications.
Tina Jost Jensen
Danish
Assistant, Danish/Norwegian team
Based in London
MetaDynea is building a new
resins plant in Gubakha, in the
Russian Perm region. The plant,
which is expected to start
production in Q3 2004, will
produce urea and melamine
resins, based on Dynea
technology, for the rapidly
growing woodworking industries
of Russia and its neighbouring
countries.
“MetaDynea supports both
Dynea’s and Metafrax’s longterm strategies. Thanks to our
combined resources, we have
an excellent platform from which
to continuously develop our
services to our customers in
the Russian and neighbouring
markets,” says Mr Joni
October
Next issue of IK News
Katja Vatanen
Swedish
Assistant, Finnish team
Based in Stockholm
CALENDAR
19 October
Investor Advisory Committee
Meeting, London
PLATFORM IN RUSSIA: Roger Carlstedt, President and CEO of Dynea (in
centre of picture), shaking hands with the company’s new joint venture partner's
representatives, Mr Vladimir A. Daut, General Director and Mr Armen G. Garslyan,
Chairman of the Board of Directors, JSC Metafrax.
Lukkaroinen, Chairman of the
Board of Z.A.O. MetaDynea.
The company’s head office is
located in Moscow. All of Dynea’s
business activities in Russia have
been incorporated into Z.A.O.
MetaDynea, which will also act
as the Russian distributor for
Dynea’s other products.
Dynea is a leading provider of
global adhesion and surfacing
solutions to the woodworking
industry as well as for a wide
range of other industrial
applications. Dynea employs
some 3,200 people and has an
annual turnover of approximately
€1 billion.
9 December
Investor Meeting, London
Industrial Advisory Board
Meeting, London
During December
Annual Update distributed to
investors
30 September 2004 Reports,
including Valuations distributed
to investors.
TRANSACTIONS
Industri Kapital sells Groupe Fives-Lille to Barclays Private Equity France
The Industri Kapital 2000 Fund
has signed an agreement
regarding the sale of its stake
in Groupe Fives-Lille (“GFL”) to
Barclays Private Equity France
and GFL’s management.
GFL was acquired by IK through
a public-to-private on the Paris
Stock Exchange in February
2001. The successful shift from
manufacturing to pure play
engineering combined with
strategic focusing on core
activities allowed GFL to more
than double its operating profit
under IK’s ownership. This
strong performance supported
the company’s recapitalisation
in 2003.
“We are delighted that the
management team consistently
exceeded the plan and our
expectations. GFL is IK’s first
realisation in the French
market and demonstrates
our ability to generate
superior returns on a
pan-European basis,”
said Christopher Masek,
Director of IK.
Frédéric Sanchez,
Chairman of Fives-Lille’s
Executive Board
comments: “With Industri
GFL produces equipment for the automotive
Kapital’s support and
industry.
active involvement,
Groupe Fives-Lille has
Fives-Lille looks to the future
been significantly transformed
with optimism and confidence.”
over the last three years. Its
GFL is a leading international
organisation has been simplified
industrial engineering group,
and restructured around four key
which designs and produces
areas of business, its competitive
equipment, primarily for the
positioning has been significantly
aluminium, automotive, steel
reinforced, its international
and cement industries. In 2003,
development has accelerated
the group had sales in excess
and operating profitability has
of €700 million.
strongly improved. Groupe
Industri Kapital reduces
its shareholding in Alfa
Laval
In May, the Industri Kapital 2000
Fund sold 10,500,000 shares in
Alfa Laval to a range of Swedish
and international institutional
investors, corresponding to 9.4
per cent of the total number of
shares and votes in Alfa Laval.
The shares were sold at a price
of SEK 111 per share, generating
proceeds of approximately €125
million for the fund’s investors.
The Industri Kapital 2000 Fund
thereby reduced its shareholding
from 17.9 per cent to 8.5 per
cent. The sale was managed by
Enskilda Securities and Credit
Suisse First Boston.
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7
WEBLINKS
www.industrikapital.com
www.fortex.nl
www.alfalaval.com
www.gardena.com
www.arcasystems.com
www.haust.nl
www.ceva.com
www.intrum.com
www.citylink.se
www.labeyrie.com
www.consolis.com
www.laho.fr
www.cpscolor.com
www.macgregor-group.com
www.dynea.com
www.oriflame.com
www.dynonobel.com
www.perstorp.com
www.elektrokoppar.se
www.superfos.dk
www.enermet.com
www.telefos.se
www.fgroup.dk
www.vsmgroup.com
www.fiveslille.com
www.welzorg.nl
IK News is published three times a year by Industri Kapital Limited, Brettenham House, 5 Lancaster Place, London WC2E 7EN, England. © 2004 Industri Kapital Limited.
All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic,
mechanical, photocopying, recording or otherwise, without the prior permission of Industri Kapital Limited. Editor: Anne Holm Rannaleet. Assistant editor: Maria Nilsson.
Cover photo: Annika Vannerus/Tiofoto Production: Åkesson & Curry AB, Sveavägen 62, SE-111 34 Stockholm, www.akessoncurry.com.
www.industrikapital.com