Direct secondaries firm Verdane exits AppliedSensor

Direct secondaries specialist Verdane Capital and other shareholders have sold their entire stakes in AppliedSensor, according to a statement.

The German-based company, which designs and manufactures chemical gas sensors for automotive, building and industrial products, will be sold to AMS, a Swiss-listed manufacturer of sensor and analogue solutions.

The deal is subject to approval and is expected to be completed in the next four weeks. A Verdane spokeswoman declined to comment on financials details.

Verdane Capital Fund VI acquired AppliedSensor from the early-stage investor Pelago Venture Partners in 2008. It was part of the purchase of a larger portfolio of assets, which included Columbitech, a mobile data security company and Proximion, the Swedish-based provider of optical modules and sub-systems. During the investment period, AppliedSensor’s revenues nearly doubled and EBITDA turned positive, according to the statement.

“We are proud to have helped build a company with reliable and cost-effective products, that major corporations worldwide rely on,” Göran Strandberg, a partner at Verdane Capital Advisors, said in the statement. “The company is now ready for a new phase and we think that AppliedSensor’s gas sensor technology will be complementary to AMS’ expertise in sensor design.”

The firm’s most recent secondaries fund, Verdane Capital VII, closed on SEK1.5 billion ($224 million; £134 million) in 2010. The firm said at the time that the fund will invest in portfolios of unlisted assets in the alternative energy, e-commerce and industrial machinery sectors in the Nordic region. Last year, the firm purchased Nordic Venture Partners I, a Danish fund which is managed by the private equity firm Nordic Venture Partners.

Verdane Capital, formerly known as Four Seasons Venture, is a venture capital and private equity firm that was formed in 1985. It invests in portfolios of direct investments and in selected growing businesses in the Nordic region, according to data from Secondaries Investor’s sister publication Private Equity International. Verdane funds have more than SEK5 billion in committed capital.