3i, Europe's leading venture capital and private equity company, has signed an agreement to acquire Skanska Modul from Skanska for £26 million (SEK 361 million).

The transaction includes the Temporent and Flexator business units. The acquisition is subject to approval from the relevant competition authorities.

Skanska Modul is a market leader in Sweden in manufacturing and letting prefabricated premises. The companies'' estimated turnover for 2005 is £35.5 million (SEK 480 million) and it employs 200 staff. The company has been divided into three business lines: Temporent (renting out temporary premises like offices, schools and nurseries), Flexator (manufacturing prefabricated buildings) and Skanska Modul (customer financing). 

Gustav Bard, Managing Director, 3i Nordic, said: "Skanska Modul Group has a good business model and has great opportunities for growth in this profitable sector. 3i is going to work actively with the new board for Skanska Modul''s further expansion."

Lars Erik Blom, Investment Director, 3i Nordic, commented: "We find that the  construction business is in upswing and prefabricating within it is rising. Temporent and Flexator are already among the market leaders in Sweden and with 3i''s backing they are going to further strengthen their position elsewhere in the Nordic countries."

3i is introducing Mats Mared as the new Chairman for Skanska Modul. Mared has genuine experience in the sector, as he has worked for Skanska for 30 years. Additionally he has been Managing Director for the stock exchange listed company Drott AB.