Nordic Capital, the Swedish private equity firm, is buying the 49% it does not already own of Trenor Holding, a Nordic industrial group, from the Trelleborg Group, for Skr1.1bn (€119m.)

Nordic Capital said it plans further acquisitions to strengthen Trenor's position, leading to an initial public offering of the business. No flotation timetable has been announced and Nordic Capital was unavailable for further comment.