Industri Kapital, the Nordic-based private equity firm, has cheered potential investors by returning money via a €135m ($154m) recapitalisation on Fives-Lille, a French engineering company.

Jean-Baptiste Wautier, a managing director of the French team, said the recapitalisation had not been planned when the firm took Fives-Lille private in June 2001. The company had a market cap of €235m at the time.