Tag Archives: Industrie

Transaction closed: Nordic Capital is the new majority owner of IoT and wearable disruptor ProGlove

Nordic Capital
  • ProGlove set to commence major software initiative and increase its market presence in new and existing geographies
  • New ownership will support ProGlove’s ambitious growth strategy with a focus on innovation and new applications

ProGlove, a leader in wearable barcode scanners, and Nordic Capital, a leading European private equity investor, today states that ​the transaction previously announced on May 4 has now been completed and Nordic Capital has become the majority owner of ProGlove.

Nordic Capital’s strategic investment will help ProGlove sustain its objectives to further enhance its entire product development, acquire new talent and accelerate its global expansion. ProGlove is a pioneer in wearable barcode scanners that are built upon a platform approach. The company’s technology improves human-machine collaboration by connecting shopfloor workers to the Internet of Things. This drives the digitalization across the shop floor to improve efficiency, throughput and worker well-being. ProGlove’s solutions are rapidly adopted in critical industries such as logistics, warehousing, post & parcel, retail, e-commerce and manufacturing.

The company’s latest innovations include a new multi-range barcode scanner, a new entry level product and new functionalities for its groundbreaking industry analytics solution Insight.

“Our knowledgeable staff works hard to redeem the opportunities in our growing market environment”, said Andreas Koenig, CEO for ProGlove. “Nordic Capital’s investment will help us drive key initiatives to sustain our ambitious goals. A first share of the investment is earmarked to fund new office locations in strategically important markets and to elaborate on a substantial extension of our software solutions. Along those lines we will focus on the analysis and the use of data to improve processes for organizations and workers alike.”

“The ProGlove team’s expertise and dedication are really inspiring and a great base for further growth”, added Andreas Näsvik, Partner and Head of Industrial & Business Services, Nordic Capital Advisors. “Nordic Capital is thrilled to support ProGlove’s further journey and to extend their offering in wearable barcode scanning.”

The investment in ProGlove has been made by Nordic Capital X. ProGlove’s founders and management will remain minority owners.

 

Press contacts: 
ProGlove
Axel Schmidt, Senior Communications Manager
T: +49-89262035036
e-mail: press@proglove.com

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About ProGlove

ProGlove is a World Economic Forum Technology Pioneer and builds the smallest, lightest, and toughest barcode scanners in the world. ProGlove’s industrial wearables connect the shopfloor worker to the Internet of Things. The wearables combined with ProGlove’s industry analytics software platform promote human-machine collaboration and drive the digitization across the shopfloor. ProGlove’s customers include some of the most iconic global industrial brands, pioneers and innovators in manufacturing and production, logistics and warehousing, retail and e-commerce, and post and parcel. Founded in 2014, the company employs more than 300 people from over 30 countries with offices in Chicago, Munich (Germany), and Belgrade (Serbia). Learn more at www.proglove.com.


About Nordic Capital
Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 20 billion in over 125 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

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Gimv takes a significant interest in Picot, an industrial group active in the production of gates & fencing and provider of fencing solutions

GIMV

Topic: Investment

Gimv acquires an interest of approximately 30% in Picot, which was born out of the French market leader Dirickx and is expanding in France and other regions in Europe. With Gimv joining alongside the current shareholders and management, the strategy of internal growth and acquisitions will be continued with a view to building market leadership in Europe.

Picot (Congrier – Fr, www.dirickx.fr) produces fencing and gates, distributes its products through various channels to the private and corporate markets, and is also active in the installation of fencing solutions. In the French market, Picot is the market leader and has several production units; internationally, the group has branches mainly in Sweden, Poland, the Netherlands and Italy. At the end of 2021, Picot had a turnover of EUR 212m and employed 926 people.

The renewed strategy around French Dirickx was set in motion in 2017 with the acquisition of the company by Robur Capital together with co-investor Telesco. The company has now doubled in size by broadening its product range, tapping new geographical markets and making a whole series of selective acquisitions. With the entry of Gimv, Picot wishes to continue and strengthen this strategy in France and in several European countries.

Wim Deblauwe, CEO of Picot, says: “Since 2017 Picot group has grown from a strong player mainly in France to a European position, through a sophisticated strategy of product innovation, customer focus and targeted acquisitions. We are ready to push through to the position of European market leader and are extremely pleased to find a partner in Gimv who endorses our industrial vision and can help us with the further expansion of Picot.”

Eric de La Vigne, Principal Smart Industries, comments: “Picot is a model of industrial dynamism that we are thrilled to accompany. As a minority investor, we are perfectly in line with the path mapped out by the existing shareholders and are strengthening the foundation with them and the management in particular.”

Tom Van de Voorde, Managing Partner of Smart Industries team, added: “The industrial and technical knowledge, together with the customer focus of the entire company, drives the Picot group forward and shows that industrial companies with the right vision have a bright future. In addition, the will to continue the roll-up in the sector, supported by a stronger capital base, makes the growth potential of this investment very attractive.”

This new investment becomes part of Gimv’s Smart Industries platform, aimed at companies providing B2B products and services, based on value creation through engineering and technology.

 

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Renta acquires Lohke

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) is significantly strengthening its position in Denmark through the acquisition of Lohke Materieludlejning A/S (“Lohke” or “the Company”). Lohke is a general rental company, with five depots located in the capital region, Esbjerg and Aarhus. The Company has more than 90 employees and annual revenues of approximately DKK 200 million.

Renta entered Denmark organically in 2021 and with this acquisition, Renta will become the fourth largest general rental company in the Danish market.

Continued strategy execution – an excellent fit for Renta

The acquisition is a natural step in Renta’s strategy to strengthen its position and grow in Northern Europe. Following the acquisition Denmark will become a sizeable segment further diversifying operations and making Renta truly pan-Nordic.

Lohke’s local and lean business model as well as its strong track record of profitable growth makes it an excellent fit for Renta. Lohke will continue to serve its customers with the same local approach and high-quality services as before, while further benefitting from implementing Renta’s cutting edge digital solutions. The strong market position and experienced management team create a solid foundation for continued growth in Denmark.

Kari Aulasmaa, CEO of Renta Group, said: “Lohke is an excellent fit for us as it has grown profitably while maintaining a local touch to business. It’s a platform with a strong market position, a presence in attractive parts of the country and a reputation of providing high-quality services appreciated by its customers. We are thrilled to join forces with the Lohke -team and look forward to the journey ahead.”

Carsten Lohmann, CEO of Lohke, said: “We have been looking for a partner to help us further develop our business and we are happy to say that Renta is the perfect match for us. Renta entered Denmark recently but the management and most of the employees are very experienced rental professionals. Renta has access to capital and products which we previously didn’t have and importantly, Renta shares the same values that we have followed for the past 16 years. We have been working hard on digitalizing Lohke for the past years and are thrilled to get access to Renta’s top-notch digital solutions. With the digital capabilities we will be able to further develop our business helping both employees and customers in terms of “work smarter not harder”. Lohke has a solid customer base, a good reputation and deep knowledge of the Danish rental market. I’m certain that together with Renta we will become even stronger and with time become the preferred partner for customers on the Danish rental market.”

For more information, please contact:

ir@renta.com

or

Kari Aulasmaa, CEO Renta Group Oy
+358 40 511 6445
kari.aulasmaa@renta.com

Legal Disclaimer

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding Renta or any of its affiliates’ future financial position and results of operations, their strategy, plans, objectives, goals and targets, future developments in the markets in which they participate or are seeking to participate or anticipated regulatory changes in the markets in which they operate or intend to operate. In some cases, these forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “projected,” “should,” or “will” or the negative of such terms or other comparable terminology.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that Renta or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this press release. In addition, even if Renta’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

About Renta Group

Renta Group Oy is a Finnish construction-machinery and equipment-rental company founded in 2015. Renta has operations in Finland, Sweden, Norway, Denmark and Poland, with over 100 depots and more than 1,000 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a significant supplier of scaffolding and weather-protection services. For more information, visit www.renta.com

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About Lohke

Lohke is a Danish machinery and equipment rental company founded in 2006. The Company has five depots and more than 90 employees. Lohke is a general rental company serving a large group of customers in different sectors with a wide range of equipment and services. For more information, visit http://www.lohke.dk/

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Nordstjernan invests in engcon, the world’s leading manufacturer of tiltrotators

Nordstjernan

Nordstjernan has made a commitment to invest in the industrial company engcon. engcon is the world’s leading manufacturer of tiltrotators with a global market share of approximately 45 percent. The company was founded in 1990 with the ambition to change the world of digging through product innovation and focus on end-users. engcon develops innovative value-creating and sustainable solutions that contribute to increased resource efficiency, safety and profitability.

During the 12-month period ended March 31, 2022, engcon’s revenues amounted to SEK 1,571 million and adjusted operating profit to SEK 351 million, corresponding to an adjusted operating margin of 22.3 percent.

Nordstjernan’s investment amounts to approximately SEK 350 million, corresponding to 5 percent of the company’s shares, and will be carried out in connection with the listing of engcon on Nasdaq Stockholm.

“I am excited that Nordstjernan, as a long-term actor, has chosen to invest in engcon in connection with the listing and look forward to continue to develop the company with their support,” says Stig Engström, founder and main owner of engcon.

“Nordstjernan have been following engcon for a long time and are now very pleased to invest in the company in connection with its listing. Within our Industry sector, Nordstjernan’s strategy is to invest in well-managed industrial companies with long-term global growth potential. We can see that engcon fits in very well with this and look forward to supporting the company over the long term,” says Nordstjernan’s CEO Peter Hofvenstam.

Peter Hofvenstam
President and CEO
Nordstjernan AB

 

 

 

Questions will be answered by:

Peter Hofvenstam, CEO, Nordstjernan
E-mail: peter.hofvenstam@nordstjernan.se

Stefan Stern, Head of Communications, Nordstjernan
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se

  

Nordstjernan is a family-controlled investment company whose business concept is to be an active owner that creates long-term value growth. More information about Nordstjernan can be found on www.nordstjernan.se.

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Renta acquires Uprent

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire SIA Uprent Group (“Uprent” or “the Company”), a leading specialised pumping company providing dewatering and bypass solutions in the Baltics and Poland. The Company has 13 depots across Latvia, Lithuania, Estonia and Poland. Headquartered in Latvia, Uprent has more than 100 employees and annual revenues of approximately EUR 11 million.

The acquisition marks a continuation in Renta’s strategy to be a leading equipment rental company in Northern Europe. Renta will enter specialised pumping, which is an attractive and sizeable rental niche, especially in Poland and the Baltics, where pumping is typically required on construction sites due to wet soil conditions. Geographically, Renta will strengthen its position in Poland and gain entry to the Baltics, further broadening its presence in Northern Europe.

Uprent is an excellent fit with Renta as it is a professionally managed, high-quality company, with strong profitability and leading market positions. Similar to Renta, the Company has a lean structure and country-driven organisation. Uprent will continue to operate and provide services with the same well-functioning local business model as before. Renta sees significant potential in growing the business in Uprent’s current markets and further scaling operations by expanding specialised pumping into the Nordics, benefitting from Renta’s existing presence.

Kari Aulasmaa, CEO of Renta Group, said:
“We consider specialised pumping a highly attractive niche rental segment, where Uprent is the clear market leader in the Baltics and Poland. We are very delighted to join forces with this high-quality company where we see a talented team and significant further growth potential.”

Martins Egle, CEO at Uprent, said:
”We are genuinely glad to become a part of Renta Group, which adheres to highest operational standards and has ambitious future plans. We consider this transaction as a high evaluation of our success until today. Being aligned with Renta Group in the future provides us with excellent opportunities to expand geographically and to further develop our product range, technical capabilities and professional expertise.”

For more information, please contact:

ir@renta.com

or

Kari Aulasmaa, CEO Renta Group Oy
+358 40 511 6445
kari.aulasmaa@renta.com

Legal Disclaimer
This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding Renta or any of its affiliates’ future financial position and results of operations, their strategy, plans, objectives, goals and targets, future developments in the markets in which they participate or are seeking to participate or anticipated regulatory changes in the markets in which they operate or intend to operate. In some cases, these forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “projected,” “should,” or “will” or the negative of such terms or other comparable terminology.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that Renta or any of its affiliates’ actual results of operations, financial condition and liquidity, and the development of the industries in which they operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this press release. In addition, even if Renta’s or any of its affiliates’ results of operations, financial condition and liquidity, and the development of the industries in which they operate, are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

About Renta Group

Renta Group Oy is a Finnish construction-machinery and equipment-rental company founded in 2015. Renta has operations in Finland, Sweden, Norway, Denmark and Poland, with over 100 depots and more than 1,000 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a significant supplier of scaffolding and weather-protection services. For more information, visit www.renta.com

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About Uprent

Uprent, is a leader in specialised pumping in the Baltics and Poland, providing dewatering and bypass solutions for construction, water management and manufacturing companies. In addition, the Company provides dredging and trench shoring solutions. Uprent is headquartered in Latvia, with operations in Latvia, Lithuania, Estonia and Poland. The Company has 13 depots and more than 100 employees. For more information, visit www.uprent.eu/en/home/

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Audax Private Equity Announces Strategic Investment in Thermogenics

Audax Group
JUN 02, 2022

Audax Private Equity (“Audax”) today announced it has acquired Thermogenics, Inc. (“Thermogenics” or the “Company”), a leading North American provider of boiler service & maintenance, equipment sales and rentals, from Ironbridge Equity Partners and certain other minority investors. Financial terms of the transaction were not disclosed. Thermogenics represents the first investment by Audax’ Origins Fund I.

Headquartered in Ontario with operations in Canada and the US, Thermogenics specializes in providing complete boiler lifecycle solutions to a diverse set of commercial and industrial customers and end markets. To complement its service-driven business model, the Company designs and manufacturers differentiated, energy efficient boilers with proprietary coil-tube technology, and provides best-in-class parts and maintenance services through its highly-trained team of technicians.

Ross Garland, CEO of Thermogenics, commented, “We are thrilled to be partnering with Audax as we enter an exciting new chapter in our history. This investment will help Thermogenics accelerate growth and expand its boiler product and service offerings to customers. Partnering with Audax will only enhance our ability to continue doing what we do best – providing trusted solutions to our clients.”
“We are excited to partner with Ross and the rest of the Thermogenics management team to accelerate the growth of the Company and build upon their success as a best-in-class provider of boiler solutions,” said Greg Smith, Managing Director at Audax Private Equity.

“Led by a world-class management team, Thermogenics has developed an excellent reputation within the industry as the premier provider of coil-tube boiler products, parts and services,” said Don Bramley, Managing Director at Audax Private Equity. “We believe Thermogenics’ high-quality product and service offerings and loyal customer base complement our portfolio of industry leading companies.”

Solomon Partners served as financial advisor to Audax and KeyBanc Capital Markets served as financial advisor to Thermogenics. Kirkland & Ellis and Blakes served as legal counsel to Audax and Davies served as legal counsel to Thermogenics.

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Gimv further invests in industrial automation and becomes majority owner of workpiece carrier specialist Variotech

Topic: Investment

Variotech is Germany’s leading manufacturer of innovative workpiece carriers, which are primarily used in fully automated manufacturing processes for transporting and handling components of various forms and sizes. The company’s customized products predominantly comprise reusable, exceptionally durable workpiece carriers that are manufactured almost exclusively from recycled materials by thermoforming.

Established in 1998, Variotech (www.variotech.de), which is headquartered in Nordhorn/Lower Saxony, has developed into a successful automation technology specialist in recent years. Variotech’s products are not just critical for transportation within or between sites, but are in particular supporting automated operations during optimised production processes by using individual geometries. Sensitive workpieces such as PCBs or electrical sensors can be safely stored, transported, and precisely positioned. High packing density, stability, torsion resistance and electrostatic discharge are just some of the system’s key attributes and product benefits.

Variotech is characterised by high innovative strength, agility and manufacturing penetration. During product development, the experts ensure close collaboration  with its customers in order to find the perfect interaction between the workpiece, the carrier and robotics. Variotech supplies customers from a broad range of industries, such as the automotive industry, electronics, semiconductor technology, and medical technology but also household technology and consumer goods. In addition to the continued growth in the European home market, the company defined an ambitious expansion strategy for  North America with its recently established subsidiary in Indianapolis.

Variotech’s products are a key component in production automation and allow the increasing use of robotics, as such enabling for the re-shoring of industrial production in Europe. By primarily using recycled materials, combined with the durability of its products, the company also supports environmentally-conscious manufacturing processes – two major production development trends for which Variotech is exceptionally well positioned.

“With our offering of workpiece carriers specifically developed to ensure the highest quality standards, we believe we are perfectly positioned in a flourishing market environment with significant earnings potential”, notes Variotech’s CEO Benedikt Fleig, who  re-invests alongside Gimv as co-investor. “We have shown strong growth in the past and, with our new site in Indianapolis, have laid the foundation for a successful expansion of our business activities in North America. With Gimv, we have found a strong partner to continue our successful journey by executing on the wide range of opportunities in Germany and abroad. Gimv won the day in a multi-stage process and we have no doubt that we have made an outstanding choice for a successful future.”

“With Variotech we are delighted to have a fantastic new addition to our Smart Industries portfolio and we are proud having convinced with our partnership offering and our well-balanced, hands-on approach”, explains Ronald Bartel, Head of Gimv Germany and responsible for the Smart Industries investment platform at the company’s German office in Munich. “Together with the management and the entire team we want to implement our growth plans without delay and leverage Variotech’s top-class performance as a customer-oriented enabler for sophisticated and technically perfected automation.”

The sellers of Variotech consist of a group of investors. The parties agreed not to disclose the remaining details of the transaction.

 

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Gimv

Karel Oomsstraat 37, 2018 Antwerpen, Belgium

www.gimv.com

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IK Partners to sell 2Connect to Rivean Capital

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap II Fund (“IK SC II”) has reached an agreement to sell 2Connect (“the Company”) to Rivean Capital alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

2Connect designs, develops and produces innovative and customised interconnection solutions for original equipment manufacturers (“OEMs”) and original design manufacturers (“ODMs”) globally.

Founded in 2000, the Company prides itself on setting new standards for interconnection solutions by designing high-quality and cost-effective units in partnership with its long-term client base. 2Connect employs over 450 people across its headquarters in Waalwijk, the Netherlands and three manufacturing sites in Romania and Germany. Their market reach spans over 40 countries.

IK invested in 2Connect in November 2018 and since then, the Company has more than doubled its revenues, completed two add-on acquisitions in both Germany and the Netherlands, expanded internationally and showed strong capability to scale its operations.

Mark van den Heuvel, CEO of 2Connect, commented: “We are delighted to have enjoyed a successful partnership with IK, which has seen 2Connect grow beyond all expectations and deliver on its strategic goals as a business and for our customers. Having expanded our footprint internationally we are delighted to welcome Rivean Capital on board for the next stage of the journey.”

Sander van Vreumingen, Partner at IK and Advisor to the IK SC II Fund, added: “It has been a pleasure working with the team at 2Connect for the past three years. The business is uniquely placed to capitalise on continued positive megatrends driving growth of automation and digitisation, increasing demand for sensors and advanced connectors. We are proud of everything we have achieved together and wish them well as they continue with a new partner.”

Tom Muizers, Senior Partner at Rivean Capital, said: “We are truly impressed with 2Connect’s track record of consistent growth, its entrepreneurial management team as well as its ability to maintain high standards for demanding customers while scaling up the business operationally. We are excited to join Mark and the team to build on this momentum and support them in the Company’s next phase of development and growth.”

For further questions, please contact:
IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

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Gimv invests in Variass, a specialized developer and producer of electronic and mechatronic products and systems

GIMV

Topic: Investment

Gimv acquires a majority stake in Variass, a leading partner of international OEM customers for the development and production of electronics and complete systems. With this transaction, Gimv strengthens its position in the growing market for electronic products, in which it is active since 2020 with Applied Micro Electronics (“AME”).

Variass (Veendam – NL, www.variass.nl) was founded in 1989 and has developed into a leading supplier of technology intensive electronic solutions under the management of Henk Smid. The company focuses on the “high-mix, low-volume, high-complexity” segment and supports customers in product development, industrialization, (serial) production, logistics and lifecycle management. The added value of Variass lies in the specific technological expertise, extensive production- and compliance capabilities and the high degree of reliability, quality and flexibility. As a result, the company has become a strong partner for some forty OEM customers in the medical and industrial segments and defense & security. The company has approximately 140 employees and realised a turnover of c. EUR 45 million.

Due to the increasing electrification of society, the demand for electronic modules and products will continue to grow. With its expertise to combine and integrate development and production, Variass, like AME, is uniquely positioned to find solutions to the complex challenges of its customers. With the support of Gimv, and a mutual strategic-operational collaboration with AME, Variass aims to achieve a substantial acceleration in growth and further increase the added value for its customers. The complementarity of the two companies in terms of technology and production capacities is an important component in this.

Henk Smid, founder and CEO of Variass, states: “Gimv is for us the right partner for a successful future as they underwrite our strategy and business operations. It is a wonderful opportunity to strengthen our position by starting a partnership with AME whilst guaranteeing the continuity of Variass. We have strong complementarities in the field of Development & Operational Excellence, which will benefit the customers of AME and Variass. We work with the same production platform, enabling us to offer our customer even better continuity in a strongly changing market by producing from multiple locations.”

Boris Wirtz, Partner Gimv Smart Industries, indicates: “We are very impressed with the strong development that Variass has gone through and the long-term partnerships that the company has built with its customers. With Henk’s leadership and his focus on continuous improvement, a mature organization has emerged with a strong focus on financial and operational efficiency through the application of smart automation. We are pleased to have been able to further strengthen our position in the electronics market with Variass and look forward to further strengthen the position of Variass and AME and the added value for customers through targeted collaboration.”

Tom Van de Voorde, Managing Partner Gimv and Head Smart Industries, adds: “With Variass and AME, Gimv is well-positioned to benefit from the further electrification of our society in the coming years and to support high-tech industrial customers with their products. The ambition of both companies and the crucial contribution they make to the world of tomorrow are in line with the strategy of the Smart Industries platform. We very much look forward to realise our growth ambitions together with the team.”

This new investment will be part of Gimv’s Smart Industries platform, aimed at companies that provide B2B products and services, based on value creation through innovation and intelligent technology.

The transaction is subject to customary closing conditions, including approval from the competition authorities. No further financial details will be disclosed.

 

Read the full document

English – French – Dutch
 

Gimv

Karel Oomsstraat 37, 2018 Antwerpen, Belgium

www.gimv.com

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Altor to acquire Nordic Climate Group – becomes majority owner

Altor

Altor Fund V (“Altor”) has signed an agreement with Capillar Equity to acquire a majority stake in Nordic Climate Group (”NCG”). Completion is subject to approval of the competition authorities.

The entrepreneurs and management of NCG will continue to own a meaningful share of the company.

NCG is a services, installations and solutions company within the cooling and heating industry. NCG is the market leader in the Nordics with its full national coverage in Sweden and Norway with 50 legal operating entities. Pro forma revenues as per 30 April 2022 is estimated to be 2.2 bn SEK and NCG employs roughly 800 people. NCG is built on the principle of decentralized decision making with a focus on strong local entrepreneurship with the collective strength of being a leading national player and being able to offer one stop shop solutions.

NCG’s offering range from complex industrial solutions for refrigeration, freezing systems for large industrial companies, cooling solutions for the food and grocery industry, refrigerated sea water systems but also heating solutions (mainly heat pump installations) as well as comfort cooling and heating to create adequate and sustainable indoor climate.

NCG is active across a wide range of industries with strong underlying market growth, which is underpinned by numerous trends, mainly driven by the focus on sustainable and energy efficient solutions. This is partly driven by regulations, strong focus on replacing existing solutions having negative effects on the climate, increased demand for reliable and safe food logistics and handling solutions, increased demand for adequate and improved sustainable indoor climate, grocery industry going online and becoming more automated and growth in data centres.

“Together with Capillar Equity we have been on a mission to help our customers create the best sustainable and energy efficient climate solutions. Our strategic partnership with Altor will facilitate an acceleration of our ambitions and also make possible a further expansion and growth into new geographical areas” says NCG’s acting CEO Mats Åström.

“The investment builds on Altor’s DNA of partnering with great entrepreneurs, as well as our focus of investing in companies driving a green transition. We are impressed of Capillar Equity’s and the entrepreneurs’ creation of NCG and the group has already become the leading Nordic company in the sector and we believe that NCG’s growth journey has only just begun. We are also very excited to have Per Sjöstrand and Torbjörn Torell joining the board. We look forward to partnering with this leading and highly professional group of people to help them deliver on our joint ambition.” says Petter Samlin, Partner at Altor.

”We are very proud of having created NCG together with such competent and engaged entrepreneurs and management, and the relevance of being able to offer sustainable and smart energy efficient solutions has never been greater. With Altor onboard, I am fully convinced that we have selected a successor dedicated and well positioned to take NCG to the next level and to increase the already ambitious set targets for NCG”, says Johan Nylén, Partner at Capillar Equity.

For more information, please contact:
Tor Krusell, Head of Communications at Altor, tor.krusell@altor.com, +46 705 43 87 47

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 85 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Eleda, Ludvig, OX2, Dustin and Gunnebo. For more information visit www.altor.com.

About Capillar Equity
Capillar Equity invests in small cap companies active in predominantly business services with the ambition to create Nordic champions through accelerated horizontal industry consolidation. The firm has a developed an accelerated buy and build investment strategy, accessing private small cap companies throughout the Nordics, primarily in Sweden, Norway and Finland. Among current and past investments are Layer Group (previously Nordic Surface Group), Spolargruppen, Nordic Climate Group, C-medical and Nordic IT Services. For more information visit www.capillar.se.

Author: Katarina Karlsson
Date: 2022.05.16
Categories: News

Categories: News

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