Trackunit and ZTR come together to connect construction

HG Capital

LONDON, ON, MINNEAPOLIS, MN and AALBORG, DK – September 15, 2021 – Trackunit and the Industrial IoT division of ZTR are uniting to better serve the growing demands of the construction industry. Putting customer needs first, the two telematics leaders are combining their considerable resources to accelerate innovation and drive digital transformation — with collaboration and service at the centre of their strategy.

“We see the industry at a pivotal tipping point when it comes to digitalization of their business and equipment – and customers are looking for a trusted partner.”

Soeren Brogaard, CEO of Trackunit

“By combining ZTR IIoT and Trackunit resources and offerings, we’re better equipped to serve the needs of the customers now and in the future.”

Sam Hassan, President & CEO of ZTR

Strengthening our core focus
As a combined entity, Trackunit and the ZTR IIoT division will extend their core focus to accelerate the digital journey in construction, Hassan continues.

“By coming together with Trackunit, we will be able to operate on a global scale to provide an expanded offering to our customers with greater efficiency and depth,” he says.

“Together, we are strengthening our core focus on enabling the ecosystem of construction. By combining our businesses, we’re elevating our technology and increasing the value customers will be able to extract from their data”, adds Soeren Brogaard.

Over the past few years, the realm of IoT and telematics possibilities has evolved from simple track and trace technology into highly actionable insights that create massive value for the stakeholders of the construction industry.

After the transaction closes the combined entity of Trackunit and ZTR will specialize in creating offerings that enhance utilization, increase fleet availability, improve safety and reduce equipment loss as major value drivers. In addition, both companies will help customers in collecting data and translating it into actionable insights – enabling customers to build smarter and more resilient machines. Furthermore, the combined entity is dedicated to helping improve daily operations for customers with increased operator safety, machine health and business optimizations.

“Our promise to the industry is based on collaboration. With a purpose as determined and noble as eliminating downtime, we know that working with our customers to apply new digital tools, is absolutely necessary. We make ourselves useful and strive to solve real problems, building everything for scale, while showing compassion for our customers, partners, competitors, and the industry at large”, says Soeren Brogaard.

Best of both worlds
At their cores, both Trackunit and ZTR are in business to build solutions that propel the construction industry forward. Trackunit recently attracted a strategic investment from Hg, a leading global software and services investor, to accelerate the company expansion, while ZTR has been transforming its business, and predicts growth through rising demand. Both Trackunit and ZTR have recently taken their first steps into, and secured traction in, the APAC region. Both businesses are ready to start the next chapter – one company focused on uniting the industry and shape it to become the most useful industry for the world. In essence, the timing couldn’t be better.

“We’re focused on delivering our existing customer commitments and creating a smooth integration. This is all about bringing people, competence, and great technology together to create a bigger impact”, says Soeren Brogaard.

A shift in the market
The construction industry is growing rapidly. It is experiencing accelerated investment in IoT capabilities with construction now one of the top five industries for investment growth. As a result, data proliferation is expected to grow exponentially as penetration of connected equipment continues beyond 2025 and machine-level data grows. Given these developments, Trackunit and ZTR IIoT are teaming up to better help their customers meet the changes that come with increasing digitalization of the construction industry.

“ZTR and Trackunit together represent an incredible next step that will enable us to become a truly global player to better serve our customers. I’m excited to roll up my sleeves and take an active part in the executive team. I look forward to venturing out on this shared mission – one in which I have no doubt Soeren Brogaard will capably lead”, says Sam Hassan.

About Trackunit ApS
Trackunit is the leading SaaS-based IoT solution and machine insights provider to the global construction equipment industry. Trackunit collects and analyzes machine data in real-time to deliver actionable, proactive and predictive information, empowering customers with data-driven foresight.

Trackunit promises to lead the technology engagement to help eliminate downtime. The ambition of this mission is not only to recover from budget and schedule overruns, but also to re-establish the reputation of the industry for innovation and leadership.

From operator safety and machine health to business optimization, Trackunit’s industry-leading telematics software, hardware and fleet management services benefit the everyday operations of the customers worldwide. Trackunit services its customers directly from its headquarters in Denmark, Chicago, IL and Singapore, as well as through subsidiaries in Sweden, Norway, France, Holland, Germany, UK, Australia and Japan. Visit to learn more

About ZTR
ZTR is a global technology company that develops solutions for the compact construction industry. Known as a pioneer in the development industrial Internet of Things (IoT) technology, the telematics provider delivers products and services that allow companies to remotely monitor and manage mobile as well as fixed assets.

Leading the industry in response to the need for richer machine data, greater uptime, and better insights, ZTR has designed new solutions that help Rental Companies, OEMs and end-users work together to operate smarter and easier. By listening and collaborating with its customers, ZTR takes on big industry challenges and opens pathways toward the continued digitalization of the construction sector.

ZTR Telematics Solutions easily integrate with industrial machinery and the business systems customers use every day so they can use the data to make decisions and react in real-time. With more than 450,000 telematics-enabled assets under contract, ZTR integrates with 150+ industrial Original Equipment Manufacturers, and many top rental houses worldwide.

The Rail division of ZTR will continue to operate independently. There will be no impact to its organization structure, customers or business operations as a result of this announcement. For more information visit

Media contacts

Trackunit Aps
Laerke Ullerup
Chief Marketing Officer

Gasværksvej 24, 4.sal,
DK-9000 Aalborg

Tel: +45 53703033

Colleen Burghardt
Marketing Communications Manager

Industrial IoT Division
955 Green Valley Road
London, Ontario Canada
N6N 1E4

Tel: 1-519-452-1233 Ext.337

Categories: News


HENT signs major agreement with Statsbygg for construction of part of new Norwegian government district

The construction company HENT, 73% of which is owned by Ratos, has signed an agreement with the Norwegian government’s building commissioner, property manager and developer Statsbygg concerning the construction of A-block, part of the new government district in Oslo. HENT already has an agreement in place for D-block.

Construction of the new government district in Oslo started in January of this year, and construction of A-block is scheduled to commence in 2023. It is a major project for HENT and, like D-block, will be carried out as a so-called partnering contract.

“I am very proud that HENT has once again been entrusted to contribute to such a central part of Norway’s infrastructure as the government district. It is also gratifying to see that HENT’s focus on partnering is yielding results and, so far, A-block and D-block are the crowning jewels for HENT in Norway when it comes to this type of collaborative project,” says Christian Johansson Gebauer, Chairman of the Board of HENT and Head of Business Area at Ratos.

The building will cover a total of 17,300 square metres across 11 storeys, featuring a distinct exterior that will provide a sense of cohesion with the entire district. The new government district in Oslo is expected to be fully completed in 2029.

“In addition to being an important project in its own right, this project will continue to strengthen HENT’s backlog of orders, where public-sector customers are playing an increasingly important role,” Christian Johansson Gebauer continues.
For further information:
Christian Johansson Gebauer, Head of Business Area Construction & Services
+46 8 700 17 00

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 34 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.



Categories: News


Ratos acquires 63 % of Vestia Construction Group


Ratos is acquiring 63% of Vestia Construction Group (“Vestia”), which is active in the expansive Gothenburg market. Vestia has recorded average annual growth of 40% over the past five years, with an adjusted EBITA margin of 6% for the 2019/2020 financial year. Vestia is expected to reach approx. 750 MSEK in revenue for current financial year.

“The acquisition of Vestia is an excellent complement to our existing construction company, HENT, both geographically and in terms of expertise. The company has a strong customer-oriented culture and a transparent business model that provides a large amount of security for the customer. We are pleased that management and other key individuals, who own 37% of the company after the transaction, have chosen to further develop Vestia together with us at Ratos,” says Christian Johansson Gebauer, Business Area Manager for Construction & Services at Ratos.

Vestia works in accordance with a so-called “partnering model”, whereby the work is based on a target budget and Vestia is paid for running costs coupled with a predetermined fee. The customer and Vestia work transparently, and make all key decisions jointly to achieve the best total economy and effective implementation. The process creates a large amount of security for all parties, the financial risks are minimised and the projects are delivered with a high level of quality and using long-term sustainable solutions.

“For some time, we have been looking for a new principal owner who can take an active part in the company’s continued growth, and we are very pleased that Ratos is stepping into this role. We will now be part of a business group with deep roots and expertise in construction and construction-related areas. We are convinced that we can identify soft synergies with our new sister companies at Ratos, such as the construction company HENT, which will allow us to share experiences and perhaps also collaborate on selected projects,” says Christian Wieland, CEO of Vestia Construction Group.

Ratos has acquired 63% of the shares in Vestia, most of which from two non-operative owners who have sold all of their shares. Vestia’s management and other key individuals in will retain most of their ownership.

CEO Christian Wieland and the other members of Vestia’s management will continue in their current positions. Vestia will be operated as an independent company within Ratos.

The transaction will have marginal impact on Ratos net debt ratio and will be financed with Ratos own funds. The transaction is conditional upon the customary approval by the authorities.
For further information, please contact:
Christian Johansson Gebauer, Business Area Manager, Construction & Services
Phone: +46 8 700 17 00

About Ratos:
Ratos is a business group consisting of 11 companies divided into three business areas: Construction & Services, Consumer & Technology and Industry. In total, the companies have SEK 33 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

Categories: News


STARK Group welcomes CVC Capital Partners Fund VII as its new partner

08 Jan 2021

CVC Fund VII to acquire 100% of the leading distributor of heavy building materials in Northern Europe.

CVC Capital Partners Fund VII has signed an agreement to acquire 100% of STARK Group, a leading distributor of heavy building materials in Northern Europe.

STARK Group has grown rapidly in recent years through successful acquisitions and organic growth with a strategic focus on being a trusted partner bringing scale benefits to professional craftsmen. The company has been owned by an affiliate of Lone Star Funds since April 2018.

Headquartered in Denmark, STARK Group is a leading B2B distributor of heavy building materials for the construction industry in the Nordics and Germany, with a focus on serving professional craftsmen. The business partners with 10,000 suppliers to serve c. 235,000 customers from more than 400 locations in Denmark (incl. Greenland), Sweden, Norway, Finland, and Germany.

“We are excited to partner with CVC to continue the journey we started together with Lone Star. We have enjoyed this collaboration, which has been instrumental in supporting us to achieve strong growth over recent years.” says Søren P. Olesen, CEO, STARK Group. “We continue to see plenty of opportunities for further development and expansion both in respect of further organic growth and through accretive bolt-on acquisitions in the attractive markets in which we operate. We know CVC very well from the past and look forward to benefitting from their industry expertise, strategic insights and appetite to play an active role in future market consolidation. I could not imagine a better owner to support STARK Group going forward.”

Christoffer Sjøqvist, Senior Managing Director at CVC, adds: “We have followed STARK Group closely for many years and have been impressed with the quality of the business and its people. We are delighted to be supporting the company going forward and look forward to working closely with Søren P. Olesen and his team to continue to grow STARK Group.”

The transaction is subject to customary conditions and approvals and is expected to close in Q2 2021. Legal and financial terms have not been disclosed.

STARK Group and Lone Star Funds were advised by Lazard. CVC was advised by Nordea and Rothschild & Co.

Upon completion, Søren Vestergaard-Poulsen, Managing Partner at CVC, will join the board of STARK Group as Chairman. Christoffer Sjøqvist will also join the board.

Categories: News


Platinum Equity Completes Sale of PrimeSource to Clearlake Capital Group


Press Release · December 31, 2020

LOS ANGELES (December 31, 2020) – Platinum Equity announced today that the sale of PriSo Holding Corporation (“PrimeSource”, or the “Company”) to Clearlake Capital Group, L.P. (together with affiliates, “Clearlake”) has been completed.

PrimeSource is a leading global distributor of specialty building materials serving residential, commercial, and industrial new-construction and remodeling markets. Founded in 1990, PrimeSource manages a highly diversified global supply chain, distributing over 23,000 SKUs sourced from more than 500 vendors in 16 countries throughout Asia, Europe and North America. The Company plays a crucial role for its customers who rely on its superior brand value, breadth of offering and sourcing and logistics capabilities.

“PrimeSource showcased the breadth of our M&A&O toolkit and the ways Platinum creates value throughout the entire lifecycle of an investment,” said Platinum Equity Partner Jacob Kotzubei.

Platinum Equity acquired PrimeSource in 2015 from Itochu Corporation.

“PrimeSource showcased the breadth of our M&A&O toolkit and the ways Platinum creates value throughout the entire lifecycle of an investment,” said Platinum Equity Partner Jacob Kotzubei. “We started by providing a divestiture solution to a large corporate seller, then executed a comprehensive transition and transformation program that established PrimeSource as a solid platform for growth as an independent company. The business thrived under our stewardship, to the benefit of its customers, suppliers, employees and their communities.”

“PrimeSource has been an outstanding investment and is a testament to our strong partnership with CEO Tom Koos and the leadership team,” said Platinum Equity Managing Director Todd Golditch. “Platinum Equity has a proven track record in the building products space over many years and we will continue to look for new opportunities to create value in the sector.”

Moelis & Company LLC served as financial advisor to PrimeSource on the sale and Gibson, Dunn & Crutcher LLP served as Platinum Equity’s legal advisor.

Hear Platinum Equity and PrimeSource executives discuss more about the investment and the transformation of the company here: PrimeSource Building Products

Investor Relations
and Media Contacts:

Mark Barnhill
+1 310.228.9514 E-mail Mark

Dan Whelan
+1 310.282.9202 E-mail Dan

Categories: News


KeBeK Private Equity acquires a majority stake in BBC Bouwmanagement


Etten-Leur, December 11th, 2020 – KeBeK Private Equity has acquired a majority stake in BBC
Bouwmanagement, based in Etten-Leur (the Netherlands). Founder Walther Coppens stays on
board with a minority stake and will, together with KeBeK, support the management team in
realizing the future growth plans.

BBC Bouwmanagement is active in project management, quality management and site
monitoring for large developers and investors in the Dutch real estate market. The company
assists its clients from the preparatory phases of a building project till the final completion and
handover. BBC Bouwmanagement focuses on large projects such as office buildings, hospitals,
universities and shopping centers. Furthermore, the company is also active in the earthquake area
in Groningen, focusing on damage inspections and advice on structural reinforcement projects of
buildings. The company employs over 100 people and has offices in Etten-Leur, Groningen and
Arnhem. The turnover of the company is in excess of € 10 million.

Under the leadership of Walther and Marianne Coppens, the company has grown over the recent
years into one of the leading players in the construction management industry in the Netherlands.
Earlier this year, the shareholders have transferred their operational activities to the experienced
management team under the leadership of Ronald Zilver.

KeBeK will support the management team in its further growth plans, which include the further
expansion of the services offered and the opening of one or more additional offices.
BBC Bouwmanagement is the fourth investment of KeBeK III, which has previously acquired a
controlling interest in Asbest Partners, Dekabo, and more recently, Borek.

For more information:

KeBeK –
Contact Floris Vansina: or +32 2 66 99 023
KeBeK is an independent Belgian private equity fund, that invests in solid, medium-sized
companies with a demonstrable potential for further value enhancement. KeBeK actively
supports the management teams of its portfolio companies with the implementation of a jointly
defined corporate strategy. KeBeK generally acquires controlling stakes, without, however,
interfering with the daily operations. KeBeK generally acquires controlling stakes, without,
however, interfering with the daily operations. The fund is managed by 4 partners, who have
been working together for many years and who have a proven track record in the private equity
industry. KeBeK’s capital is provided by renowned institutional investors, family offices, and
successful entrepreneurs.
For more information about BBC Bouwmanagement, please visit

Categories: News


Votorantim Cimentos and McInnis Cement to Combine Cement Operations in North America


Joint venture between St. Marys Cement (Canada) and McInnis Cement to focus on expanding operations to supply cement across the Great Lakes region, Eastern Canada and the Northeastern Coast of the United States

  • Commitment to maintain facilities and jobs at the Port-Daniel–Gascons plant until at least 2029
  • Combined entity to deploy initiatives at Port-Daniel–Gascons plant to support carbon footprint reduction in the cement industry
St. Marys Cement Inc. (Canada), a wholly owned subsidiary of Votorantim Cimentos, and McInnis Cement Inc. today announced that they will combine their assets to create a combined entity to manufacture, distribute and sell cement in Canada and the United States. The joint venture will be owned by Votorantim Cimentos International (VCI), the international investments platform and wholly owned subsidiary of Votorantim Cimentos S.A., the sixth largest cement producer in the world, and Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, through its investment in McInnis Holding Limited Partnership (McInnis Holding).

The business combination is expected to significantly strengthen the strategic positioning of the combined operations through increased cement production capacity, operational efficiencies and an enhanced distribution network.

Votorantim Cimentos International will hold 83% and CDPQ will hold 17% of the shares in the joint venture. Both parties will transfer North American assets to the combined entity. The Votorantim Cimentos assets are primarily cement plants located in Bowmanville and St. Marys, in Canada, and in Detroit and Charlevoix, Michigan, and Dixon, Illinois, in the United States, along with its extensive distribution network concentrated in the Great Lakes region. The McInnis Cement assets include the Port-Daniel–Gascons plant with all of its terminals located in Quebec, Ontario, New Brunswick, Nova Scotia and the Northeastern region of the United States, as well as its maritime operations.

“The creation of this combined entity allows us to partner with a world-class player with an established presence – and strong track record of profitability – in North America to operate the McInnis Cement plant in Port-Daniel–Gascons, one of the most modern and efficient facilities in the region. This partnership will enable the Port-Daniel–Gascons plant to benefit from Votorantim Cimentos’ production, distribution and operational expertise to develop important markets, particularly in Eastern Canada, the Great Lakes region and the Northeastern Coast of the United States to meet the growing demand for cement”, said Kim Thomassin, CDPQ’s Executive Vice-President and Head of Investments in Quebec and Stewardship Investing.

“This transaction is aligned with Votorantim Cimentos’ portfolio management strategy, prioritizing investments in markets in which we already operate and enabling geographic expansion in locations with attractive growth prospects. McInnis Cement’s state-of-the-art plant and distribution network enable an efficient cost position in an attractive region, with access to new markets and lots of opportunities”, said Marcelo Castelli, Global CEO of Votorantim Cimentos.

“We are excited about the prospects for Votorantim Cimentos in North America through this joint venture, and very much welcome the partnership with CDPQ, a leading institutional investor that shares our long-term approach to investing and our commitment to sustainable and best-in-class business practices”, said João Schmidt, CEO of Votorantim S.A., the controlling shareholder of Votorantim Cimentos.

With a growing demand for the development of critical infrastructure throughout North America – and an emphasis on new large-scale projects to drive the economic recovery– the market outlook for cement remains positive. McInnis Cement’s 2.2-million-tonne annual capacity plant in Port-Daniel–Gascons, Canada is the first new plant built to serve Eastern Canada, the Northeastern U.S. and the Great Lakes region in more than 50 years – complementing St. Marys Cement’s longstanding presence in the region. McInnis Cement has constructed a deep-water marine terminal, adjacent to the plant, and operates three marine vessels and a distribution network consisting of 10 terminals (marine, rail and truck) strategically located in the U.S. and Canada.

Commitment to Sustainability and the Port-Daniel–Gascons region

Votorantim Cimentos and McInnis Cement both bring a deep commitment to employing the latest technology to drive sustainable business practices and support the local communities where they have operations. As part of the agreement on this joint venture, the parties have committed to maintaining jobs and facilities at the Port-Daniel–Gascons plant until at least 2029. Additionally, the combined entity will deploy initiatives at the Port-Daniel–Gascons plant to support carbon footprint reduction in the cement industry and will work closely with leading experts and local stakeholders to ensure that these activities benefit the region.

Votorantim Cimentos manages the impacts of its operations and works to make them increasingly sustainable. From 1990 to 2019, Votorantim Cimentos reduced its CO2 emissions per tonne of cement by 23%. Recently, the company approved its Sustainability Commitments for 2030 with clear targets in seven areas: to reduce its environmental footprint, promote a more circular economy, co-create sustainable solutions, operate with integrity and transparency, promote a diverse and inclusive environment, share value with its communities, and promote safety, health and well-being. Votorantim Cimentos’ vision is to achieve carbon neutrality in concrete by 2050.

Established Presence in North America with Market Leading Position

Founded in 1933, Votorantim Cimentos is a global company operating in building materials, mining, agricultural lime, co-processing and waste management. With 256 industrial sites worldwide, the company has an installed cement capacity of 52.8 million tonnes. Votorantim Cimentos’ presence in North America began in 2001 with the acquisition of St. Marys Cement, a Canadian company founded in 1912 in the Town of St. Marys, Ontario. Through its integrated cement plants in St. Marys and Bowmanville, Ontario, and Detroit and Charlevoix, Michigan, St. Marys Cement currently serves Canadian and U.S. customers in the Great Lakes region. With a production capacity of 5.2 million tonnes, St. Marys Cement participated in such landmark projects as the CN Tower, Roy Thompson Hall, Maple Leaf Gardens and the Darlington Nuclear Station, as well as countless other engineering, civic and residential projects that significantly contributed to the growth and prosperity of Canada.

The transaction remains subject to customary closing conditions, including approval by regulatory authorities in Brazil, Canada and the United States. The two companies will continue to operate as separate businesses pending the closing of the transaction.

Moelis & Company LLC acted as exclusive financial advisor for Votorantim Cimentos. HSBC served as lead financial advisor to CDPQ on the transaction, in collaboration with National Bank Financial and BMO Capital Markets.

About Votorantim Cimentos

Votorantim Cimentos is one of the largest global companies in the industry. Its building materials portfolio includes not only cement but also concrete, mortars and aggregates. The Company also has businesses in the areas of agricultural lime, waste management and co-processing. In addition to Brazil, Votorantim Cimentos’ administrative and operations locations are strategically located in proximity to the most important growing consumer markets in ten countries including, Argentina, Bolivia, Canada, Luxembourg, Morocco, Tunisia, Turkey, Spain, the United States, and Uruguay. More information at


Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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For more information

Categories: News


US LBM to be Acquired by Bain Capital Private Equity


November 13, 2020
US LBM to be Acquired by Bain Capital Private Equity

BUFFALO GROVE, IL, November 13, 2020 – US LBM, a leading distributor of specialty building materials in the United States, today announced the signing of a definitive agreement for Bain Capital Private Equity to acquire a majority stake in the company. US LBM will continue to operate under the leadership of President and CEO L.T. Gibson and the current management team. Financial terms of the private transaction were not disclosed.

Founded in 2009 with 16 locations in three states, US LBM has grown to be a leading national distributor of specialty building materials operating more than 250 locations. The company’s unique and powerful operating model combines the advantages of its national scale and central team of industry experts with the high service levels, local expertise, entrepreneurial culture and excellent customer relationships of its 37 operating divisions. Since US LBM’s founding, it has grown through acquisitions and has opened more than 30 greenfield locations, including six this year.

“We have grown tremendously over the past 11 years, and with Kelso’s support we were able to accelerate our acquisition strategy that has positioned us for continued growth,” said Gibson. “US LBM’s national platform, local go-to-market strategy, relationships with top suppliers, and record of successful integrations continues to make us an acquirer of choice in the building materials industry. We look forward to working with Bain Capital Private Equity and leveraging their experience of helping industrial companies scale and attract additional partners.”

“L.T. and his team have built an impressive, enduring business with a winning model that combines the advantages of national scale with a strong local market strategy,” said Stephen Thomas, a Managing Director at Bain Capital Private Equity. “We believe US LBM is poised for continued growth and expansion as a leading national building materials distributor. We are excited by the opportunity to work with this talented team and to further grow their integrated platform while maintaining the company’s unique culture, people-first mindset and commitment to superior customer service.”

Bain Capital Private Equity has a long history of investments in industrial businesses and is one of the most active investors in the sector in the US and globally. The firm’s global experience across the industrial distribution and building materials sectors includes investments in a wide range of businesses including HD Supply Holdings, Inc., Imperial Dade, Dealer Tire, LLC, Consolis SAS, Ibstock PLC, and MKM Building Supplies.

Kelso & Co. has been the Company’s investment partner since August 2015.

The transaction is expected to close in December 2020 and is subject to customary closing conditions, including requisite regulatory approvals. Debt financing for the transaction is being led by Barclays and will comprise of a new asset based revolving credit facility and a combination of other new debt financing.

Barclays is serving as financial advisor, Debevoise & Plimpton as legal counsel, and Ernst & Young as accounting advisor to Kelso and US LBM. Kirkland and Ellis LLP is serving as legal counsel, and PwC as accounting advisor to Bain Capital Private Equity.

About US LBM
US LBM is a leading distributor of specialty building materials in the United States. Offering a comprehensive portfolio of specialty products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry, US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country. For more information, please visit

About Bain Capital Private Equity
Bain Capital Private Equity ( has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 250 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital Private Equity has 20 offices on four continents. The firm has made primary or add-on investments in more than 940 companies since its inception. In addition to private equity, Bain Capital Private Equity invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $105 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

About Kelso & Company
Kelso is one of the oldest and most established firms specializing in private equity investing.  Since 1980, Kelso has invested approximately $14 billion of equity capital in over 125 transactions.  Kelso was founded by the inventor of the Employee Stock Ownership Plan (“ESOP”) and, as a result, the principles of partnership and alignment of interest serve as the foundation of the firm’s investment philosophy.  Kelso benefits from a successful investment track record, deep sector expertise, a long-tenured investing team, and a reputation as a preferred partner to management teams and corporates.  Kelso has significant experience investing in financial services, having deployed approximately $3 billion of equity capital in the sector.  For more information, please visit

Media Contacts

Categories: News


Construction material startup Betolar raised €2M

Voima Ventures

Next generation construction material startup Betolar paves the carbon neutral way for the cement and concrete industries. Betolar is a material technology company specialised in geopolymer-based, low carbon construction materials for the construction industry. The company closed a €2M funding round led by Voima Ventures, and joined by Taaleri Investments Ltd and Valve Ventures.

Kannonkoski, Finland. Increasing CO2 levels are affecting nature, lives and economies with growing urgency. One of the biggest single contributors to these numbers is the use of cement as a construction material. In fact, cement produces more CO2 emission than the aviation industry (1,2). For decades the construction industry has not been able to answer the urgent need to decrease the CO2 emissions. Now, Betolar is changing that.

Betolar is transforming the construction industry by aiming to eliminate cement with their geopolymer technology while turning industrial side streams into value. They are offering a scalable AI empowered alternative construction material production with up to 80% less carbon emissions compared to using traditional cement. Betolar can also reduce the need for virgin raw materials by replacing aggregates with industrial side streams.

Betolar has developed new types of different binders, where by-products from the metal, mining and energy industries can be used. The company is selling solutions in three key application areas: concrete products, ready-mixed concrete, and soil stabilization. These solutions consist of the company’s license-based recipe and material technology and additives needed in the production. The company has extensive knowledge in material physics and advanced analytics knowhow which brings the team strong competitive advantage in the construction industry.

Betolar has developed and piloted its solutions with various industrial partners in Finland, Sweden and Estonia, with the longer-term aim to expand into Asia, where consumption and construction is considerably higher. For example in India alone cement consumption is s two times that of Europe’s (3).

“There has been a strong pull for low carbon construction materials in Asia and we are currently preparing our entry to multiple markets.”, says the CEO of Betolar, Matti Löppönen.

Betolar raised a €2M funding round from deep tech fund Voima Ventures as the lead investor, joined by Taaleri and Valve Ventures. With the new funding, Betolar is looking to  start the commercialization of the product to global markets.

Betolar’s technology is truly challenging the carbon footprint and quality expectations we have for the construction industry and in particular the cement or concrete being used today. Climate change is a pressing matter, and together with Betolar’s industrial partners we are looking forward to being part of making the carbon friendly and new circular economy based construction industry a reality. The global potential is huge, not only for Betolar but for the whole industry and circular ecosystem.”, says Inka Mero, Managing Partner of Voima Ventures.

When Betolar succeeds they will achieve both excellent financial profit and significant environmental improvements through decreased CO2 emissions and raw material use. Thus, it excellently meets Taaleri Impact’s investment criteria. We are happy to be involved in this round.”, says Pekka Samuelsson, Investment Director of Taaleri Impact Investments.

About Betolar

Betolar is a construction material startup turning various industrial side streams into environmentally friendly and low carbon construction materials. These materials have a carbon footprint that is up to 80 per cent smaller than conventional cement-based concrete. At the same time, Betolar enables industrial waste stream producers a way to turn their waste into value and thus accelerate the transition towards sustainable construction and a circular economy.

About Voima Ventures

Voima Ventures is a €40M deep tech fund that invests purely in startups with deep tech and scientific backgrounds. Voima Ventures’ mission is to solve major global problems by combining science, entrepreneurship, and capital. Industry domains include bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software & ICT and AI. In addition, Voima Ventures is managing a portfolio of VTT Ventures with 20 prominent deep tech companies including Solar Foods, Paptic, and Dispelix. Cornerstone investors are VTT Technical Research Centre of Finland and European Investment Fund (EIF), backed by Finnish private and institutional investors.


1. Huang, Lizhen, et al. “Carbon emission of global construction sector.” Renewable and Sustainable Energy Reviews 81 (2018): 1906-1916. Available from: <URL:>

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3. The European Cement Association (2020). Key Facts & Figures. Available from: <URL:>

Categories: News


EQT acquires majority stake in thinkproject

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TA associates


  • EQT acquires shares from the previous investor TA Associates and the founder of thinkproject, Thomas Bachmaier
  • All previous shareholders and the management team of thinkproject commit to significant reinvestment in the company
  • thinkproject will further accelerate the expansion of its market leadership in the digitalization of the AECO industry

Munich, 16 November 2020 – thinkproject, Europe’s leading SaaS provider for construction and engineering projects, today announced a new stakeholder, global investor EQT. EQT will acquire a majority stake from the previous investor TA Associates as well as from Thomas Bachmaier, founder of thinkproject. All previous shareholders and the management team of thinkproject will make a significant reinvestment in thinkproject to further accelerate the growth of the European market leader in construction intelligence solutions. thinkproject has more than 450 employees in 18 offices across 11 countries. thinkproject supports around 2,750 private and public asset owners, project developers and general contractors with users in more than 60 countries to digitally map the entire life cycle of construction projects. Reference projects that were or are being realized with the help of thinkproject’s Construction Intelligence Platform include BMW World in Munich, the Fehmarn Belt Tunnel between Germany and Denmark, Elbe Philharmonic Hall in Hamburg, Hong Kong International Airport, and more. The transaction is expected to be closing by the end of the year, subject to regulatory approvals.

World’s largest industry far behind in digitization
With 13 percent of global GDP, the construction industry is the largest industrial sector in the world. In terms of the degree of digitalization and an annual productivity growth rate of only 1 percent, the industry is lagging. Global initiatives to completely digitize the entire life cycle of construction projects, from designing and building to operating, will lead to fundamental disruption in the construction industry. thinkproject already offers the AECO (Architecture, Engineering, Construction and Owner-operated) industry SaaS (Software as a Service) solutions to avoid time and cost overruns, thus minimizing these considerable risks in the industry.

Florian Funk, Partner at EQT Partners and Investment Advisor for EQT, said: “thinkproject has delivered an impressive growth story through organic growth and strategic acquisitions in a highly fragmented market. The digitalization of the construction industry offers enormous growth opportunities, we are only at the beginning of a disruptive change. EQT will use its entire platform, including its digital and sustainability expertise, its local presence, its domain expertise and its network to further accelerate thinkproject’s expansion. We look forward to working with TA Associates and thinkproject’s management team to create a global champion who will lead the way and pioneer the digitization of the world’s largest industry.”

Morgan Seigler, Managing Director at TA Associates, said: “Since our investment four years ago, the thinkproject management team has demonstrated an exceptional commitment to the company’s strategic growth initiatives and customers. We believe that these efforts have helped thinkproject transform into Europe’s leading SaaS provider of construction intelligence solutions for the AECO industry. We are thrilled to welcome EQT as our new partner, and we look forward to working with them alongside thinkproject’s management team during the company’s next phase of growth.”

Gareth Burton, CEO of thinkproject, added: “We are excited to continue the next phase of our journey with our new majority shareholder EQT and with the continued support and commitment from TA Associates. Both have deep enterprise software experience, which make them ideal partners to further accelerate our growth. The digitalization of the construction industry is one of the most exciting projects in the global economy. thinkproject is a leader in AECO software, a fast-growing market where we continue to win market share. This is where we believe that we can help our customers create the most value, by enabling them to capitalise on the promise of digital transformation in our industry, gaining insights and knowledge from their data across the entire design, build and operate lifecycle. thinkproject’s proposition in the market is compelling and differentiated, which, when combined with the market opportunity, provides all the right ingredients for continued growth”.

Arma Partners acted as exclusive financial advisor to thinkproject.


About thinkproject

Based in Munich, Germany, thinkproject is a global leader in construction intelligence, unlocking the potential of people and information through digital technologies to enable better industry results. It is the leading Europe-based construction and engineering SaaS provider with 2,750 customers, more than 250,000 users in over 60 countries, and over 450 employees.

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About EQT
EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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About TA Associates
TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong.

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