Latour completes acquisition of VEGA S.R.L.

Latour logo

2021-01-12 08:30

On November 17, 2020, Investment AB Latour, through its wholly owned subsidiary Latour Industries AB, signed an agreement to acquire VEGA S.R.L, a company based in the Marche region, Italy. All closing conditions have now been fulfilled and the transaction has been completed as of January 11, 2021.

Göteborg, 12 January 2021

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Björn Lenander, CEO Latour Industries AB, +46 708 19 47 36
Gustav Samuelsson, Business Development Investment AB Latour, +46 735 52 55 59

Latour Industries consists of a number of operating areas, each with its own business concept and business model. The ambition is to develop independent entities within the business area which can eventually become new business areas within the Latour Group. Latour Industries has an annual turnover of SEK 3 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 69 billion. The wholly-owned industrial operations has an annual turnover of SEK 15 billion.

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Latour acquires VM Kompensator A/S

Latour logo

2021-01-08 13:30

Investment AB Latour has, through its wholly owned subsidiary DENSIQ AB, part of Latour Industries AB, acquired VM Kompensator A/S (VM Kompensator) based in Bække, Danmark.

VM Kompensator is a leading Danish designer and manufacturer of compensators and expansion joints used in Industrial applications. The company, founded in 2015, is headquartered in Bække, Danmark. Net sales 2020 amount to DKK 23 million with strong operating margin and growth.

“I am very happy to welcome VM Kompensator to the DENSIQ family”, says Krister Seleskog, CEO of DENSIQ AB. “VM Kompensator will be a very good addition to our current portfolio and further strengthen our position as a leading supplier of sealing technology.”

“We are really happy that we have now become part of DENSIQ and the Latour Group and are very much looking forward to become a stronger player in the market within expansion joints”, says Michel Moustgaard, CEO and founder of VM Kompensator.

Göteborg, January 8, 2021

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Krister Seleskog, CEO DENSIQ AB, +46 720 10 21 40
Gustav Samuelsson, Business Development Investment AB Latour, +46 735 52 55 59

Latour Industries consists of a number of operating areas, each with its own business concept and business model. The ambition is to develop independent entities within the business area which can eventually become new business areas within the Latour Group. Latour Industries has an annual turnover of SEK 3 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 70 billion. The wholly-owned industrial operations has an annual turnover of SEK 15 billion.

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Egeria acquires Klafs, the leading manufacturer of integrated saunas

Egeria

Amsterdam/ Munich/ Schwäbisch Hall, 6 January 2021 – Egeria, an independent pan-European investment company, announced that it will acquire a majority interest in Klafs.
Klafs, headquartered in Germany, is the world’s largest manufacturer and integrator of high-quality sauna systems, steam baths and complementary products and services. The sellers as well as the management team have retained minority stakes in the company and management will continue to lead the business. The acquisition is still subject to customary closing conditions and is expected to be finalized in the first quarter of 2021. Financials details of the transaction have not been disclosed.

Klafs, founded in 1952, has achieved significant organic growth over the last years. The company is headquartered in Schwäbisch Hall (GER), has 733 employees and is the clear market leader in the DACH region with 25 showrooms as well as four production sites in Europe. The company focuses on customized and premium saunas and spas for private as well as commercial customers. The investment by Egeria provides the company with the financial backing and operational support to accelerate growth through further international expansion and acquisitions.

Hannes Rumer, Partner and Managing Director at Egeria in Munich: “Historically, Klafs has displayed an impressive track record of growth. Through continuous entrepreneurship and product development, Klafs has built a leading market position and is a strong platform for further growth. We look forward to partnering with management and supporting the company during this next growth phase.”

Stefan Schöllhammer, shareholder and CEO of Klafs: “We are very excited to take Egeria on board as a new partner. Over the past 30 years we have continuously developed Klafs into the world market leader for integrated saunas. We believe Klafs is now ready to accelerate international growth and see Egeria as ideal partner for Klafs.”

About Klafs Group
Founded in 1952, Klafs is the world’s largest manufacturer and integrator of high-quality integrated sauna systems, steam baths and complementary products and services. Klafs sells products in the private as well as commercial segment (incl. hotels, spas, fitness studios, etc.). The company focuses on customized and premium saunas and spas to address the main key purchasing criteria of quality and comfort. Klafs operates a fully integrated value-chain in four production sites (Schwäbisch Hall, Miloslaw, Sittenhardt and Mudau). Next to the Klafs brand, the company also operates Röger (medium-price sauna segment) as well as SSF (premium swimming pool integrator) as separate brands.
For more information on Klafs, please visit www.klafs.de.

About Egeria
Egeria is an independent pan-European investment company founded in 1997, which focuses on medium-sized companies. Egeria invests in healthy companies with an enterprise value between EUR 50 million and EUR 350 million. Egeria believes in building great businesses together with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds hold investments in ten companies, Egeria Evergreen has investments in six companies. Egeria’s portfolio companies have a combined turnover of c. EUR 2 billion and employ close to 10,000 people. Other activities are Egeria Real Estate Investments and Egeria Real Estate Development. In 2018, Egeria has launched EgeriaDO, a corporate giving program sponsoring projects in the fields of the arts, culture, and social objectives.
For more information on Egeria, please visit: www.egeriagroup.com.

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Technobis’ integrated photonics activities become PhotonFirst

ActiveCapital

Alkmaar, January 1st, 2021 – To enable fast and focused growth, the integrated photonics sensing activities of Technobis will change their name to PhotonFirst and operate independently from its ‘mothership’ Technobis Group as of January 1st. Daan Kersten will be heading PhotonFirst as its first CEO. As he announced when he joined the team three months ago, the photonics activities will be expanded aggressively, both in scope and size, as well as geographically. Besides the renowned interrogator systems, PhotonFirst will expand its value chain position to include sensors and application development, essential to be able to offer end-to- end solutions to its worldwide customer base. The company will continue to focus on demanding end markets like aerospace, medical, mobility and high-tech equipment, where innovation is key to stay in the lead.

“With this re-branding and legal carve-out from Technobis Group, we want to emerge from our commercial stealth mode and ensure everyone knows where to go for integrated photonics sensing solutions for advanced applications. Our slogan ‘We measure the world’ refers to our focus on sensing solutions with endless possibilities in measuring all kinds of variables such as temperature, strain, pressure and shape on one hand and generating data to improve the performance of critical functions on the other. Our expertise lies for example in applications like battery temperature monitoring in electric vehicles, overheat detection in large aircraft, load recording in infrastructural objects like tall buildings or bridges, but also sensing shape changes in medical biopsy needles. And we are only at the beginning of the adoption curve.” According to Daan Kersten, CEO of PhotonFirst.

Besides the new company name, a new holding company is set-up with its registered office at the company’s new office at the Eindhoven High Tech Campus. HTC is the home of 220 other high-tech companies and center of the Dutch photonics ecosystem. Headquarters remain in Alkmaar where all research & development as well as production and PIC (photonic integrated circuit) packaging are executed.

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Golden Gate Capital Announces Investment in Covia

Golden Gate Capital

SAN FRANCISCO–(BUSINESS WIRE)–Golden Gate Capital, a leading private equity investment firm, today announced that it has invested in Covia, which successfully completed its financial restructuring and emerged from Chapter 11 today. Through its restructuring, Covia has reduced its long-term debt by approximately $750 million and its fixed costs, including railcar obligations, by an additional $300 million.

Covia is a leading provider of mineral-based material solutions for the industrial and energy markets and is headquartered in Independence, Ohio. Covia, which is committed to safety and sustainability, offers a broad array of high-quality mineral and material products to its customers, leveraging an extensive network of plants and terminals located across North America.

“We have long admired Covia for their leading product portfolio, robust distribution network and commitment to continued innovation, and are excited to add this great company to our roster of industrials investments,” said Dave Thomas, a Managing Director at Golden Gate Capital. “We deeply appreciate and share Covia’s commitment to delivering customer-driven solutions and are excited to leverage our industry experience to help the Company continue providing high-quality products to leading companies in the industrial and energy markets.”

As of emergence, Golden Gate Capital and its affiliates are the largest individual shareholder in Covia.

Ropes & Gray LLP and Nob Hill Law Group P.C. served as legal advisors to Golden Gate Capital.

About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $17 billion of committed capital. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Notable investments sponsored by Golden Gate Capital include Active Minerals, ANGUS, Cole-Parmer and Vantage Elevator Solutions.

Contacts
Media
Sard Verbinnen & Co.
David Isaacs / Chloe Clifford
GoldenGate-SVC@sardverb.com

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Gryphon Investors Completes Majority Investment in Right Time Heating and Air Conditioning

Gryphon Investors

Identifies Strong Growth Path & Large Market Opportunity for Canada’s Leading Residential HVAC Installer

San Francisco, CA – December 30, 2020 — 

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, today announced that it has acquired Right Time Heating and Air Conditioning (“Right Time” or the “Company”) from Clairvest Group Inc., a Canadian private equity firm. Right Time’s management will remain with the Company and retain a significant equity stake. Financial terms of the transaction were not disclosed.

Founded in 2014 and headquartered in St. Catharines, Ontario, Right Time is the largest independently owned residential HVAC services provider in Canada with a focus on preventative maintenance programs and repairs and replacements of HVAC units. The Company comprises 10 brands and operates out of 11 locations in Ontario, Manitoba, and British Columbia with 400 employees.

Alex Earls, a Deal Partner at Gryphon and Head of its Business Services Group, said, “We are excited to partner with Right Time and to support its management team as they continue executing their growth strategy both organically and through add-on acquisitions. Right Time’s management team has built the Company into the largest independent provider of HVAC services and an acquirer of choice in Canada, making it a strong fit for Gryphon’s investment strategy which focuses on partnering with market leaders with sustainable differentiation.”

Jeff Balagna, Exclusive Executive Advisor to Gryphon Investors and former CEO of Sears Home Services, will become Chairman of the Company. Right Time co-founder and CEO Vaughn Goettler will become Vice Chairman, while co-founder and President Jeremy Hetherington has been named CEO of the Company. Mr. Earls will join the Board of Directors along with Mr. Balagna and Ian McKeen, the former President & COO of Service Experts, a leading provider of HVAC and plumbing services in Canada and the United States.

Mr. Balagna commented, “Right Time has quickly made a name for itself in this industry with solid organic growth and a clear acquisition strategy that is achieving scale and propelling its expansion in a highly fragmented market. We are pleased to support Vaughn, Jeremy, and the team as the Company continues to expand throughout Canada.”

Mr. Hetherington stated, “Our business has been built on providing premium service and customer experience to homeowners with non-deferrable needs, and we expect that demand to continue. We are excited to partner with Gryphon as we continue to expand geographically and through acquisitions as well as provide additional services to our existing customers.”

Mr. Goettler added, “We are grateful for the strong partnership we enjoyed with Clairvest, and we look forward to continued success working with Gryphon.”

BMO acted as financial advisor to Gryphon and Moelis acted as the financial advisor to Right Time. Blake, Cassells & Graydon and Kirkland & Ellis acted as legal advisors to Gryphon, and Torkin Manes acted as legal advisor to Right Time.

About Right Time
Right Time is the leading Canadian independent heating, ventilation and air-conditioning (“HVAC”) contractor focused strictly on the residential replacement market. Right Time operates out of 11 locations in Ontario, Manitoba, and British Columbia with 400 employees and provides preventative maintenance programs, repairs and replacements of household HVAC units.

About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with enterprise values ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.

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Triton completes acquisition of Inwerk

Triton

23.12.2020

Frankfurt / Meerbusch (Germany), 23 December 2020 – The Smaller Mid-Cap Fund (“TSM”) advised by Triton (“Triton”) has successfully completed the acquisition of a majority stake of Inwerk GmbH, one of the leading online providers of professional office furniture in Germany. Terms and conditions of the transaction were not disclosed.

Inwerk is a developer, manufacturer and retailer of office furniture systems. It was founded in 2001 and employs around 80 people at two locations in North Rhine-Westphalia and Hesse. The company has been recognized as a top innovator and has received numerous design and sustainability awards for outstanding system solutions and has more than 100 patent, brand and design registrations. In the Open Innovation Lab “LAB-3”, completed in 2020, Inwerk researches and develops new systems for new work infrastructures and for home office furnishings. The company is the omnichannel industry leader, which started out as an e-commerce pioneer in the office furnishing sector and sells its product range of 10 million article variants via its multi-award-winning online platform. Through its broad product range spanning multiple categories as well as its interior design planning and installation services, Inwerk has served over 400,000 companies, including 75% of the Dax 30 members.

About Inwerk

Inwerk is one of the leading online providers of professional office furniture in Germany. Inwerk was founded in 2001 and has 80 employees in two offices. The company, headquartered in Meerbusch near Düsseldorf, is a pioneer in online multi-channel marketing and an award-winning designer of unique and innovative office furnishing solutions. The company has served over 400,000 customers with a comprehensive product and service offering including own design furniture and 3D office planning services.

Inwerk’s most recent developments include completely new types of office furniture systems that have been proving themselves in practice in many companies since 2019 and provide the tools for flexible and transparent new work infrastructures, such as the multifunctional Masterbox® furniture system

In 2018, Inwerk also developed home office furniture that gives home offices the same ergonomic quality as classic office workplaces and meets the requirements of the German Occupational Health and Safety Act, which stipulates that health and safety requirements must be met.

For further information: www.inwerk.de/en

About Triton

Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.

The 45 companies currently in Triton’s portfolio have combined sales of around €18,2 billion and around 100,800 employees.

For further information: www.triton-partners.com

Press Contacts

Triton
Anja Schlenstedt

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Platinum Equity Sells Compart Systems to Shanghai Wayne Enterprises

Platinum

Press Release · December 22, 2020

LOS ANGELES (December 22, 2020) – Platinum Equity announced today that it sold Compart Systems Pte Ltd. (“Compart” or the “Company”) to Shanghai Wanye Enterprises Co., Ltd. (“Wanye”) in a transactions valued at approximately $398 million.

Compart, headquartered in Singapore with primary operations in China and Malaysia, is a supplier of high-precision, machined metal components including valves, fittings, sensors, and related components for a range of industries.

Platinum Equity is a Los Angeles-based global private equity firm focused on acquiring businesses that can benefit from the firm’s operational expertise. The Compart investment was led by Platinum Equity’s Singapore office.

“We have committed substantial financial and operational resources to our investment strategy in Asia and Compart’s success further extends our track record of creating value in the region,” said Jacob Kotzubei, the partner in Platinum Equity’s Los Angeles headquarters who oversees the firm’s Singapore-based team. “We have a lot of experience transacting in Asia, with a dedicated team on the ground supported by our global network.”

Mr. Kotzubei noted that just last week Platinum Equity announced it would acquire Ingram Micro Inc. from a Shanghai-listed unit of Chinese conglomerate HNA Group for $7.2 billion.

Platinum Equity acquired Compart as a carve out from Broadway Industrial Group Limited in 2016, and then drove a comprehensive transition and operational improvement program to establish the company as a thriving standalone business.

“We transformed Compart from a traditional manufacturing business into a technology-driven solutions provider that is now much more valuable to its multi-national customers in need of high-quality manufacturing partners in Asia,” said Soo Jin Goh, Managing Director at Platinum Equity and head of the firm’s Singapore-based investment team. “We deployed the full range of Platinum’s M&A and Operations tool kit and made good on our pledge to help the company grow, both organically and through add-on acquisitions.”

“We have committed substantial financial and operational resources to our investment strategy in Asia and Compart’s success further extends our track record of creating value in the region,” said Jacob Kotzubei, the partner in Platinum Equity’s Los Angeles headquarters who oversees the firm’s Singapore-based team. “We have a lot of experience transacting in Asia, with a dedicated team on the ground supported by our global network.”

In 2018 Compart acquired and then commercialized a valuable portfolio of intellectual property that allowed the company to move up the technology value chain and strengthened its R&D capabilities in Singapore.

In 2019, Compart acquired Alpha Precision Turning & Engineering, which helped diversify the company’s revenue, added scale, and expanded its footprint into Malaysia.

“Platinum has been an outstanding partner that helped provide the strategic direction the company required and then gave us the resources we needed to successfully execute on our plans,” said Compart CEO Russ Norwood. “We’ve now found the perfect home for the business going forward and are excited to be a part of Wanye’s ambitious plans for growth.”

BDA Partners served as financial advisor to Platinum Equity on the sale of Compart and Clifford Chance served as Platinum Equity’s legal advisor on the transaction.

 

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $23 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners V, a $10 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 300 acquisitions.

 

About Compart Systems

Compart Systems is a global supplier of precision engineered solutions for critical components and assemblies for over 30 years. Compart is a vertically integrated technology and IP organization manufacturing industry leading components, surface mount parts, weldments and assemblies including gas sticks and mass flow controllers.

Investor Relations
and Media Contacts:

Mark Barnhill
Partner
+1 310.228.9514 E-mail Mark

Dan Whelan
Principal
+1 310.282.9202 E-mail Dan

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Akkurate Oy announces €1.2 million in new financing

Tesi

Finnish lithium-ion battery diagnostics provider Akkurate Oy has received the investment from Fortum’s Valkea Growth Club, Tesi (Finnish Industry Investment) and existing investors including Lifeline Ventures.

The investment will help Akkurate significantly expand its market penetration and accelerate further product development. The new collaboration complements Akkurate’s battery analytics expertise with Fortum’s knowledge of electrification based on renewable energy sources. The desire of both companies is to create a cleaner world by developing the efficient use of lithium-ion batteries throughout their lifetime.

“Our investment in Akkurate marks Valkea’s first investment in an external startup. We have been impressed over recent years by the depth of the team’s know-how in lithium-ion batteries and the value proposition of DIAGNOSE,” says Mikael Myllymäki, Head of External Venturing at Fortum. “The battery ecosystem is an important and fast-moving segment for us, and our investment is a natural next step in building our strategic relationship with Akkurate.”

Deep knowledge of batteries

The future is electric. In the massive migration from fossil to electric, batteries have a pivotal role. Akkurate is a trusted technology company in whose DNA is a deep knowledge on lithium-ion batteries. Akkurate’s main product is DIAGNOSE, innovative battery analytics software that helps companies define residual value, extend the life and optimize the performance of batteries. In the future, through collaboration, DIAGNOSE will serve the circular economy as a holistic platform.

“I am very pleased about the investment, which is an important milestone for our further growth,” says Mika Kanninen, CEO of Akkurate. “With the rapid change towards renewable energy production and the electrification of transport, we are experiencing high traction for both stationary battery storages and mobile applications, while helping our customers optimize the lifetime and the value of their batteries. In addition to the financial support, we gain better insight into the energy production market and recycling. It´s exciting to see how our amazing team with decades of experience in lithium-ion batteries utilizes all that in our software”

More information:
Samppa Sirviö
Investment Manager, Tesi
samppa.sirvio@tesi.fi
+358 50 518 60 63

Tesi (Finnish Industry Investment Ltd) is a Finnish state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 1.6 billion euros. Ambition for ownership and success – tesi.fi | @TesiFII

Tesi in a nutshell

Tesi (Finnish Industry Investment Ltd) is a state-owned venture capital and private equity company that wants to raise Finland to the forefront of renewed economic growth. We invest in venture capital and private equity funds and directly in growth companies.

Tesi (Finnish Industry Investment Ltd)
Porkkalankatu 1 PL 685 , 00180 Helsinki
info@tesi.fi | @TesiFII

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Latour acquires ELSYS

Latour logo

2020-12-18 14:30

Investment AB Latour (publ) has, through its subsidiary Bemsiq AB, signed an agreement to acquire 70 per cent of the shares of Elektroniksystem i Umeå AB (“Elsys”). The founders remain as part-owners with 30 per cent of the shares.

Elsys is an internationally leading manufacturer and seller of LoRaWAN® sensors for applications for smart buildings and cities. The company was founded in 2005 and has 7 employees with head office and manufacturing in Umeå, Sweden. Net sales in 2019 was SEK 29 million and is expected to amount to SEK 45 million in 2020.

“We have followed Elsys for a long time and have been impressed by the position the company has built up in the international market for LoRaWAN® sensors. With a broad portfolio of high quality sensors, they are a very good complement to our existing portfolio and the acquisition is a natural step in our strategy to establish ourselves as a globally leading manufacturer of sensors, room controllers and connectivity solutions for smart buildings. I look forward to continue developing the company together with the founders”, says Mikael J Albrektsson, CEO Bemsiq.

“Bemsiq offers a unique platform for Elsys to become a part of one of the leading sensor manufacturers for smart buildings in Europe. We are very happy to continue our international growth journey together with Bemsiq”, says Peter Björk, CEO Elsys.

The acquisition will be completed in January 2021.

Göteborg, December 18, 2020

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Mikael J Albrektsson, CEO Bemsiq AB, +46 733 23 36 06
Ida Saalman, Business Development Investment AB Latour, +46 727 22 88 69

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 68 billion. The wholly-owned industrial operations has an annual turnover of SEK 15 billion.

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