Astorg to acquire Normec Group from Summit Partners

Astorg

Astorg is pleased to announce that it has signed a definitive agreement in partnership with management to acquire Normec Group (“Normec” or the “Group”), a leading provider of testing, inspection, certification and compliance services headquartered in the Netherlands, from global growth equity investor Summit Partners.

Normec was founded in 2016 and today employs a team of more than 900 across the Benelux region and Germany. The Group specialises in testing, inspection and certification services in the foodcare and life, safety & environment markets. Since its inception, Normec has accelerated the execution of its strategy to become a Top 3 player in its markets through the acquisition of over 20 leading specialist providers.

Joep Bruins, CEO and founder of Normec, said: “We are delighted that Astorg has chosen to partner with Normec. Astorg has a strong track record of investing in and supporting the growth of founder-led companies. We are very proud of what we have achieved in such a short timespan since our founding, and we are appreciative of the support we have received from Summit Partners. We are excited to work together with Astorg to continue to strengthen and build out the Normec value proposition for our clients.

François de Mitry, Managing Partner at Astorg, commented: “Over the past years, we have spent significant time reviewing the testing, inspection and certification space through which we have identified Normec. Normec’s leading position in its highly attractive core markets is a strong fit with Astorg’s investment strategy, and we are very excited to support Normec’s international expansion.” Nicolas Marien and Benjamin Cordonnier, Directors at Astorg added: “Normec has an impressive track record of delivering consistent growth through outstanding quality of service. We have already identified promising future M&A opportunities to actively work on with the management team led by Joep.

Christian Strain, Managing Director at Summit Partners said: “It has been a privilege to work in partnership with the Normec team. Since Summit’s investment in 2017, the Group has executed its organic and acquisition-driven growth strategy and created a leading pan-European testing, inspection and certification services provider.” Johannes Grefe, Principal at Summit Partners, added: “The Normec management team has delivered strong growth over the last several years. We look forward to seeing the Group build upon this strength in the future.” Mr. Strain and Mr. Grefe led Summit Partners’ 2017 investment in Normec and have served on the Group’s board of directors since that time.

The transaction is expected to close in the third quarter of 2020 and is subject to customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed. Normec was advised by Jefferies and the management team of Normec was advised by ING.

Press contacts:

Astorg

Stéphanie Tabouis
Publicis Consultants
Tel: +33 6 03 84 05 03
e-mail: stephanie.tabouis@publicisconsultants.com

Summit Partners

Meg Devine
Tel: +1 617 824 1047
e-mail: mdevine@summitpartners.com

About Normec:

Normec is the holding company of the Normec Group. Normec is active in the field of testing, inspecting, certification and compliance mainly in the Netherlands, Belgium and Germany. Normec assesses and supports the quality and safety of materials, systems and products by conducting independent audits, tests and inspections based on accredited methods. As an independent organisation, the work of Normec includes taking care of the quality and safety of their clients’ materials, systems and products. With intelligent, thorough and independent research and reporting, Normec combines professional expertise with excellent IT-driven services to provide value added services to their clients. In doing so, Normec ensures the sustainable improvement of companies or institutions. Normec operates in the Life Safety & Environment and Food & Agriculture segments. For further information about Normec: www.normecgroup.com.

About Astorg:

Astorg is a leading independent private equity firm with over €8 billion of assets under management. Astorg seeks to partner with entrepreneurial management teams to acquire market leading global companies headquartered in Western Europe and North America, working together to create value through the provision of strategic guidance, experienced governance, and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body enhancing its reactivity. Though not specialised, Astorg has gathered valuable industry expertise in software, healthcare, business-to-business professional services, and technology-based industrial companies. Astorg has offices in London, Paris, Luxembourg, Frankfurt and Milan. For further information about Astorg: www.astorg.com.

About Summit Partners:

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $21 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors and has invested in more than 500 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

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CVC Credit Partners completes financing to support buyout of WesCom Signal & Rescue

Deal marks the third occasion CVC Credit Partners have partnered with Sun European Partners

CVC Credit Partners is pleased to announce that its European Private Debt business has supported the buyout of WesCom Signal & Rescue (“WesCom”) by an affiliate of Sun European Partners. CVC Credit will provide a senior term loan as well as facilities to support WesCom’s expansion plans.

Founded in 1885, WesCom is the global leader in the design, manufacture and distribution of pyrotechnic rescue signalling devices. WesCom produces mission critical products which it sells through an extensive global network of over 1,000 ports across 70 countries.

Alex Wyndham at Sun European Partners, commented: “We are very pleased to have partnered with CVC Credit Partners again, we have worked with Neale and his team on multiple occasions before and their experience and knowledge have always added significant value, both prior to and throughout our periods of ownership.”

Neale Broadhead, Head of European Private Debt in CVC Credit Partners’ European Private Debt business, added: “WesCom is the clear leader in a stable market with embedded regulatory growth drivers and limited cyclicality. It provides high-quality and mission critical products to a loyal customer base and is run by an experienced management team. We have supported Sun European Partners in the past and look forward to working with them again as they look to accelerate growth at WesCom.”

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Gimv invests in AME, specialised producer of smart electronics for tomorrow’s products, located in Eindhoven Brainport

GIMV

02/03/2020 – 07:30 | Portfolio

Gimv acquires a majority share in Applied Micro Electronics (“AME”), a developer and manufacturer of innovative, high-quality and smart electronic modules for international OEM customers. With Gimv’s support, the current management team will continue to pursue its growth ambitions.

Since its foundation in 1996, AME (Eindhoven Brainport – NL, www.ame.nu) has continuously invested in R&D, and developed in-depth knowledge and expertise in three technology areas: power conversion, sensing & actuating and internet of things. Example applications include power conversion systems, motion controllers, safety systems and human machine interfaces for a variety of end-markets, including electric vehicles, home appliances and industrial automation. AME currently employs a staff of about 250 – including 80 engineers – and realizes a turnover of ca. EUR 40 million.

Both Gimv’s Smart Industries team and the current management team strongly believe in further growth potential of the business based on clear underlying market trends, such as further electrification of society, increasing automation and connectivity of devices. AME is well positioned to benefit from the market growth due to its vertically integrated business model, its in-depth expertise in specific technology areas and its strong track record of serving blue chip customers. Gimv will support management to realize their ambition to grow the business and further professionalize the organization.

Gerrit van der Beek, CEO of AME, says: “Gimv is the right partner for AME to make our growth ambitions come true. They fully underline and support our business strategy and philosophy. With Gimv we will be able to invest further in our technical capabilities and our industrial facilities. Expanding our activities globally to support our customers locally can now be put on our management agenda. I fully believe that the partnership with Gimv is a major step forward for AME and will enable us to enhance the support and service to our valued customers.”

Boris Wirtz, principal in the Gimv Smart Industries team, adds: “AME is right at the heart of our Smart Industries investment focus, as it combines knowledge intensive engineering and software competences with highly automated manufacturing facilities to develop and produce innovative products. We are highly impressed by the outstanding capabilities of the company, as confirmed by longstanding partnerships with international OEMs who trust AME to supply crucial parts of their products. We look forward to partner with management and build on AME’s strong existing position to further grow the business.”

This new investment will become part of Gimv’s Smart Industries platform, focusing on companies supplying B2B products and services, based on value creation through innovation and intelligent technology.

The transaction is subject to customary closing conditions, including the approval of the competition authorities. No further financial details on the transaction are being published.

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Advent International, Cinven and RAG-Stiftung to acquire thyssenkrupp’s Elevator Technology business

Cinven

International private equity firms Advent International (“Advent”) and Cinven together with the RAG-Stiftung (“the foundation”) (“the consortium”), today announced that they have signed definitive agreements with thyssenkrupp AG to acquire thyssenkrupp’s Elevator Technology business (“thyssenkrupp Elevator” or “the Group”).

As part of the transaction, thyssenkrupp AG will reinvest in thyssenkrupp Elevator and will acquire a substantial minority stake, underlining the attractive value creation potential of the business as well as a commitment to Germany and the Group’s employees.

thyssenkrupp Elevator is a leading international provider of elevator technology with operations in more than 1,000 locations worldwide. Headquartered in Germany, the Group generated revenues of €8.0bn in the financial year 2018/2019. thyssenkrupp Elevator provides innovative solutions to customers in more than 100 countries. Its product portfolio includes passenger and freight elevators, escalators and moving walkways, passenger boarding bridges, stair and platform lifts as well as a customised service business including maintenance of its entire product portfolio. The business operates a global sales and service network to ensure optimum proximity to its customers.

The consortium identified thyssenkrupp Elevator as an attractive investment opportunity given:

  • Its strong market position in the US, Europe and Asia;
  • The market growth opportunity supported by structural trends such as urbanisation and increased urban mobility with greater demands for access and convenience;
  • Significant buy and build and consolidation opportunities given the fragmented industry;
  • Planned investment in R&D, product and geography market expansion to drive both organic and inorganic growth; particularly in high growth markets such as Asia and for new energy-efficient product development;
  • Its plans to further expand the Group’s service business for its own and third-party elevators.

“Cinven is delighted to invest in and accelerate the growth of thyssenkrupp Elevator both organically and through further acquisitions. Further investment in product development, R&D and international expansion will enable us to grow the business sustainably over the long-term,” said Bruno Schick, Partner and Head of DACH and Emerging Europe at Cinven. “Alongside Advent and RAG-Stiftung, we look forward to partnering with management to shape the next phase of this outstanding business.”

“thyssenkrupp Elevator has established itself as an international market leader, with a strong and innovative product portfolio. We look forward to working alongside Cinven and RAG-Stiftung to leverage our collective expertise and capital resources and to build on this excellent platform for further growth, thereby creating a strong, independent industrial company”, said Ranjan Sen, Managing Partner and Head of Germany at Advent International.

“We value thyssenkrupp Elevator’s long heritage. The consortium is committed to maintaining its headquarters and its strong roots in Germany. This asset fits into the foundation´s portfolio extremely well because we expect it to provide stable returns,” said Bernd Tönjes, Chairman of the Executive Board at RAG-Stiftung. “For an innovative company with high quality standards like thyssenkrupp Elevator, its employees are the most important asset. We will operate at all times as responsible investors.”

Germany is a key market for Advent and Cinven, who have both had a presence in Frankfurt for more than 20 years and successfully invested in more than 39 companies in Germany. Having invested in 130 companies in the industrial and business services sectors, Advent and Cinven have considerable experience in these markets. In addition, the RAG-Stiftung has strong ties to the Rhine-Ruhr region and is committed to contributing to the sustainable transformation of the area. The foundation is a long-term focused investor responsible for financing the obligations of the German coal mining industry in the Ruhr and Saar regions and in Ibbenbüren.

The consortium has a shared investment philosophy of responsibly growing leading businesses and is committed to a long-term value creation plan for thyssenkrupp Elevator. The consortium is strongly committed to being a fair and responsible owner. The investors have extensive experience of working with German industrial companies that are co-determined, and attach great importance to collaborating with employee representative bodies. In addition, the consortium will continue to invest in the training and the ongoing education of employees, as well as the sustainable maintenance of the Group’s operations across all geographies.

The transaction is expected to close by the end of the third quarter of 2020, subject to customary closing conditions and regulatory approvals.

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Latour completes acquisition of S+S Regeltechnik

Latour logo

On October 22nd 2019, Investment AB Latour, through its wholly-owned subsidiary Bemsiq AB, signed an agreement to acquire S+S Regeltechnik GmbH, a company based in Nürnberg in Northern Bavaria, Germany. All closing conditions have now been fulfilled and the transaction has been completed as of January 22nd, 2020.

Göteborg, January 22, 2020

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Johan Hjertonsson, President and CEO Investment AB Latour +46 702 29 77 93
Björn Lenander, CEO Latour Industries AB, +46 708 19 47 36
Mikael J Albrektsson, CEO Bemsiq AB, +46 733 23 36 06

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 68 billion. The wholly-owned industrial operations has an annual turnover of SEK 13 billion.

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AURELIUS acquires electronic components businesses Distrelec and Nedis from Swiss Dätwyler Group

Aurelius Capital

Acquired business units are leading distributors of electronics components in Europe

* Revenues of EUR 275 million across 15 countries

* Fifth mid-market acquisition by AURELIUS in 2019 and renewed confirmation of core competence in corporate carve-outs

Munich, December 23, 2019 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) acquires Distrelec and Nedis businesses from Dätwyler Group, which is listed on the Swiss stock exchange. With a total of about 850 employees the acquired business units generate annual revenues of approximately EUR 275 million. The parties agreed not to disclose the purchase price and the transaction is expected to close in the first quarter of 2020.

Distrelec, headquartered in Manchester (UK) and Nänikon (CH), is a leading B2B distributor of electronic and technical components with approximately 600 employees. Beyond its main markets of Switzerland and Sweden, the company also has a strong market presence in 15 European countries. Its product portfolio has a significant focus on MRO components and targets B2B customers.

Nedis, headquartered in s’Hertogenbosch (NL) is a wholesaler for electronic products. With approximately 250 employees. Nedis is a leading wholesaler of electronic products marketed under the Nedis brand especially in the Netherlands, France and Scandinavia. The company has already been operationally realigned in the past by several initiatives, amongst them a complete rebranding in 2018. This strategy shall be continued to further position Nedis as a successful category manager in the European market.

“This acquisition enables us to further strengthen our position as a specialist in the carve-out of non-core divisions. The acquired businesses offer great potential and we are looking forward to help the company achieve its full potential,” said AURELIUS CEO Dr. Dirk Markus. “All in we have bought five new strategically interesting businesses in 2019. We see further attractive opportunities for acquisitions, as well as on the exit side, for 2020.”

AURELIUS will support the acquired businesses, both financially and operationally to ensure a seamless transition after the carve-out from Dätwyler Group. It is our aim to establish them as successful standalone companies and bring them on a sustainable growth path. The transaction perfectly fits into the AURELIUS mid-market investment focus.

AURELIUS was advised on the transaction by PwC (M&A), OC&C (commercial), KPMG (tax), Lenz & Staehelin and Linklaters (legal M&A) , Deloitte (pension), diva-e (e-commerce), digatus (IT) and Euro Transaction Solutions (insurance).

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Sale of Malthus Uniteam to Algeco Group

Reiten

On December the 21st, Reiten & Co Capital Partners VI L.P. and the other shareholders in Malthus Uniteam reached an agreement to sell the company to Algeco Group. This transaction represents a good industrial solution for Malthus Uniteam, its employees, customers and suppliers. As the leading Norwegian player in the modular market, Malthus Uniteam is well positioned for further growth through joining forces with the European leader, Algeco.

During the fund ownership period, Malthus Uniteam has achieved strong growth and increased their presence in Sweden and internationally. The company has a strong track record of supplying modular buildings, barracks, containers and building equipment and delivers solid growth within the rental business and good profitability.

“The shareholders are very pleased to hand over Malthus Uniteam to Algeco as a new owner of the company. We have a history of 45 years in the Nordic market and clearly customers and employees will benefit from joining forces with Algeco and continue to build a market leading position in the Nordics”, says Bård Brath Ingerø, Chairman of Malthus Uniteam.

Steinar Aasland, CEO of Malthus Uniteam further adds that, “We are excited to join the Algeco Group and become part of the leading modular space provider in Europe. Malthus Uniteam has successfully established itself as the market leader in Norway and we look forward to being able to offer Algeco’s VAPS 360 service offering to our customers, as well as further strengthening our presence across the Nordics.”

The transaction is subject to review by the Norwegian competition authority.

 

Link to Malthus Uniteam press release: https://malthusuniteam.com/blog/2019/12/23/malthus-uniteam-far-nye-eiere-styrker-satsingen-i-norden/

You may also see Algeco’s press release: https://www.algeco.com/investors/news/2019-12-23.html

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3i announces sale of Aspen Pumps generating proceeds of c. £208m and overall return of 4.1x MM

3I

3i Group plc (“3i”) today announces that it has agreed the sale of its investment in Aspen Pumps Group (“Aspen”), the global market leader in condensate removal pumps, to Inflexion Private Equity, the mid-market private equity firm.

Proceeds to 3i will be c. £208m, which represents a c. 55% uplift on its 30 September 2019 valuation. Including the £52m of proceeds already received, this represents a 4.1x return on invested capital and a 34% IRR.

Aspen is the global leader in the supply of condensate removal pumps into the fast growing air conditioning market. Aspen has also built an impressive portfolio of brands including Xtra accessory products, JAVAC tools, Advanced chemicals and Big Foot roof support systems. In December 2019 Aspen Pumps celebrated the milestone of selling 1 million pumps in a single year, further cementing its position as the wholesaler’s choice for innovation and reliability.

3i invested in Aspen in 2015 and has supported the company’s transformation from a UK exporter into a truly multinational business with a strong local footprint and people in each of its key geographies. As part of the buy-and-build strategy, Aspen has completed 6 acquisitions in France, Germany, Australia and the UK, enabling international revenues to more than treble over the last 5 years.

Pete Wilson, Partner and Head of UK Private Equity, 3i, commented: “This has been a classic 3i deal, where we have partnered with a high quality management team to support Aspen’s transformation from a UK exporter into a truly multinational business, through a combination of strong organic growth and innovative product development as well as targeted acquisitions. I’d like to thank Adrian Thompson and his management team for their commitment to delivering this plan and wish them all the best in the future.”

Adrian Thompson, CEO, Aspen Pumps, said, “Working with 3i, it was clear from the start that they really understood the business, had significant experience in our sector and brought a great deal of energy and enthusiasm. They have been a fantastic partner, supporting us on the development of our strategy, our acquisitions and on expanding our global footprint.”

Jonny Crane, Partner and Global Head of Industrials, 3i, added: “Aspen is an exceptional business which has been a strong fit with our industrial sector strategy, due to its market leading, innovative products that are increasingly critical to its end users. This has enabled it to build a strong and sustainable market position globally and the business is well positioned to build further on its leadership going forward.”

The transaction is expected to complete in Q1 2020, subject to customary antitrust approvals.

3i’s advisors on the transaction were Robert W. Baird (financial advisor), Travers Smith (legal), Deloitte (financial and tax) and LEK (commercial).

 

-Ends-

Download this press release   

 

For further information, contact: 

3i Group plc

Kathryn van der Kroft

Media enquiries

Tel: +44 20 7975 3021

Email: kathryn.vanderkroft@3i.com

 

Silvia Santoro

Shareholder enquiries

Tel: +44 20 7975 3258

Email: silvia.santoro@3i.com

 

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com

About Aspen Pumps

Aspen Pumps Group is the global leader in the supply of condensate removal pumps into the fast growing air conditioning market. Aspen has also built an impressive portfolio of brands including Xtra accessory products, JAVAC tools, Advanced chemicals and Big Foot roof support systems. In December 2019 Aspen Pumps celebrated the milestone of selling 1 million pumps in a single year, further cementing its position as the wholesaler’s choice for innovation and reliability. With offices and warehousing in the UK, France, Germany, USA and Australia, Aspen Pumps Group has become a truly global business on its journey from an East Sussex start up founded by 3 air conditioning engineers in 1995.

Regulatory information

This transaction involved a recommendation of 3i Investments plc.

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Innovestor invests in Luxmet – Technology Making Steel Production More Environmental

Innovestor

Luxmet completed their 0,8M€ oversubscribed round led by Innovestor: Advanced high temperature process monitoring and control systems for steel and metal industries.

Heavy industry plays its own significant climate change role. The media often highlights for example air travel and the meat industry as mainly responsible for carbon dioxide (CO2) emissions. But, as a matter of fact, heavy industry is a bigger source of CO2 emissions than air travel and all other transport modes combined.

Luxmet is on an important mission in cutting down CO2 emissions. Its ArcSpec solution is being applied in heavy industry, more specifically in steel production. Steel is now and will continue in the future to be an important part of sustainable development. Without steel, a low-carbon future is not possible: wind power and other renewable energy forms demand steel.

 

Electric arc furnace enables sustainably produced steel

Steel is produced in two alternative ways: the traditional model is to mine ore and refine it into steel in a blast furnace. Another more environmentally friendly method, is to utilize recycled steel: used metal is melted with electricity in a so-called electric arc furnace. This electric arc method generates merely a third of the CO2 emissions compared with blast furnace technology.

Luxmet’s ArcSpec technology makes electric arc furnaces even more environmentally friendly. According to Luxmet’s CEO Mikko Jokinen:

“Our solution analyzes all essential activities happening inside the furnace and therefore enables the optimization of the whole production process. Temperature’s inside the furnace can reach even 2000 degrees Celsius, so we attach our light-measuring sensors on top of the furnace’s roof. From there the observations are transferred to a nearby computer where the data is analyzed in real time.”

Founded in 2014, Luxmet’s technology is based on research from Oulu University. Jokinen joined the team when the research results were strong enough to start a company. Since then the company has expanded its operations: paying customers can at the moment be found in Finland, Norway, Spain, and Italy.

 

Going global

At the moment internationalization is at the core of Luxmet’s agenda. To enable it, Innovestor recently lead and organized Luxmet’s funding round. The target was to raise 0,8 million euros and the round was actually oversubscribed.

“We were supposed to have it open for a month but we reached the target in just two weeks”, Jokinen explained, clearly satisfied and excited about the co-operation with Innovestor.

The European Union requires significant CO2 emission reductions for heavy industry in the upcoming decades. This calls for innovations like ArcSpec.

At the moment Luxmet has a clear competitive advantage compared to other players in the domain. Their competitors either cannot deliver real time analyses or they concentrate on just one sub-process. ArcSpec is patented extensively which further strengthens Luxmet’s head start.

“ArcSpec is a result of many trials and errors. We realized early on that an innovation like this cannot be developed in the researcher’s lab. Instead, you need to try things out in actual factories. That is the only way to gather valuable real-life experience. Now our product is ripe and we are ready to go full steam global”, Jokinen sums up.

 

About Luxmet 

Luxmet has developed a unique solution for real-time measurement of steel production processes. The patented technology developed by the company is completely unique and enables for the first time reliable, real-time monitoring of the steel manufacturing process. The technology has been shown to improve processes by up to 8%. For steel producers, this means not only millions of euros in annual savings, but also more ecological production.

 

About Innovestor

Innovestor is an early-stage venture capital investor, who actively offers direct co-investment syndication opportunities and builds growth programs.  We manage the largest private venture backed portfolio in the Nordics and have to date invested around 140M€ together with our +500 co-investors. Around +1500 growth companies apply to our programs per year to whom we organize and facilitate +200 events with the support of +200 partners.

 

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Glamox acquires ES-SYSTEM

Triton

Oslo (Norway) 13 December 2019 – Glamox, a Triton fund IV company, has secured over 98 per cent of shares in the polish lighting company ES-SYSTEM, the largest lighting company in Poland by turnover.  

Glamox has acquired a total of 98.21% of shares in ES-SYSTEM through a public tender to shareholders concluded on December 4thThe tender was published on 14 October at 3.5 PLN per share, meaning company equity is recognized at a value of 150 million PLN (approx. 354 million NOK). The transaction was completed on 10 December and the purchase has been approved by the relevant competition authorities.

ES-SYSTEM is the leading supplier of professional lighting solutions in the Polish market. The company was founded in 1990 and has headquarters in Kraków, Poland with nearly 900 employees and factories in Wilkasy and Dobczyce and a yearly turnover of 192 million PLN (approx. 443 million NOK) (2018).  

The acquisition gives Glamox access to an attractive lighting market with high growth driven by a healthy macro-economy and a high level of activity in the construction and installation industry.

“The acquisition of ES-SYSTEM is in line with Glamox’s strategy of buying up leading companies in Western and Central Europe with matching customer segments, channels and market position. ES- SYSTEM’s products will further strengthen the range of products we are able to offer to our customers. In addition to giving us a leading position on the Polish market it will also strengthen us on our core markets,” says CEO of Glamox, Rune Marthinussen.

Glamox intends to acquire all shares in ES-SYSTEM and will put in motion an obligatory buy-out procedure for the remaining shares under the conditions stipulated by Polish law. Glamox also intends to withdraw ES-SYSTEM from the Warsaw Stock Exchange. 

About Glamox

Glamox is a leading provider of lighting solutions to the Northern European professional building market and to the global marine and offshore markets.

The Glamox Group is a global organization with approximately 1 400 employees and an annual turnover of NOK 2.8bn (2018). The Group owns a range of quality lighting brands including Glamox, Aqua Signal, LuxoNorselightLINKSrechts and Küttel. Glamox is committed to meeting customer needs and expectations by providing quality products and solutions, service and support.

As of December 2017, Funds advised by Triton are the majority owners of Glamox. 

About Triton

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 42 companies currently in Triton’s portfolio have combined sales of around €16,7 billion and around 80,800 employees

Press Contacts

Triton
Fredrik Hazén

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