Dutch private equity firm Wadinko acquired the shares in Deventer-based bed manufacturer Koninklijke Auping from NPM Capital in early November 2017. NPM Capital had been a shareholder in Koninklijke Auping since 1986.

In partnering with Wadinko, Koninklijke Auping will be able to further increase its presence and expand its operations in growth markets in the Benelux region, Germany and Scandinavia.

Sustainable business and production

In the Netherlands, the name ‘Auping’ is virtually synonymous with a good night’s sleep – a credit to the high quality, supreme comfort and stunning, contemporary designs of Auping’s box springs, beds and mattresses.
The success of the company – which was issued a Dutch Royal Warrant of Appointment in 1988 – can be attributed to its more than 125 years of expertise, coupled with the latest advances in technology, ergonomics and design.

Koninklijke Auping has been the recipient of numerous awards and certificates over the decades for its quality, reliability and design. Besides its stated objective of ‘working on tomorrow’s ultimate sleeping comfort with passion and curiosity’, Auping also aims to be a leading presence in sustainable business and production. The company believes that an inspiring and stimulating work environment plays an important role in the organisation’s talent for innovation and is committed to building a sustainable relationship with the built and natural environments. The company has embraced the cradle-to-cradle principle with this objective in mind, which should allow it to transition to fully circular production processes by 2020.

NPM Capital’s Managing Director, Bart Coopmans, is happy with Wadinko as Auping’s new shareholder: ‘Our journey with Auping over these past decades has been very successful. The company has grown immensely and has an excellent market position: the Auping Plaza concept has been implemented internationally and the e-commerce platform provides customers with online options to meet their requirements as far as sleeping comfort is concerned. With Wadinko as its new shareholder, Auping is ready for the next stage in its growth trajectory.’

More information about Wadinko and Auping

GPA Global today announced the signing of a 100% stake in MW Luxury Packaging, a leading provider of premium packaging solutions to the spirits, beverage and health & beauty industry with operations in the UK, the US, Mexico, China and Hong Kong.

Hong Kong-based GPA Global (“GPA”), an EQT Mid Market company, is a one-stop-shop premium packaging and display solutions provider with customers primarily within consumer electronics, mobile accessories and games & toys sectors. EQT Mid Market acquired GPA in March, 2017 with the mission to support the company’s continued growth and explore opportunities to expand the business into new customer verticals through synergistic acquisitions.

Founded in 1998, MW Luxury Packaging (“MW”) offers concept design, engineering, production management and distribution services. After combining the businesses, GPA’s strategy is to further strengthen MW’s supply chain and distribution capabilities, continue to develop the global clientele and capture cross-selling synergies to create a combined full-service platform.

“We are impressed by MW Luxury Packaging’s superior design capabilities and strong reputation in its core markets and industry segments. The partnership means that GPA can utilize and further develop MW’s well-established European customer network to build a strong global platform. The acquisition is an additional step in GPA’s future proofing process and EQT is excited to see the company now entering a new growth phase with accelerated development and a broadened product offering”, says Martin Mok, Partner at EQT Partners in Hong Kong, Investment Advisor to EQT Mid Market.

Tom Wang and Adam Melton, co-founders of GPA, jointly continue: “We are excited to work with MW Luxury Packaging to build a world-class premium packaging and interactive display solutions platform. With MW Luxury Packaging’s strong existing clientele in premium liquor and health and beauty, the transaction will allow GPA Global to become the leader in an expanded client segment, providing substantial cross-selling potential with our existing offerings. The strong design team as well as sales footprint in the UK, Europe and Americas also serves as a strong addition to our existing platform. We look forward to working closely together with MW Luxury Packaging and jointly develop GPA Global to the next level.”

The founder of MW, Anthony Dowler, who will become a shareholder in GPA and continue to develop the company’s growth strategy, concludes: “GPA Global offers an exciting business model with strong reputation and credibility across a number of markets and verticals. With an extensive sales, design, sourcing, manufacturing and distribution team in Asia, I believe GPA will provide MW with the platform to continue to expand its footprint with existing and new clients. We are confident that the partnership will bring on tremendous synergies and allow the combined business to serve our customers at a whole new level.

Link to the EQT Update on www.eqtpartners.com

Yesterday, Piab announced the acquisition of US-based SAS Automation – a leading developer and manufacturer of mechanical grippers and robotic end-of-arm tooling systems. The strategic add-on complements Piab’s existing product offering and strengthens its relevance to the customer base.

EQT VII portfolio company Piab is a global technology leader within industrial automation and robot components. Founded in 1951 by the Swedish Tell family, Piab supplies a broad set of vacuum ejectors, conveyors and suction cups for lifting and holding objects in automated factory processes. Piab’s products drive productivity and energy-efficiency, and improve the working environments for customers across a broad range of end-markets.

Underlying megatrends, including an increasing number of manufacturing sectors prone for automation, higher wages and productivity requirements, alongside a rapidly growing global e-commerce market are all supporting an increasing demand for automation and robotization in the smart factory. The company’s line-critical products are used across multiple industries, primarily within packaging, automotive, food and pharmaceuticals. The importance of cost-efficiency and work environment within these industries underpin Piab’s strong growth trajectory.

“Since EQT VII acquired Piab in January 2016, management has accelerated measures to strengthen Piab’s position, both organically and through the acquisitions of adjacent technology leaders Kenos and Vaculex. With the three completed add-ons so far including SAS Automation, we see clear revenue synergies enabled by offering an expanded product portfolio through the existing channel network. Piab will now be able to respond to customers demand for a single supplier of both vacuum-based and mechanical gripping technology”, says Harry Klagsbrun, Partner and Investment Advisor to EQT VII.

The eastern growth opportunity

With the add-on of SAS Automation, Piab takes an important step forward to becoming a one-stop gripper shop, while in parallel fortifying its presence across North America. Similarly, Piab has strengthened the management team in Asia and are accelerating growth in the region, particularly in China. As the country is expected to be the number one global consumer of industrial and collaborative robot systems going forward, it is natural that it is one of Piab’s focus markets for continued global expansion.

“China alone expects to enjoy a 20% annual growth of industrial robots over the foreseeable future, which is one of many reasons for why we feel confident that the market hold significant growth potential for our business. In order to be able to capture this growth, we have over the last year scaled up our operations with both strengthened regional and local leadership”, says Anders Lindqvist, CEO at Piab.

Investments in R&D and commercial excellence

With some 60 years of experience, Piab is the frontrunner in a highly fragmented market. With more than 50% of sales generated from patented products, Piab enjoys a technology leadership with innovative, high-quality and mission-critical products in an environment where customers continuously require new technology solutions. Supported by EQT VII, Piab continues to drive for advancements in R&D with the ambition to future-proof the business through an increasingly diversified product offering.

Recent launches across segments include a new vacuum conveyor dedicated to fragile products, food contact suction cups and the new piCOMPACT all-in-one vacuum ejector. The piCOMPACT with IO-link demonstrates Piab’s strong potential within Industry 4.0. Condition information is sent real-time to the operator enabling predictive maintenance and auto-orders. Looking ahead, Piab has a well-stocked product pipeline with new launches across all product segments.

In addition to leadership improvements across Asia, Piab’s management team has recently been further strengthened with senior and second-level leadership in the US, Europe, and Latin America. To truly stay local-with-locals and secure the necessary expertise on the ground, Piab has reinforced its regional commercial organization in the US, Germany, Brazil and Spain, both through a growing direct sales force as well as a broader distributor network.

Piab’s entry into mechanical gripping through the acquisition of SAS Automation, the acceleration of growth in China, as well as increased investments into R&D and commercial excellence are all key parts in delivering on Piab’s long-term strategy, which is well on track.

Danish family company Danfoss has acquired Visedo, a company specializing in electric powertrains and components. Visedo is a world-leading expert in electric solutions for the off-highway and marine markets, and a Tesi portfolio company since 2013. With this step, Danfoss is responding to the growing customer demand for electric solutions to reduce emissions and pollution and to increase productivity. Visedo is headquartered in Lappeenranta in Finland.

Kimmo Rauma, Head of Visedo, Picture: Junnu Lusa

“Acquiring new innovative technology is an important part of our investment in growth, and I am excited about the really great Visedo team joining Danfoss and our future journey. Electrification is a fast-developing area and holds tremendous potential, and Visedo is a great example of how we can focus on customer needs and at the same time strengthen our offering by providing a broader range of solutions,” says Kim Fausing, president and CEO.

“This is a great day for Lappeenranta,” says Tuomo Rönkkö, Chairman of the board for Visedo. “The acquisition acknowledges the knowhow and excellence built over the years between Visedo and the Lappeenranta University of Technology. The long-term commitment of the original investors and the ability to find the best experts to work for the company have been the base for this success story. We are happy the story will continue and bring more investments to the entire region.”

Visedo will be integrated into the Danfoss Power Solutions business segment. The acquisition of this electric systems business is in line with Danfoss’ strategic focus on adding electric solutions as a key competency and a key part of the company’s approach to enable electrification across the global businesses.

“With this acquisition, we position Danfoss and the Danfoss Power Solutions business even stronger. We see a growing demand for electric solutions within off-highway vehicles and the marine market in response to the more stringent emissions regulations being imposed in these markets, as well as efficiency and productivity gains that these solutions bring. Danfoss will, based on this acquisition, continue to invest in electrification to further strengthen our position in the industry. I look forward to welcoming the highly experienced and dedicated Visedo team to Danfoss and to our business,” says Eric Alström, President, Danfoss Power Solutions.

“Joining forces with Danfoss means a quantum leap for our mission to end pollution with our electric solutions. Together with Danfoss, we will have more capacity and investment for greater innovation and market opportunities,” says Kimmo Rauma, Head of Visedo.

“Visedo has been able to quickly position itself as the leading technology provider in its sector. It has shown that a start-up can disrupt a rather conservative market with an intelligent hardware driven business model by combining electrical engineering and software development in which Finland has long and successful history. Above all Visedo is all about its highly skilled personnel and exceptionally strong corporate culture,” comments Jussi Sainiemi, Investment Director at Tesi.

The acquisition includes all Visedo subsidiaries globally and a design and manufacturing site located at its headquarters in Lappeenranta.

The parties have not disclosed the purchase price or other conditions of the acquisition.

For more information:
Danfoss Media Relations, Tel: + 45 70 20 44 88

Jussi Sainiemi, Investment Director, Tesi
+358 40 564 4660
jussi.sainiemi@tesi.fi

Founded in 2009, Visedo is a Finnish manufacturer of smart hybrid and electric drivetrains for electric vehicles across the marine industry, commercial vehicle and heavy-duty machinery sectors. Visedo powertrains are suitable for hybrid and electric systems within the power range of 30-2,000kW. Visedo’s head office is located in Lappeenranta, Finland, and the company has subsidiaries in the Netherlands and Hong Kong. Visedo has a broad, international client base, with exports to Europe and Asia representing 90 percent of its sales. More information at www.visedo.com

Danfoss engineers technologies that enable the world of tomorrow to do more with less. We meet the growing need for infrastructure, food supply, energy efficiency and climate-friendly solutions. Our products and services are used in areas such as refrigeration, air conditioning, heating, motor control and mobile machinery. We are also active in the field of renewable energy as well as district heating infrastructure for cities and urban communities. Our innovative engineering dates back to 1933 and today Danfoss is a world-leader, employing 26,000 employees and serving customers in more than 100 countries. We are privately held by the founding family. Read more about us at www.danfoss.com.

Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company that accelerates companies’ success stories by investing in them directly and via funds. Tesi always invests together with other investors, providing them with access to high quality deal-flow in Finland. Our investments under management total 1 billion euros and we have altogether 723 companies in portfolio. www.tesi.fi / @TesiFII

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Global leader in desktop 3D printing raises growth capital for international expansion

In October 2017, Ultimaker, the global leader in desktop 3D printing announced that private equity firm NPM Capital has acquired a share in the company. This will allow Ultimaker to accelerate product development and invest in additional sales, marketing and R&D resources, which will help Ultimaker to expand on their global market position.

Ultimaker has experienced explosive growth since it was founded in 2011. With offices in The Netherlands and the USA, the company has built a worldwide distribution network selling its products in over 100 countries. The company is market leader in the high-end segment of industry grade desktop 3D printers. Key customers come from a large variety of markets in areas like product design, engineering, research, manufacturing and education. Ultimaker has proven to be very attractive in these areas because of its accessibility, ease of use, high quality results and extensive material support.

Ultimaker CEO Jos Burger explains: “I look forward to working with NPM Capital. They have a great and solid reputation as a committed longer term investor and a flexible investment horizon focused on long term value creation. The company is not driven by the need to make a rapid exit, which enables us to continue our growth at a pace that our markets require. With the additional funding and support from NPM Capital we now have the ability to accelerate innovation and further empower professionals worldwide with the tools and knowledge required for them to stay ahead in a rapidly changing business environment.”

For NPM Capital, Ultimaker is an exciting investment in a very attractive market, led by an impressive management team. Bart Coopmans, managing director of NPM Capital says: “Ultimaker fits in our strategy of investing in technology based growth platforms. We are impressed by Ultimaker’s leading market position and clear growth strategy. We believe Ultimaker has a sustainable competitive advantage stemming from its integrated platform of hardware, software, materials and support network. Together with a strong community, an ambitious team of professionals and a highly-committed leadership, Ultimaker is very well positioned for further growth. We really look forward to working closely together with the Ultimaker team on their fascinating journey.”

Ultimaker’s three founders Martijn Elserman, Erik de Bruijn and Siert Wijnia will remain as shareholders alongside NPM Capital who will become a majority shareholder.

About Ultimaker

Ultimaker has been in operation since 2011, and over the years has grown to become a market leader; creating powerful, professional and accessible desktop 3D printers. With offices in the Netherlands, New York, and Boston, and production facilities in both Europe and the US, Ultimaker’s team of over 300 employees continually strives to offer the highest-quality 3D printers, software, and materials on the market.

Read the full profile of Ultimaker

Investment AB Latour has, through its subsidiary LSAB Group AB, part of Latour Industries, signed an agreement to acquire Micor AB, based in Laholm. The acquisition is part of LSAB’s strategy to strengthen its position as a supplier of tools to the industrialized wood sector.

Micor develops and manufactures circular saw blades for industrial applications and was founded by one of the pioneers behind the technology to craft circular saw blades with cemented carbide. Micor has 19 employees and annual sales of approximately SEK 27 m, of which about 50 per cent comes from export.

With this acquisition, LSAB will strengthen its position as a manufacturer and supplier of saw blades on both the Swedish and international markets.

Hans Ekholm, CEO of LSAB Group AB comments on the acquisition: “During the summer we started a collaboration that has now concluded in the acquisition the company. With Micor, we are expanding our existing range of saw blades and we see great synergies in utilizing our respective company’s customer base as well as expertise in the production of saw blades.”

“LSAB and Micor complement each other very well in terms of both range and geography. Respective companies’ customers will gain access to a broader range and portfolio with strong brands such as Westlings, LSAB and Micor”, says Stig Niklasson, Micor’s current CEO and owner.

Göteborg, October 12 2017

INVESTMENT AB LATOUR (PUBL)
Jan Svensson, CEO

For further information, please contact:
Hans Ekholm, CEO LSAB Group AB, +46 730 399 760
Björn Lenander, Chairman of the Board in LSAB Group AB, +46 708 194 736

LSAB Group, with headquarter in Göteborg, has annual sales of almost SEK 500 m and about 300 employees in subsidiaries located in seven different countries. LSAB Group is part of Latour Industries, which is one of four wholly owned business areas within Investment AB Latour.

Latour Industries AB consists of a number of operating areas, each with its own business concept and business model. The ambition is to develop independent entities, which can eventually become new business areas within Latour.

Investment AB Latour is a mixed investment company consisting primarily of 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 ten substantial holdings with a market value of about SEK 49 billion. The wholly-owned industrial operations generated a turnover of approximately SEK 8 billion in 2016.

International private equity firm, Cinven, today announces that it has signed an agreement for the sale of CeramTec GmbH (‘CeramTec’ or ‘the Group’), a leading global manufacturer of high performance ceramics, to a BC Partners-led consortium including the Public Sector Pension Investment Board (PSP Investments) and Ontario Teachers’ Pension Plan (together the ‘BC Partners Consortium’) for an undisclosed consideration.

Headquartered in Plochingen, Germany, CeramTec manufactures high performance ceramics for various end-markets including medical, automotive, industrial and electronic.  Its proprietary product portfolio includes hip replacement implant components (notably the BIOLOX® brand), high speed cutting tools and electrical / thermal ceramic solutions.  The Group employs more than 3,400 people across 20 facilities worldwide. In the 12 months to June 2017, CeramTec generated revenues of €538 million and adjusted EBITDA of €196 million.

Cinven acquired CeramTec in August 2013 from Rockwood Holdings, Inc. for €1.5 billion.  During Cinven’s ownership, CeramTec has performed strongly increasing revenues from €425 million to €538 million and improving its EBITDA margin from 32% to 37% while investing substantially in new capacity and growing its work force by more than 300 people to over 3,400.

In particular, Cinven worked with CeramTec to:

Streamline the organisation and strengthen Group management with the reorganisation from 16 independent business units to two business segments – Medical and Industrial; the appointment of a new management board including the new CEO, Henri Steinmetz (March 2016), and new COO of the Medical business, Dr. Hadi Saleh (July 2015); and the strengthening of the team below the Board level.

Accelerate organic growth through investment in additional capacity including the Medical plant expansion at Marktredwitz (€40 million investment), supporting innovation and product development, increased focus on strategic customers and accelerating growth outside of CeramTec’s historical home markets particularly into the United States and China;

Increase productivity and capital efficiency through intensive ongoing improvement programmes and centralising production management, resulting in substantially increased margins and free cash flow generation; and

Execute a successful value-accretive buy and build strategy with the acquisitions of US-based DAI Ceramics (in 2015) and the UK-based Electro Ceramics division of Morgan Advanced Materials (in 2017) reinforcing CeramTec’s strength in aerospace and piezo ceramics.

Bruno Schick, Partner at Cinven and Head of the Frankfurt office, said:

“CeramTec has been a highly successful investment due to a combination of factors: Cinven’s sector expertise, in both Healthcare and Industrials; our longstanding presence and track record in Germany which enabled us to identify and execute the transaction; our international capabilities facilitating the Group’s expansion into the US and China; and our focus and conviction.  We have worked alongside an excellent management team, as well as a highly qualified and dedicated workforce at CeramTec and we wish them every success in the future. We are delighted that the BC Partners consortium is acquiring CeramTec and will continue to invest in the business.”

Pontus Pettersson, Partner at Cinven, added:

“CeramTec is an excellent business with great prospects.  We have worked hard to transform the Group into a more agile, commercial and global enterprise delivering strong financial results. We have invested significantly, strengthened management, simplified the organisation and improved efficiency and product innovation.  We accelerated organic and international growth and executed a number of value-add acquisitions creating a first class high performance ceramics business.”

Henri Steinmetz, Chief Executive Officer at CeramTec, commented:

“Our journey from a German-centric technology leader, towards a truly global market leader is well under way. Over the past four years we have doubled our ceramic implant capacity in Marktredwitz, we have simplified the organisational set-up in our Industrial segment and we have created a leading platform in piezo ceramics with the UK acquisition of Morgan Advanced Materials. We are very grateful to Cinven for its leadership and its commitment to transforming and growing our business and we look forward to working with our new owners together as partners to realise the next stage of growth.”

The completion of the sale of CeramTec is subject to customary regulatory approval and expected in the first half of 2018.

Advisors to Cinven on the CeramTec transaction included: BofA Merrill Lynch (M&A), Morgan Stanley (M&A), Clifford Chance (Legal), McKinsey (Commercial), PricewaterhouseCoopers (Financial), Ernst & Young (Tax) and ERM (Environmental).

Along with the management, Gimv is taking over the German WEMAS from NORD Holding, which has held a majority stake since 2011. Gimv is acquiring a significant majority, while the balance will be held by the company’s management team under the leadership of CEO Markus Schwinn. Next to growing its core business in the DACH-region, WEMAS wants to expand into adjacent road safety markets and further grow its international business.

WEMAS Absperrtechnik GmbH (www.wemas.de) was established in 1971 and has grown into a full-range provider of certified passive mobile road safety equipment, including protective barriers, delineators, base plates, warning lamps and traffic cones. The company supplies both wholesalers and roadwork safety service providers serving the road safety, infrastructure and construction markets, predominantly in the DACH-region.

The company operates in a growing market. WEMAS is well placed to benefit from this growth thanks to its innovative and high-quality product and value-added service offering, including the highest number of certified road safety products in the industry and a wide range of customised products.

WEMAS is located in Gütersloh (North Rhine-Westphalia, Germany), where most of the products are made. With more than 120 employees, it serves more than 1000 clients thus realizing a turnover of EUR 33.7 million (2016). In the coming years, the company intends to further grow its passive mobile safety business in DACH and internationally. Moreover, the company wants to explore further growth into adjacent road safety market segments, potentially through acquisitions.

Markus Schwinn, CEO of WEMAS Absperrtechnik, explains: “I am looking forward to bringing WEMAS to the next level with the help of Gimv, a partner with a strong track record as growth investor. This collaboration will enable us to speed up the growth trajectory of our company.”

Ruben Monballieu, Principal in the Gimv Sustainable Cities Platform, continues: “Increasing traffic, growing investments in road infrastructure and safety concerns drive the need for safety products. WEMAS is well positioned to capture growth in the road safety market thanks to its fully integrated value chain and its focus on product innovation and value added services.”

“We are proud that Gimv can use its network and its experience in building leading companies to co-shape the future of WEMAS together with the company’s ambitious and entrepreneurial management team. With this fourth investment in the DACH-region over the past twelve months, Gimv once again underlines its ambition to further build its franchise in the region,” adds Sven Oleownik, Head of Gimv Germany.

The transaction is subject to the approval by the competition authorities. No further financial details of the transaction will be announced.