Wed, 14/11/2012 - 06:10
Funds advised by Triton have sold logistics specialist Dematic to private equity investor AEA Investors and Teachers' Private Capital (TPC), the private equity arm of Canadian pension fund Ontario Teachers' Pension Plan.
As part of the transaction, around EUR450m of outstanding bonds will be redeemed.
Dematic has sales of approximately EUR1bn and serves worldwide customers with around 4,500 employees across the globe. The parties to the transaction have agreed not to disclose the purchase price.
“Today we are particularly well positioned in the growing retail and e-commerce segments. AEA and TPC have the track record, know-how and capital to support our growth strategy in this very attractive market,” says Roar Isaksen, president and chief executive of Dematic.
Triton acquired Dematic from Siemens in 2006. At the time the company was a loss-making non-core business. Since then, Dematic has steadily improved its results.
“Over the past six years, the management, board, employee representatives and all Dematic employees have done a fantastic job to turn the company into the highly profitable and technologically and geographically well-positioned global market leader in intralogistics,” says Peder Prahl, director of the general partner of Triton Fund II. “We would like to thank everyone for their contribution during Triton's ownership.”
In order to bring Dematic back to sustained profitability, the company, with the support of Triton, had to make significant new investments and to restructure its US and German operations in 2007 and 2008.
As part of the turnaround, Dematic simplified its corporate structures, shortened decision-making processes and improved accountability across the company by implementing a systematic approach to cost and operational efficiency. The company also significantly increased R&D expenditures and invested in the expansion of a dedicated customer services unit.
The sale, which is subject to the usual regulatory approval processes, is expected to be completed by January 2013.
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