IK VII Fund is to invest in Evac Group, a provider of integrated water and waste management solutions for the marine, offshore and building industries.
Financial terms of the transaction have not been disclosed.
Founded in 1975, Evac designs and markets environmentally friendly waste and wastewater collection and treatment systems for the marine, offshore and building industries. The company is headquartered in Espoo, Finland, with a presence in more than 40 countries around the world.
The company employs approximately 190 people and its total revenue for financial year 2014 is close to EUR70 million. IK VII Fund is acquiring the company from funds managed by Oaktree Capital Management, the majority shareholder since January 2013.
“Evac is a global market leader in an attractive and growing niche market producing high-end mission critical products with a consistent track record of profitable growth. We at IK are looking forward to working together with the Evac management team to grow the Company further both by expanding the business organically – focusing on products, application areas and end customer segments – and through selective value-accretive acquisitions. IK specialises in creating value in its portfolio companies through close cooperation with management, providing financial support and the strength of our sector knowledge and relationships,” says Kristian Carlsson Kemppinen, partner at IK and advisor to the IK VII Fund.
“We are impressed with IK’s track record of successfully and profitably delivering growth in its portfolio and we are very much looking forward to working with the team. The financial and operational support of Oaktree has enabled the creation of a very healthy platform for future developments. Looking ahead, we are delighted that IK Funds will be investing in Evac to develop our business further, helping us grow organically and also identifying value-adding acquisition opportunities,” says Tomi Gardemeister, CEO of Evac Group.
Evac is the sixth investment by the IK VII Fund, which invests in pan-European mid-sized companies that have strong profit improvement potential.
