The EQT VII Fund is to acquire AutoStore from Jakob Hatteland Holding AS and other minority owners.
AutoStore is an automated storage and retrieval system (ASRS) which uses robotics for collecting stored goods in a warehouse.
From the origin of the idea by Ingvar Hognaland in the Hatteland Group in the 1990s and delivery of the first commercialised system in 2005, AutoStore has experienced strong growth and is today a leading automated material handling solution.
AutoStore provides improvements in capacity, performance and cost and represents an optimal solution for meeting the growing demands for automated and efficient warehousing. Global megatrends, including increasing focus on automation and robotisation, urbanisation and need for space efficient solutions, as well as the demands for increased delivery speed and accuracy, are all expected to continue to fuel AutoStore’s growth globally.
AutoStore employs approximately 140 people and has to date more than 130 installations in 22 countries. In 2016 it is expected to generate approximately NOK500 million in sales and NOK 240 million in EBITDA.
Ingvar Hognaland, inventor of AutoStore, says: “I am very proud of what we have achieved with AutoStore – it has been developed from a simple idea into a leading product on the marked today.”
Jakob Hatteland, entrepreneur, adds: “Through the innovative thinking and drive of everyone involved, AutoStore has grown to be a unique Norwegian company with truly global potential. EQT is a great partner with an eye on long-term goals. This will enable us to continue to develop AutoStore and we are excited to partner with EQT for the continued journey.”
“We are really excited to have EQT as our new owner and are happy to be a part of the EQT family. We strongly believe that EQT’s industrial approach, global presence and network will be of valuable support in our next growth phase and future success,” says AutoStore CEO Karl Johan Lier.
Anders Misund, partner at EQT Partners, investment adviser to EQT VII, says: “We are impressed with AutoStore’s unique solution offering and leading position in the market. Karl Johan and his team have built an excellent platform that has grown consistently over time. EQT’s strong expertise in the industrial sector, alongside EQT’s global network, will support AutoStore´s further international expansion and growth.”
The transaction is expected to close in early 2017. The parties have agreed not to disclose the transaction value.
