Pan-European private equity firm IK Investment Partners’ (IK) IK VIII Fund is to sell Ellab, a global supplier of solutions and services for measuring, recording, monitoring and validating critical parameters of thermal processes, to EQT.
During the past 70 years, Ellab has grown from a small Danish manufacturer of thermometers to a leading global supplier of thermal validation solutions and services. The Company serves both small and large clients within the pharmaceutical, medical and food industries by providing solutions for applications like sterilisation, freeze drying, heat tunnels and pasteurisation, among others. Ellab’s solutions are used by customers like Pfizer, Astra Zeneca, Mars, Getinge and many hospitals.
During IK’s ownership, Ellab has successfully broadened its product portfolio, executed a M&A strategy and continued to strengthen its organisation. The Company also more than doubled its number of employees over the past three years, creating over 100 new jobs whilst maintaining its strong profitability. Most recently, Ellab extended its offering to monitoring equipment through the acquisition of Hanwell in the UK.
“Thanks to IK, Ellab was able to make significant investments in human capital and strengthen its sales and service organisation, creating value for our customers. They have actively supported our ambitious growth agenda and helped us launch several new products. We now look forward to continuing on our next chapter in the Ellab story,” says Peter Krogh, CEO of Ellab.
“Ellab truly has proven the scalability of its business model, making it the right time to hand over the Company to a new owner. It has been a pleasure working with Peter and all of Ellab’s employees over the past three years and we would like to thank them for all their hard work and dedication,” says Alireza Etemad, Partner at IK Investment Partners and advisor to the IK VIII Fund.
Ellab is the first exit of the IK VIII Fund. Financial terms of the transaction have not been disclosed. Completion of the transaction is subject to legal and regulatory approvals.