Triton Fund IV divests Assemblin, EQOS, Flokk and Unica to Triton IV Continuation Fund
London, 04 May 2023 – Triton Fund IV (“Triton IV”) has completed the sale of a portfolio of four companies (“the Portfolio Companies”) to a newly-formed vehicle, Triton IV Continuation Fund (“TIV CF”), which closed at €1.63 billion following a competitive auction process.
The sale provides Triton IV investors with a return of 3.7x on the combined invested capital, or the option to roll into the new vehicle to participate in the Portfolio Companies’ future growth. The transaction further realises Triton IV to a 1x DPI, with capital to invest in the remaining Portfolio Companies.
TIV CF was underwritten by HarbourVest Partners and LGT Capital Partners as lead investors, supported by anchor commitments from Eurazeo and Pantheon as co-underwriters, alongside other institutional investors, the Portfolio Companies’ management teams, and by Triton’s executives that committed significant new capital in alignment with both new and rolling Triton IV investors. A portion of the new commitments will be available to TIV CF to use as follow-on capital to support continued growth.
The four Portfolio Companies in TIV CF are:
- Assemblin – a leading provider of smart and technical installation and service solutions across the Nordics. Assemblin is set to continue its growth journey through operational excellence, and improved branch profitability. The company’s growth will also be driven by secular tailwinds of energy efficiency and smart building.
- EQOS Energie – a leading specialty installation and service provider for critical infrastructure in the DACH region, primarily working on overhead lines and communication technology, as well as energy and railway technology. EQOS is well-positioned for continued growth driven by secular tailwinds in overhead lines and communication technology, which are underpinned by the energy transition and the rollout of 5G networks.
- Flokk – a leading office seating manufacturer in Europe, offering a range of award-winning sustainable products. Flokk has a clearly defined roadmap to become a global office seating leader through key organic initiatives, new product launches and geographic expansion.
- Unica – a leading independent provider of technical services in the Netherlands, focused on end-to-end, sustainable solutions for utility buildings and industry. Unica is set to continue its growth journey through operational excellence and new add-on acquisitions via its proven M&A playbook. The business is further supported by market tailwinds in smart building and energy efficiency.
Peder Prahl, Managing Partner and CEO of Triton, said: “From our investor partners and all of us at Triton, I would like to express our gratitude to the leadership teams and all employees at Assemblin, EQOS Energie, Flokk and Unica, and thank them for their hard work and the impressive results to date. Together, we have fixed the problems they faced and expanded all four businesses significantly. I would also like to thank both our existing investors, some of whom opted to roll into the new fund, and the new investors in TIV CF for their support and trust. We together look forward to continuing our journey and creating further value at the four TIV CF companies.”
Triton was advised by Evercore and Kirkland & Ellis on the creation and closing of TIV CF.
Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on businesses that provide important goods and services in the Business Services, Industrial Tech, Healthcare, and Consumer sectors.
Triton has over 200 investment professionals across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.
For more information: www.triton-partners.com