Triton has signed an agreement to acquire a majority stake in Norres Group
Frankfurt / Gelsenkirchen (Germany), 9 October 2018 – The Smaller Mid-Cap Fund advised by Triton ("Triton") has signed an agreement to acquire a majority stake in NORRES Group (NORRES), one of Europe’s market leading manufacturer of plastic industrial hoses headquartered in Gelsenkirchen, Germany. Current owner and CEO, Burkhard Mollen, will retain his management position and co-invest alongside Triton. Terms of the acquisition were not disclosed.
"We want to support NORRES by investing in accelerated growth and continuous internationalisation of the company. We look forward to working together with the management team and contribute our expertise and available resources to promote our common vision of an even stronger company", said Peder Prahl, Director of the General Partner for the Triton funds.
NORRES is one of the leading manufacturers of plastic industrial hoses with production sites in Germany, China and the U.S. The company offers an extensive range of standard and made-to-measure branded industrial hoses which are used for pneumatic conveying of different media types (i.e. solids, gases or liquids) across various industries. NORRES has a long heritage of nearly 130 years with a strong track record in expanding its business via product innovation and internationalisation. The Group’s excellent reputation and market position is, among others, based on its high-quality product portfolio, operational excellence and customer orientation. In October, NORRES was awarded ‘Vendor of the year’ (DACH region) by the Association of Technical Trade for the third consecutive time.
“This transaction is an important milestone in our longstanding history. The new partnership will contribute to our expansion strategy in our efforts to achieve global market leadership. We welcome Triton as a new majority owner and a respected investor that will embrace and support the execution of our plans to further develop the company", said Burkhard Mollen, CEO of NORRES Group.
“We are pleased that Mr. Mollen has chosen Triton as his and the management’s future partner in exploiting further growth opportunities for NORRES. We are impressed by the company’s strong market presence, client reputation and innovation culture, only recently distinguished by the ‘Vendor of the year’ award. NORRES is a great company and we seek to support its continued internationalisation efforts and strategic acquisitions by providing capital, regional access and sector expertise, available through the Triton platform”, added Andi Klein, TSM Investment Advisory Committee Member and Investment Advisory Professional to the Triton funds.
NORRES was founded in 1889 and focusses on the development, production and sales of branded industrial hoses used for pneumatic conveying of different media types (i.e. solids, gases or liquids) for a wide variety of end markets (e.g. fume & dust extraction, agriculture, food & pharma, plastics and wood processing). The company is headquartered in Gelsenkirchen (Germany) and employs approx. 300 people across three production facilities (DE, CN, US) and five sales & warehousing sites (CZ, FR, PL, TW, UK).
For further information: www.norres.com
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 35 companies currently in Triton's portfolio have combined sales of around €12.7 billion and around 82,000 employees.
The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.
for more information: www.triton-partners.com