Triton portfolio company Alimak makes successful stock market debut at an issue price of SEK 93 per share
- Significant repositioning of the company
- Expanded presence in growth markets of Asia
- Greater investment in research and development, optimizing manufacturing footprint and sales initiatives
- First IPO of a Triton investment in Sweden
Stockholm, 17 June 2015 - Funds advised by Triton ("Triton") have successfully completed the first IPO of an investment in Sweden. Today the global leader in vertical access solutions Alimak Group AB (publ) ("Alimak") began trading on NASDAQ Stockholm at a price of SEK 97 per share, over the issue price of SEK 93 per share.
"We would like to thank the management team, the employees, the Chairman, the Board and all other stakeholders for their contributions to Alimak's development. Together we have done an outstanding job developing the company. Triton has been the majority owner of Alimak for more than eight years. The IPO is an important step for Alimak. Having direct access to the capital market gives the company more scope to continue growing organically and to build upon its strong market position worldwide. The fact that the offering was many times over-subscribed is a seal of approval from the market and a validation of management's hard work over many years. We look forward, together with the other shareholders, to continue taking part in Alimak's future in a listed environment." said Björn Nilsson, Investment Professional, Triton Managers II Limited, General Partner to the Fund.
Tormod Gunleiksrud, CEO of Alimak, commented: "With a business-minded owner at our side we have successfully established Alimak as a widely recognized and preferred brand with a unique insight into our customers' needs. This in turn has awarded us a strong global market position. Alimak's international sales and manufacturing platform in both emerging and mature markets provides us with a key competitive advantage. We are seeing significant opportunities ahead in capturing strong growth in the mid-market segment, driving penetration of after sales services in our installed base and continuing to innovate our product portfolio. It was a crucial and good decision to invest in our international expansion, research and development and manufacturing footprint during an economically challenging period."
Triton acquired Alimak in 2007 recognizing Alimak's significant growth potential due to the underlying global trends supporting the industrial and construction sectors, as well as the company's own growth agenda. Alimak is an industry leader in designing, developing, manufacturing, distributing and servicing industrial vertical access solutions predominantly in rack-and-pinion technology.
Under Triton's ownership Alimak focused strongly on:
- Transforming the firm from construction-oriented elevator manufacturer into a global industrial business
- Developing a highly attractive aftersales business
- Opening sales offices in India and Brazil and expanded manufacturing in China as part of an emerging markets development program
- Restructuring the manufacturing footprint to focus production in Sweden and China
- Reaffirming Alimak's cost competitiveness in the market, as well as introduced a mid-market offering that taps high-growth segments of the market.
As a result Alimak now has a global platform including sales, services and distribution network across more than 50 countries on all continents and a large global installed base of approximately 21,000 units. The Company's manufacturing footprint in both China and Sweden is a key differentiating factor. It combines a competitive cost base with unique know-how, well-invested facilities and a global supply chain. The Company is well positioned to capture growth from a number of global macro trends, as well as from its own growth initiatives.
About Alimak Group
Alimak is a global market leader and pioneer in designing, developing, manufacturing, distributing and servicing industrial vertical access solutions. The company provides high quality hoists, elevators and platforms primarily for the industrial and construction sectors. Alimak has a global sales, services and distribution platform across more than 50 countries with strong market positions. The company has a well-established and highly resilient after sales business and its large global installed base of ca. 21,000 units provides unique know-how into its customers' needs. Alimak was founded in 1948, is headquartered in Stockholm and employ over 1,100 people across the world. The Group had revenues of SEK 1.8 billion in 2014.
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe - with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden. Within this European region, Triton focuses 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 28 companies currently in Triton's portfolio have combined sales of approximately 13,5 billion Euro and over 58,500 employees.
The Triton funds are advised by dedicated teams of investment professionals based in Germany, Sweden, the United Kingdom, Luxembourg and Jersey.
For further information: www.triton-partners.com