Triton to sell Logstor to Kingspan
Løgstør (Denmark) / Stockholm (Sweden), 23 March 2021 –Funds advised by Triton (“Triton”) have signed an agreement to sell LOGSTOR (“LOGSTOR”) a market leader in pre-insulated pipes for District Energy and Industrial Applications to the Kingspan Group (“Kingspan”), the world market leader in high performance insulation and building envelope solutions
Kingspan will acquire 100 percent ownership of LOGSTOR at an Enterprise Value of approximately €253 million. The parties have agreed not to disclose further terms of the transaction which is subject to customary closing conditions and regulatory approvals and is expected to close in the middle of 2021.
Since the acquisition of LOGSTOR in 2013 Triton has invested in a new organisational structure, digital improvements, and a strategic acquisition in 2017. Furthermore, LOGSTOR has developed an increased offering of energy efficient solutions, enabling it to benefit from the investment in infrastructure and green transformation in Europe.
LOGSTOR is today a strong market leader in pre-insulated pipes for District Energy and Industrial Applications with a revenue of 244 million EUR and an EBIT of 28 million EUR. Through the transaction with Kingspan, LOGSTOR will become part of a strong industrial leader with passion for energy conservation and sustainability.
“We would like to thank the management team, the employees and all other stakeholders for their contributions to LOGSTOR´s development, including the business remarkable turnaround in the last years. Triton has been the owner of LOGSTOR for more than 7 years and we view this as an appropriate time for an ownership change. We look forward to continuing our investment activities, acting as a responsible owner and an agent of positive change in the businesses we partner with,” says Peder Prahl, Director of the General Partner to the Triton fund.
“LOGSTOR, its employees and management team have successfully completed an impressive turnaround in the last years. The company now has a financially sustainable business model and is well positioned to accelerate its growth based on innovations within sustainable technologies. Kingspan and LOGSTOR fit well together and we are happy to see an industrial owner supporting LOGSTOR on its journey to improve energy efficiency”, says Gustaf Backemar, Investment Advisory Professional at Triton.
“We are excited to become a new member of the Kingspan Group. We know Kingspan as the leader in insulation material for the wider building sector – with a strong passion for energy savings and environmental protection. With Kingspan as our new owner, we will get access to state-of-the-art research and advanced technologies that will bring further advantages to the LOGSTOR solutions. By combining the knowledge of two strong brands and by bringing dedicated people and teams together, our customers will benefit from unmatched experience”, says Kim Christensen, CEO LOGSTOR.
“The acquisition of LOGSTOR marks an important step for Kingspan, as part of our strategy to develop our technical insulation proposition as a complementary business to core building insulation. LOGSTOR is a great company with a dedicated workforce and superior products in an industry that will see strong growth in the years to come. We are looking forward to supporting its ambitious journey ahead.”, says Gene Murtagh, CEO Kingspan.
LOGSTOR is the world’s leading supplier of pre-insulated pipe systems, not only for District Heating, but also for District Cooling, Oil & Gas, and various industrial verticals. LOGSTOR is an international enterprise with sales and production companies in Denmark, Sweden, Finland and Poland and has sales to more than 50 markets through resellers and own sales companies in Germany, the Netherlands, Switzerland, Austria, France, Lithuania, Italy, Romania and United Kingdom. LOGSTOR employs 1.260 people and is headquartered in Løgstør, Denmark.
Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses with a strong European heritage. 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 47 companies currently in Triton's portfolio have combined sales of around €18,4 billion and around 101,400 employees. For further information: www.triton-partners.com