EQT Mid Market has acquired a majority stake in Hong Kong-based Elevate, a social compliance assessment and improvement service provider. No financial terms were disclosed.
HONG KONG, Feb. 1, 2016 /PRNewswire/ — The EQT Mid Market Fund (“EQT Mid Market”) has acquired a majority stake in ELEVATE (the “Company”). The existing management team of ELEVATE, under the leadership of Co-Founder and CEO Mr. Ian Spaulding, will continue to drive the growth and development of the Company.
ELEVATE is one of the world’s leading social compliance assessment and improvement service provider operating in the rapidly growing market for supply chain sustainability and risk management services. With operations in over 30 countries, the Company works with sourcing, procurement, and compliance executives from major US and European companies by providing services to build, implement, and operate effective strategic supplier responsibility programs.
Leveraging leading edge service modules, ELEVATE offers customized programs that help its customers monitor and assess supply chain risk, develop mitigation plans, build supplier capacity, and improve supply chain social, environmental and business performance. The global market for supply chain sustainability is also poised for further growth given increasing regulations, heightened consumer awareness and preferences, and globalization of sourcing and procurement.
ELEVATE was formed in April 2013 with the merger of the companies Level Works and INFACT Global Partners. Level Works was a leader in developing and implementing customized global monitoring programs driving transparency and continuous improvement in factories. INFACT had established itself as the leading factory capacity building advisory services firm.
Mr. Ian Spaulding, Co-Founder and CEO of ELEVATE, said: “We are excited to work with EQT and its network of Industrial Advisors. With its industrial and operational growth-focused approach, EQT is an ideal partner for ELEVATE as we continue to develop superior services to our clients and drive impact for employers, employees and the planet.”
“We are impressed by ELEVATE’s professional management team, innovative service offering and its focus on business driven sustainability. The focus on delivering high quality services to its clients is monumental to its success. EQT looks forward to deploying its global resources to support ELEVATE’s growth and development strategy further,” says Mr. Tak Wai CHUNG, Partner at EQT Partners, Investment Advisor to EQT Mid Market.
The parties have agreed to not disclose the transaction value.
EQT is a leading global private equity group with approximately EUR 29 billion in raised capital. EQT has portfolio companies in Europe, Asia and the US with total sales of more than EUR 17 billion and approximately 140,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
For further information, please visit www.eqt.se
ELEVATE is one of the world’s leading professional services firm specializing in enhancing supply chain social, environmental and business performance. ELEVATE leads the industry with innovative solutions to complex problems and is actively engaged in all levels of the supply chain with segmented services and customized programs.
For further information, please visit www.elevatelimited.com