EQT Partners has agreed to acquire Norway-based AutoStore, an automated storage and retrieval system provider. No financial terms were disclosed. The deal is expected to close in early 2017.
STOCKHOLM–(BUSINESS WIRE)–· EQT VII to acquire Norway based AutoStore – a unique automated storage and retrieval system with more than 130 installations to date in 22 countries.
· The company has experienced an annual topline growth of ~50% and an annual EBITDA growth of ~80% since 2013
· EQT will support AutoStore in continuing its growth trajectory through further expansion internationally and through continued high focus on R&D and technology leadership
The EQT VII Fund (“EQT VII) has entered an agreement to acquire AutoStore (or “the Company”) from Jakob Hatteland Holding AS and other minority owners. AutoStore is a unique automated storage and retrieval system (“ASRS”) which uses robotics for collecting stored goods in a warehouse.
From the origin of the idea by Ingvar Hognaland in the Hatteland Group in the 1990s and delivery of the first commercialized system in 2005, AutoStore has experienced strong growth and is today a unique and leading automated material handling solution.
AutoStore provides significant improvements in capacity, performance and cost and represents an optimal solution for meeting the growing demands for automated and efficient warehousing. Global megatrends, including increasing focus on automation and robotization, urbanization and need for space efficient solutions, as well as the demands for increased delivery speed and accuracy, are all expected to continue to fuel AutoStore’s growth globally. AutoStore employs approximately 140 people and has to date more than 130 installations in 22 countries. In 2016 it is expected to generate approximately NOK 500 million in Sales and NOK 240 million in EBITDA.
Ingvar Hognaland, inventor of AutoStore, says: “I am very proud of what we have achieved with AutoStore – it has been developed from a simple idea into a leading product on the marked today.” Jakob Hatteland, serial entrepreneur, adds: “Through the innovative thinking and drive of everyone involved, AutoStore has grown to be a unique Norwegian company with truly global potential. EQT is a great partner with an eye on long-term goals. This will enable us to continue to develop AutoStore and we are excited to partner with EQT for the continued journey.”
“We are really excited to have EQT as our new owner and are happy to be a part of the EQT family. We strongly believe that EQT’s industrial approach, global presence and network will be of valuable support in our next growth phase and future success.” says AutoStore CEO Karl Johan Lier.
Anders Misund, Partner at EQT Partners, Investment Advisor to EQT VII, says: “We are impressed with AutoStore’s unique solution offering and leading position in the market. Karl Johan and his team have built an excellent platform that has grown consistently over time. EQT’s strong expertise in the industrial sector, alongside EQT’s global network, will support AutoStore´s further international expansion and growth.”
The transaction is expected to close in early 2017. The parties have agreed not to disclose the transaction value.
EQT is a leading alternative investments firm with approximately EUR 30 billion in raised capital. EQT Funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 15 billion and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com
AutoStore is a unique world-wide patented warehouse system proven to be the ideal small-goods handler for any warehouse, old or new. With standardized boxes stacked in a cube, it is easily the most space-efficient goods-to-man system on the market and can double storing capacity without increasing footprint. AutoStore is sold via a global multi-distribution network.