(PRESS RELEASE) STOCKHOLM, 8-Aug-2019 — /EuropaWire/ — The EQT Mid Market Europe Fund entered into an agreement to acquire a majority interest in Ellab from the IK VIII Fund, advised by IK Investment Partners. The existing management team, led by long-time CEO Peter Krogh, will drive the continued global growth journey and remain invested in Ellab.
Ellab, founded in 1949 is a leading global supplier of solutions and services for validating, measuring, recording, and monitoring critical parameters of thermal applications. The company has a wide range of high-precision systems for temperature, pressure and humidity validation and monitoring based on data loggers and thermocouple-based wired instruments. Ellab’s products are used in the pharmaceutical and food processing industries as well as in hospitals, where accurate and complete documentation is essential. Ellab employs 250 professionals worldwide with sales in more than 70 countries, serving a blue-chip customer base globally.
EQT will invest to support Ellab’s plan to develop its go-to-market model in the US and Europe, increase investments in R&D and innovation, expand the as-a-service offering. Ellab will benefit from EQT’s global presence and deep sector expertise within the cross-section of Industrial Technology, Healthcare and Services.
“EQT has followed Ellab for several years and is impressed by Ellab’s management team and its track-record of delivering outstanding value to customers through a strong offering across hardware, software and services. Ellab is a global market leader within Validation Solutions, which has been established through more than 70 years of innovation leadership and the Company’s strong customer focus. The Company is placed at the nexus of EQT’s strategic sectors and core geographies. As such, there is an excellent match between our two companies and EQT looks forward to partnering with Ellab’s management to jointly develop the Company into an even stronger global player,” commented, Rikke Kjær Nielsen, Partner and Investment Advisor to EQT Mid Market Europe.
“We are proud of Ellab’s accomplishments over the past decades and with the recent expansion of our product portfolio and as-a-service offering we believe that we can be an even more valuable partner to our customers in the future. EQT shares our strong company values and we believe that their global reach and sector expertise makes them an ideal partner and will place Ellab in an excellent position for continuing our momentum and further bolster the commitment to our customers,” added, Peter Krogh, CEO of Ellab.
The transaction is subject to customary regulatory conditions and approvals. Financial terms of the transaction are not disclosed.
For more information:
Rikke Kjær Nielsen
Partner at EQT Partners and Investment Advisor to EQT Mid Market Europe
+45 40 21 12 16
EQT Press Contact
+46 8 506 55 334
SOURCE: EQT AB