The EQT Mid Market Europe Fund (“EQT”) today announced that it has entered into an agreement with the IK VIII Fund, advised by IK Investment Partners, to acquire a majority interest in Ellab (the “Company”). The management will partner with EQT and retain a minority stake in the Company.
Founded in 1949, Ellab is a leading global supplier of solutions and services for validating, measuring, recording, and monitoring critical parameters of thermal applications. The Company offers 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 by the pharmaceutical and food processing industries as well as in hospitals, where accurate and complete documentation is essential. The Company employs approximately 250 people worldwide with sales in more than 70 countries, serving a blue-chip customer base globally.
EQT will support the continued global growth of Ellab, building on the Company’s impressive track record. EQT will invest to support management’s plan to develop the Company’s go-to-market model in the US and Europe, continuing to devote significant resources to the Company’s R&D and innovation efforts, and expanding the as-a-service offering. Ellab is expected to benefit from EQT’s global presence and deep sector expertise within the cross-section of Industrial Technology, Healthcare and Services.
Rikke Kjær Nielsen, Partner and Investment Advisor to EQT Mid Market Europe, said: “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”.
Peter Krogh, CEO of Ellab, said: “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.”
Financial terms of the transaction are not disclosed. The transaction is subject to customary regulatory conditions and approvals.
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
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More information: www.eqtpartners.com
Ellab is a leading validation manufacturer and service provider within temperature, pressure and humidity applications for the pharmaceutical, medical and food processing industries. Ellab is dedicated to increasing consumer safety by providing solutions for measuring, recording, monitoring and validating critical parameters of thermal processing.
More info: www.ellab.com