European private equity house Triton has scored a 2.4x return selling Danish pipe maker Logstor to trade buyer Kingspan Group after an “impressive turnaround” at the business, AltAssets understands.
Logstor has seen more than 20 years of private equity ownership come to an end through the €253m deal. Triton bought Logstor from Montagu Private equity eight years ago, growing it into a business with revenue of €244m and an EBIT of €28m.
Gustaf Backemar, investment advisory professional at Triton, said, “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.”
Private equity house Axcel led a DKK 120m (€16m) buyout of Logstor in 1999, alongside Polaris Private Equity and FIH. That consortium sold the company on to Montagu in 2006 at a valuation reported at between €300m and €400m.
Logstor is a market leader in pre-insulated pipes for district energy and industrial applications
Triton said that since its 2013 buyout it had invested in a new organisational structure, digital improvements, and made a strategic acquisition in 2017.
The company has also developed an increased offering of energy efficient solutions, enabling it to benefit from the investment in infrastructure and green transformation in Europe, the firm added.
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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/exclusive-triton-seals-2-4x-return-through-impressive-turnaround-of-danish-pipe-maker-logstor.html
