Castik acquires warehouse automation firm Element Logic

The GP will own the company alongside its founders, management team and employees.

Mergermarket reported in March that Carnegie was leading the sale process for the company, and that the company's revenues surpassed NOK 1bn (€97.6m) in 2020 and was expected to exceed NOK 1.5bn in 2021. Sources also told Mergermarket that the company had approximately NOK 363m EBITDA in 2020 and expected NOK 400m EBITDA this year. 

With the investment, the GP will support the company's organic expansion across Europe, and will explore ways to expand its service and software capabilities, partly through selective M&A.

The transaction is expected to take place in July 2021.

Company
Founded in 1985 and headquartered in Kløfta, Element Logic is a warehouse management service. It offers warehouse automation, including robotics, software and material flow handling.

The company employs 170 staff across Norway, Sweden, Denmark, Germany, the Netherlands, France, the UK and Poland. In 2020, it had a turnover of around €100m and EBITDA of €35.8m.

People
Element Logic – Dag-Adler Blakseth (co-founder, CEO).
Castik – Michael Phillips (partner).

Advisers
Company – Carnegie (M&A); CLP Solicitors (legal); PwC (financial due diligence).  
Equity – Skadden Arps Slate Meagher & Flom (legal); Arntzen de Besche (legal); GCA Altium (M&A). 

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