Carlyle invests in logistics automation company Agilox

The company's founders and existing investor Raiffeisen Invest Private Equity will each retain a stake in the business, according to a statement.

The deal will see both Carlyle and the company's existing shareholders each hold stakes of around 50% in Agilox.

The transaction came about via an approach from sell-side adviser GCA Altium, based on Carlyle's experience in the technology growth and buyout space.

Dirk Erlacher, CEO and co-founder of Agilox, told Unquote sister publication Mergermarket in April 2021 that the company could consider taking on a new investor to reach its growth targets, which included doubling its turnover in 2021. Erlacher told Mergermarket that Raiffeisen owned one seventh of the company, with the remaining portion split equally between the company's six founders.

Carlyle is deploying equity via Carlyle Europe Technology Partners (CETP) IV, which held a final close in January 2019 on €1.35bn.

The GP said in a statement that it intends to work with Agilox's founders to support the company's international expansion and the development of its products.

Previous funding
In 2017, Raiffeisen acquired a 14.28% in Agilox, increasing this to 30% in 2019, according to Unquote Data.

Company
Founded in 2009 and headquartered in Neukirchen bei Lambach, Agilox (formerly known as Intrest OG) develops autonomous mobile robots for the automation of logistics and material-handling processes. The company began to develop its products in 2015 and currently has a portfolio of two intelligent guided vehicles (IGV): Agilox One and Agilox OCF. According to its website, Agilox's clients include Daimler, Siemens and Hansgrohe.

CEO and co-founder Dirk Erlacher told Mergermarket in April 2021 that the company posted 2020 revenues in the €16.5-17.0m range. The company expects to post revenues of around €35m in 2021, representing growth of around 100% compared with the previous year.

People
Agilox – Franz Humer, Dirk Erlacher (CEOs, co-founders).
Carlyle Group – Thorsten Tippel (managing director, Carlyle European Technology Partners).
Raffeisen Invest Private Equity – Daniel Haider (managing director, deputy head of investment management).

Advisers
Vendor – GCA Altium (corporate finance).
Equity – EY (financial due diligence); Roland Berger (commercial due diligence); Schindler (legal).

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