Scandinavian mid-market GP Polaris has acquired a majority stake in Sealing System, a Danish supplier and production of packaging and palletizing lines, according to a statement.
The parties have agreed not to disclose the purchase price, according the same statement.
As part of the deal, Ib Nykjær, a board professional, will join the board of directors as chair. Nykjær was previously CEO of SFK Leblanc, a Danish meat processing equipment specialist, and Tetra Pak Hoyer Equipment, a processing equipment brand for ice cream handling.
The company has generated average annual revenue growth of 25% since 2019 and reported revenue of more than DKK 200m (EUR 26.8m) in 2022 with EBITDA of DKK 20m (EUR 2.7m), it said.
The market for Sealing System’s solutions is expected to grow in the coming years, particularly in Denmark and a number of other European markets where more companies are focused on establishing automated production to simplify their supply chain, increase efficiency and mitigate higher salary costs, it said.
The GP is currently deploying equity via Polaris V, which raised EUR 690m early last year, as reported. The strategy seeks Danish and Swedish mid-market companies, focusing on consumer, industrials, services, healthcare, technology and financial services.
Based in Grindsted, Denmark, Sealing System was established in 1998 and offers solutions to automate manufacturing lines. The company has around 155 employees at its facilities in Denmark, Norway and Belgium.
Sealing System – Rolf Tange (CEO and co-founder); Kjeld Østergaard Jensen (sales director and co-founder); Ib Nykjær (chairman).
Polaris – Allan Bach Pedersen (partner).
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