Dutch PE firm Torqx Capital Partners has backed Sonic Equipment, a producer and seller of professional hand tools and storage products.
A statement by Torqx states that the GP has entered in partnership with the owners of the bsuiness, suggesting they have retained a stake in the company.
Torqx will help Sonic Equipment accelerate its international expansion.
The GP was not available for comment at the time of publication.
Torqx is currently investing via its debut fund, a €150m vehicle closed in 2017. The fund should make 10-12 investments in total, Unquote previously reported.
Some of the GP’s previous investments include motorcycle parts wholesaler Hoco Parts (2017), food preparation equipment manufacturer Fri-Jado (2018) and party goods and accessories manufacturer Folat Group (2018).
Founded in 2004, Sonic Equipment specialises in the development and sale of professional hand tools and storage products acquired by automotive parts resellers and automotive original equipment manufacturers (OEMs), among others. End customers include automotive garages, dealers, and other industrial customers.
The business, headquartered in Purmerend, also exports to countries including Sweden, Norway, Belgium, France and Germany.
Sonic Equipment - Remko Papenburg, Niels Veldt (founders, owners).
Torqx Capital Partners - Harmen Geerts (managing partner).
Vendor – KPMG (financial due diligence); Lexence (legal).
Equity - PwC (financial due diligence); Houthoff Loyens&Loeff (legal).
Consortium of investors supporting the funding round includes existing and new backers
Vehicle is larger than its predecessor, Xenon Private Equity VI, a €184m fund closed in July 2014
GP intends to boost the company's organic growth and further strengthen its market position
Acquisition of the family-owned company adds to the GP's industrial portfolio