Montagu sells Covidence to EMK

The sale ends a four-year holding period for the GP, which acquired the company using capital from Montagu IV.

Montagu said it has helped Covidence grow its top line by developing new products and platforms, and improving its go-to-market strategy. The company achieved double-digit sales growth between 2015-2018.

William Blair was appointed to sell Covidence in April and marketed the asset based on EBITDA of DKK 79m from DKK 139m in sales, according to Unquote sister publication Mergermarket.

EMK is currently investing from its debut fund, a £575m vehicle that closed in 2017 and targets equity investments of up to £100m.

Previous funding
Montagu acquired Covidence from its founding shareholders in 2015. The company reported EBITDA of €4.5m for 2014.

Company
Founded in 2007, Covidence is a specialist electronics manufacturer with a niche focus on miniature covert video surveillance equipment, used by police, intelligence agencies, special forces and other government approved organisations. The company is based in Roende, Denmark, and has a global customer base, with close relationships to many of the world's federal agencies.

Advisers
Vendor – William Blair (corporate finance).

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• Topics
• Buyouts
• Nordics
• Exits
• Industrials
• Montagu Private Equity
• Secondary buyout
• EMK Capital Partners
• Denmark