IK sells Ellab to EQT

EQT will draw equity from its Mid Market Europe Fund, which closed on €1.6bn in 2017. The fund seeks to make investments in companies with an enterprise value of €100-300m.

The management team will continue to lead the company and retain a minority interest. EQT plans to support expansion in the US and Europe, to support the company's R&D and innovation programmes and develop the company's "as-a-service" offering.

Ellab is an IK VIII Fund portfolio company and this transaction is the vehicle's first exit. The fund closed on €1.85bn in 2016 and was 62% deployed in December 2018. Other IK VIII portfolio companies based in the Nordic region include PwC Business Services and the KPMG Sweden business.

During IK's holding period, Ellab broadened its product portfolio, implemented a buy-and-build strategy and doubled its headcount.

Previous funding
IK acquired Ellab in 2016 in a deal valuing the company at an estimated €134.45m, according to Unquote Data.

Ellab extended its offering to monitoring equipment through the acquisition of Hanwell in the UK in June 2019.

Company
Founded in 1949, Ellab offers services such as sterilisation, freeze drying, heat tunnels and pasteurisation to customers in the pharmaceutical, medical and food industries. The company counts Pfizer, Astra Zeneca and Mars as clients, and employs 250 people. It is headquartered in Hillerød.

People
EQT – Rikke Kjær Nielsen (partner).
IK Investment Partners – Alireza Etemad (partner).
Ellab – Peter Krogh (CEO).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Buyouts
• Nordics
• Industrials
• EQT
• IK Investment Partners
• Denmark
• Secondary buyout