Triton reaps 2.4x return on sale of Logstor

A source familiar with the deal told Unquote that the deal delivered a 2.4x return for the GP. It comes more than seven years after Triton invested in Logstor via Triton Fund III. Since then, the GP said it had invested in a new organisational structure, digital improvements, and a strategic acquisition in 2017.

Kingspan, an Ireland-based trade buyer, is a company with five main business streams, turning over €4.6bn, with operations in 70 countries. It will acquire 100% of Logstor. The acquisition will help it develop its technical insulation offering alongside its core building insulation service.

The deal is subject to customary closing conditions and regulatory approvals and is expected to close in the middle of 2021.

Company
Headquartered in Løgstør, Logstor is a supplier of pre-insulated pipes for district energy and various industrial segments. The company has operations in Denmark, Sweden, Finland and Poland, and sells to more than 50 markets through resellers and own sales companies in Germany, the Netherlands, Switzerland, Austria, France, Lithuania, Italy, Romania and the UK. It employs 1,260 people and, in 2020, it generated a turnover of €244m and EBIT of €28m.

People
Triton – Peder Prahl (general partner); Gustaf Backemar (investment adviser).
Logstor – Kim Christensen (CEO).
Kingspan Group – Gene Murtagh (CEO).

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