Hg acquires Trackunit from Goldman Sachs, Gro Capital

Mergermarket reported this week that the deal was expected to reach an enterprise value of more than 30x EV/EBITDA, and that the company was marketed based on expected 2021 EBITDA of around DKK 150m (€20.2m).

Other PE firms that bid for the company included EQT, Nordic Capital, PAI Partners and Partners Group, according to Mergermarket.

The sale comes nearly six years after the GPs acquired the company. Since then, Trackunit has added on two companies, Satrak UK in 2016, and Dreyer+Timm in 2018.

Hg said in a statement that the company was now positioned to intensify its global expansion.

The deal is subject to regulatory approval and due to close in Q2 2021.

Company
Founded in 1998 and based in Aalborg, Trackunit is a software-as-a-service developer for tracking devices in the global construction equipment industry.

Trackunit collects and analyses machine data in real time to deliver actionable and predictive information. The company has additional offices in the US, the UK, Germany, France, the Netherlands, Norway and Sweden.

People
Trackunit – Søren Brogaard (CEO).
Hg – Florian Wolff, Nick Jordan (partners).
Goldman Sachs – Michael Bruun (partner).
Gro Capital – Lars Dybkjær (managing partner).

Advisers
Equity – Deloitte (financial due diligence).
Vendor – Goldman Sachs Investment Banking Division (financial due diligence); Bruun & Hjejle (legal); White & Case (legal).

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