Triton sells Polygon to AEA for 5.3x money invested

The transaction is expected to close in Q4 2021.

Unquote sister publication Mergermarket reported in January 2021 that Jefferies was advising Triton on the sale of Polygon. The company was to be marketed based on EBITDA of EUR 90m. The report added that there were no obvious trade buyers for the company and that the process was likely to generate interest from sponsors.

Polygon confirmed in its Q1 2021 financial report that Triton was exploring strategic initiatives for the company, which would include a sale or an IPO.

Triton acquired Polygon (formerly known as Moisture Control Services) in September 2010 from Sweden-based industrial air quality specialist Munters for around SEK 1.3bn (approximately EUR 139m). The GP deployed equity via Triton Fund III, which held a final close in February 2010 on EUR 2.25bn and was fully deployed as of December 2013. The fund now has four remaining portfolio companies, according to Unquote Data.

Polygon employed 1,800 staff and posted revenues of around EUR 306m at the time of Triton's investment. The company made its first add-on in June 2011, acquiring Germany-based Vatro, which increased its revenues to EUR 415m and its headcount to 2,800 staff. Polygon made 27 add-ons under Triton's ownership, according to a statement, with the company announcing five add-ons in 2021 alone.

AEA is currently deploying equity via vehicles including AEA Investors Fund VII, which held a final close in December 2019 on USD 4.8bn. The fund takes majority stakes in mid-market companies in western Europe and the US, focusing on industrial products, speciality chemicals, consumer, retail, and services.

Company
Stockholm-headquartered Polygon provides building maintenance services, aiming to mitigate and control damage inflicted by water, fire and climate. Its client base includes insurance firms, property managers, government organisations and industrial clients. Founded in 2005, Polygon employs 5,500 staff, with 340 depots in 16 countries.

The company generated turnover of EUR 677m and adjusted EBITDA of EUR 81.3m in 2019, according to its annual report for that year. The company posted 2020 revenues of EUR 743.3m and adjusted EBITDA of EUR 92.5m. In its Q1 2021 report, the company stated that it had posted 12-month revenues of EUR 759.9m and EBITDA of EUR 95.3m.

People
Triton – Peder Prahl (CEO, managing partner); Nadia Meier-Kirner (partner, co-head of business services).
AEA Investors – Ramzi Gedeon (partner).
Polygon – Axel Gränitz (president, CEO).

Advisers
Vendor – Jefferies (corporate finance).

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