EQT Mid Market exits Ellab to Novo

The sponsor acquired the asset in August 2019 via the EUR 1.6bn vehicle EQT Mid Market Europe, a 2016-vintage vehicle. 

Corporate investor Novo Holdings has acquired the Hillerød-headquarted company, with the transaction expected to close in Q3. The transaction valued the company at around EUR 1bn, according to external media reports.

Ellab tripled its revenues, EBITDA and number of employees under EQT's ownership, the vendor said in a statement, while reporting around 20% annual organic revenue growth and making 15 bolt-ons. 

EQT also helped the company to shift its customer focus towards high-growth industries such as biotech, cell and gene therapies and CDMOs. 

The GP has been working on a gradual winddown of its mid-market fund, having not raised a second iteration of that strategy.

From the same fund, it recently sold German engineering company BBS Automation to trade buyer Dürr for up to EUR 480m, depending on performance. It also has Freepik, a Spanish provider of digital visual content, in the market with Morgan Stanley, alongside Swiss cybersecurity specialist Open Systems with Bank of America, as reported by Unquote sister publication Mergermarket.

Other assets still held in the vehicle include wellington boot manufacturer Dunlop, which had been for sale in early 2022, and e-commerce shipping platform Parcel2Go.  

Company
Ellab provides validation and monitoring solutions and services for biotech and pharmaceutical processes. Its solutions and services measure and document parameters such as temperature, pressure, and carbon dioxide. It counts all of the top 20 biotech companies and top 40 pharmaceutical companies globally as clients. 

People
EQT - Rikke Kjær Nielsen (partner).
Novo Holdings - Henrik Kjær Hansen (senior partner, principal investments).
Ellab - Ludvig Enlund (CEO). 

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