Polaris acquires Triax

Under its news owners, Triax intends to boost its current revenue and EBITDA rates by expanding across the Europe, Middle East and Africa. According to Polaris, there is a possibility that bolt-on acquisitions will be undertaken.

As part of the new structure, Allan Vestergaard will join the company's board as chairperson. He currently sits on the boards of businesses including Roll-o-Matic, Mikkelsen Electronics, Genua and Tritronics Corporation.

Triax's enterprise value was not disclosed. Polaris Private Equity IV, the vehicle used to finance the acquisition, typically targets companies valued in the DKK 300-750m range.

The fund held a DKK 2.2bn first close in January 2015 after six months of fundraising and reached its DKK 3bn target two weeks ago. Speaking to unquote", Polaris managing partner Jan Johan Kühl revealed strong appetite from LPs could lead to the fund hitting its DKK 3bn hard-cap in the coming months. 

Drawing commitments from LPs such as Dansk Vækstkapital, which committed DKK 400m, Polaris's fourth fund targets buyout transactions for companies in the Danish and Swedish mid-market.

Debt
The buyout was supported by a debt package arranged by Nordea.

Company
Founded in 1949, Triax is a multimedia company distributing hardware items such as multi-switches, amplifiers, headends, aerials and dishes. Headquartered in Hornsyld, Denmark, the business operates a network of eight subsidiaries in Europe.

Employing 310 staff, the company posted DKK 608m in turnover and DKK 52m in EBITDA in the last fiscal year.

People
Partner Niels Worming led the deal on behalf of Polaris Private Equity. Nielsen & Nielsen Holdings was represented by Søren Vilby. Claus Omann is CEO at Triax, while Allan Vestergaard will soon chair the company's board.

Advisers
Vendor – SEB Corporate Finance (Corporate Finance).

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• Topics
• Nordics
• Buyouts
• Consumer
• Denmark
• Polaris Private Equity
• Unq2015July