Triton raises EUR 1.63bn for multi-asset continuation fund

Rachel Lewis
05 May 2023

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Triton has raised EUR 1.63m for a multi-asset continuation vehicle that will hold the Fund IV assets Assemblin, EQOS, Flokk and Unica.

The transaction has provided Triton IV investors with a 3.7x return or the option to roll into the new vehicle, Triton said in a press release. Managing Partner Peder Prahl said in a statement that "some" of the GP's existing investors opted into the new fund.

The vehicle, Triton IV Continuation Fund, was underwritten by HarbourVest and LGT Capital Partners as lead investors, with anchor investments from Eurozeo and Pantheon and co-underwriters.

Other institutional investors, the portfolio companies' management teams and Triton's executives have also committed new significant capital, according to the press release.

A portion of the new commitments will be available to the companies as follow-on capital to support growth, said the sponsor.

Swedish air, water and energy technical systems installation firm Assemblin will grow through improved branch profitability and tailwinds of energy efficiency, while Luxembourg-based telecoms infrastructure provider EQOS is expected to grow through the rollout of 5G, Norweigan furniture group Flokk via organic growth, and Dutch technical services company Unica with M&A, said Triton.

Triton Fund IV is a 2013-vintage vehicle which, even after the continuation vehicle, still holds a number of unrealised assets. These include German road safety group AVS Verkehrssicherung, Italian pharmaceuticals packaging manufacturer Bormioli, and Norweigan oil drilling fluids company Cubility, according to Unquote Data.

The GP has made full exit attempts for at least some of the four assets moved to the new continuation vehicle. Auction bids for Assemblin fell far short of expectations in early 2022, as reported by Unquote sister publication Mergermarket.

The sponsor had been exploring a sale or IPO dual track for Norweigan office furniture manufacturer Flokk, as reported.

Triton has been on the road for its sixth flagship fund since February 2023 with a EUR 5.5bn target, as reported.

Companies
Assemblin is a Swedish provider of smart and technical installation and service solutions across the Nordics.

EQOS Energie is a specialty installation and service provider based in Luxembourg for critical infrastructure in the DACH region, primarily working on overhead lines and communication technology, as well as energy and railway technology.

Flokk is a Norweigan office seating manufacturer in Europe, offering a range of award-winning sustainable products.

Unica is a Dutch independent provider of technical services, focused on end-to-end, sustainable solutions for utility buildings and industry.

Advisors
Triton – Evercore (placement agent); Kirkland & Ellis (legal).

People
Triton – Peder Prahl (managing partner).