Funds managed by Castik Capital S.à r.l. (“Castik”) have entered into an agreement to acquire a majority stake in Element Logic, in partnership with its co-founder and CEO Dag-Adler Blakseth, co-founder Kjell Blakseth and the broader management team. Castik will jointly own the company alongside Element Logic’s founders, management team and employees.

Element Logic, headquartered in Kløfta, Norway, is a specialized integrator for automated warehouse solutions centred around the AutoStore^® system. Founded in 1985, the company now employs 170 specialists across Europe who design, implement, deliver and service a wide range of automated and static warehouse automation solutions for customers in a range of industries across Europe, complemented by proprietary software and technology. Not only did Element Logic deliver the world’s first ten AutoStore^® installations, but they have also implemented more AutoStore^® solutions in 2020 than any other competitor worldwide. After delivering organic revenue growth at a c. 50% CAGR since 2014, Element Logic today has a leading market position in the Nordics and across Europe.

Element Logic’s focus on being a pure-play AutoStore^® system provider has made it a trusted one-stop shop for warehouse automation solutions in Europe, underpinned by expertise and technology. Castik aims to further support Element Logic with its rapid organic expansion across Europe and to explore further avenues to expand its service and software capabilities, partly through selective M&A.

“We are thrilled to have Castik on board as our partner of choice with a great fit to Element Logic. Together we plan to continue our growth journey, while we retain the Element Way and the company’s unique culture, as Element Logic truly is a people business. There are an incredible number of exciting opportunities ahead of us that open up further when we add Castik’s support together with our competence, experience and ambitions”, says Dag-Adler Blakseth, co-founder and CEO of Element Logic.

“We are very excited to have the opportunity to partner with Dag-Adler Blakseth and the entire Element Logic team, and to support the company in its continued growth story. The company has grown tremendously over the last years in a market for warehouse automation that is still in its infancy,” Michael Phillips, Partner at Castik Capital, says.

Element Logic and the sellers were advised by Carnegie, CLP, Bain and PwC. Castik was advised by Skadden, Arntzen de Besche, Kearney, PwC and GCA Altium. Ares provided financing for Castik.

About Element Logic

For over 30 years Element Logic has been optimizing warehouse performance. In 2020, we installed more AutoStore^® solutions than any other company in the world and we continue to create smart solutions to help warehouses deal with their customer’s increasing demand for fast deliveries. Our robotic solutions, software and consulting help businesses improve their value chains and to be more profitable. We optimize warehouses of all sizes in a wide range of industries including electronic components, parts distribution, consumer electronics, 3PL, pharmaceuticals, apparel, sports equipment, and more.

As the original AutoStore^® partner, we have a wealth of experience designing, delivering, and installing tailormade solutions that improve customers workflow.

Element Logic has more than 170 employees in Europe and had a turnover of €100 million in 2020. Our headquarter is in Norway, with subsidiaries all over Europe.

For more information visit www.elementlogic.net.

About Castik Capital

Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multi-strategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with founders and management teams. Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based EPIC II Fund.