Tag Archives: Industrie

Ratos divests airteam as part of its ongoing streamlining

Ratos

Regulatory Information 2025-03-18

Ratos has entered into an agreement to divest airteam, one of the Nordic region’s leading suppliers of technical ventilation solutions, to Nalka Invest. The purchase price (equity value) amounts to approximately SEK 1,700m (for 100% of the shares in the company), corresponding to an EV/EBITA multiple of around 10x. The divestment pertains to Ratos’ entire holding in airteam, which amounts to 70% of the shares, and is another step in the previously announced streamlining of Ratos into a group focused on industrial and technological solutions.

“Today’s announcement is an important step in Ratos’ ongoing streamlining of the group, and the divestment is a natural step in the ongoing strategic review of the Construction & Services business area. airteam has performed well financially under Ratos’ ownership, but ventilation solutions are not part of Ratos’ core operations. I’m pleased that airteam gets a qualified and committed owner to support its continued journey, and that Ratos can continue to focus on technological development and industrial product solutions,” says Jonas Wiström, President and CEO of Ratos.

Since Ratos acquired airteam in 2016, the company’s sales have grown from SEK 768m to SEK 1 714m in 2024 while EBITA has increased from SEK 74m to SEK 160m.

Estimated financial impact on Ratos
Ratos will earn a capital gain of approximately SEK 390m on the sale and receive cash and cash equivalents of approximately SEK 1 200m. Final capital gain will be calculated on closing. Overall, this will give Ratos a stronger financial position, ensuring continued scope for value creation through investments and acquisitions in Ratos’ core operations.

The transaction is subject to customary regulatory approval and is expected to be completed in the second quarter of 2025.

For further information:
Katarina Grönwall, VP Communication
+46 70 300 35 38, katarina.gronwall@ratos.com
Christian Johansson Gebauer, President Business Area Construction & Services
+46 8 700 17 00
Jonas Wiström, President and CEO
+46 8 700 17 00

This information is information that Ratos is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-03-18 20:40 CET.

About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 15 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 32 billion in net sales 2024. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in Execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Plastiflex strengthens its position with the acquisitions of Smooth-Bor and TIK

Beringen, Belgium – Plastiflex Group N.V. (“Plastiflex”, “Plastiflex Group” or “the Group”), a leading manufacturer of high-end tubing systems and custom components is pleased to announce that it has made two transformational acquisitions with the addition of both Smooth-Bor Plastics (“Smooth-Bor”) and TIK d.o.o. (“TIK”). These investments will further enhance the global growth and technological leadership profile of Plastiflex by consolidating the Group’s strong position in the fast-growing respiratory care market and by adding new end-markets with high growth potential to its fluid management segment (such as filters or bloodlines for dialysis patients).

A Strengthened Group

The acquisition of Smooth-Bor strengthens Plastiflex’s leading position in tubing systems for the rapidly- growing respiratory care market, while the acquisition of TIK provides Plastiflex entry to the catheter manufacturing market to complement its current healthcare fluid management offering. The Group will now have 12 manufacturing facilities globally, with 7 dedicated healthcare facilities in North America (USA and Mexico), EMEA (Germany, Slovenia and Turkey) and Asia (China and Malaysia).

Since IK Partners’ investment in 2021, Plastiflex Group has accelerated its buy-and-build strategy, making a total of four add-on acquisitions in the Healthcare sector. At present, the Group expects to generate approximately €200 million in sales and roughly €50 million in EBITDA in 2025, with the vast majority derived from customers in the sector. Plastiflex envisions a clear trajectory to continue its growth, aiming to double its sales in the coming years by leveraging its current footprint and client portfolio in these fast-growing end markets while continuing to execute on its buy-and-build strategy.

Smooth-Bor

Founded in 1971 and headquartered in California, USA, Smooth-Bor is a leading healthcare company, specialised in the production of corrugated heated tubes for continuous positive airway pressure (“CPAP”) devices, as well as other tubing systems and masks for the respiratory care market with a specialisation in sleep apnoea. The company employs over 100 people who are based across its manufacturing sites in North America and Malaysia.

Through the partnership with Smooth-Bor, Plastiflex will be able to further consolidate its leading position in the market and utilise additional production capacity in USA and Southeast Asia, in line with the Group’s operational strategy of regional self-sufficiency.

Smooth-Bor will continue to be led by CEO Eric Carlson as well as President and CFO Steve Caiozzo.

TIK

Established in 1971 and headquartered in Kobarid, Slovenia, TIK is a leading manufacturer of disposable medical devices, specialised in the production of coated urethral catheters and follicle aspiration needles. The company also produces a wide range of tubing systems for other applications in the field of respiratory care, gynaecology and gastroenterology. At present, TIK employs over 90 people.

By joining forces with TIK, Plastiflex will be able to further extend its product portfolio in the fluid management market space and utilise additional production capacity in Europe, in line with the Group’s operational strategy of regional self-sufficiency.

TIK will continue to be led by Managing Director Petra Borovinšek, who has been in place since 2018.

Piet Gruwez, CEO of Plastiflex, said: “We’re delighted to announce the acquisitions of Smooth-Bor and TIK as we continue to strengthen Plastiflex’s as a leading medical device manufacturer of tubing systems. The acquisition of Smooth-Bor will further strengthen our leadership position in the fast-growing respiratory care market, while the acquisition of TIK provides us with access to the catheter manufacturing market, a market with huge growth potential for the group. We look forward to working closely with the employees of both companies to integrate them fully within the ever-evolving Plastiflex Group.”

Eric Carlson, CEO of Smooth-Bor Plastics, commented: We are very happy about the further development of Smooth-Bor within this strategic partnership with the Plastiflex Group and we are convinced that, together, we will be able to offer a further enhanced product portfolio to all our customers across the globe.”

Petra Borovinšek, Managing Director of TIK, added: “We are thrilled to be joining forces with Plastiflex, leveraging our shared experience to continue sales growth in Europe, further enhance our product portfolio and reinforce the Group’s position as an indispensable partner to distributors.”

For further questions, please contact:

Plastiflex Group
Piet Gruwez
Chief Executive Officer
Phone: +32 11 45 03 99
piet.gruwez@plastiflex.com

About Plastiflex Group

Since its foundation in 1953, the Plastiflex Group (“Plastiflex”) has become one of the world’s leading suppliers of components and high-end customised tubing systems for customers in the medical and industrial technology sectors. Plastiflex, headquartered in Beringen, Belgium, is globally active and employs more than 1,400 people across it 12 international production sites and other subsidiaries. For more information, visit: http://www.plastiflex.com/

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About Smooth-Bor Plastics

Established in California in 1971 as a family-owned business, Smooth-Bor Plastics now operates as a second-generation producer of innovative tubing solutions and stands as one of the global leaders in the realm of heated tubes with more than 100 employees across the 2 production facilities. For more information, visit: https://www.smoothborplastics.com/

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About TIK d.o.o.

Established in Kobarid, Slovenia in 1951, TIK d.o.o. (“TIK”) has been transformed from the original company of needle production to the current medical device manufacturer, focusing on the production of different types of catheters in urology, respiratory therapy and gastroenterology as well as follicle aspiration needles in gynaecology. TIK has a flexible organization with 90 employees, fully compliant with ISO 13485:2016 for manufacturing medical devices with clean rooms area of 1.500 m2 and a strong in-house R&D with complete production process done on site. TIK has sales in more than 30 countries all over the world. For more information, visit: https://tik.si/en/

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Charterhouse announces partnership with leading French fire safety and security systems provider ESTYA

Charterhouse

Charterhouse Capital Partners (“Charterhouse”), one of the longest-established private equity firms operating in Europe, today announces that it has agreed to acquire ESTYA, formerly ERIS (“the “company”). Charterhouse will invest in partnership with ESTYA’s management, who are reinvesting in the company, and alongside Chequers Capital, who will remain a significant shareholder following an initial investment in 2021. The transaction is subject to customary regulatory approval.

Founded in 1974, ESTYA, is a leading French services provider specialising in electronic fire safety and security systems with a comprehensive offering across electronic fire detection, smoke extraction and compartmentation, gas detection and electric security. Headquartered in Paris, the company delivers circa €120m in revenue, across 15 agencies in France, and has tripled in size since 2021, having completed seven acquisitions during that period of time.

ESTYA’s leadership, including CEO and Founder Ludovic Goëta, are committed to supporting the firm’s next stage of growth alongside Charterhouse and Chequers Capital. Through this partnership, and in alignment with ESTYA’s management, Charterhouse will apply its expertise in professionalising, internationalising, and transforming services businesses through organic growth and M&A initiatives across France and other key European geographies.

Charterhouse pursues pan-European mid-market opportunities in two core sectors of focus: Services and Healthcare. It targets businesses that feature ‘defensive growth’ characteristics, combining strong market positions with sustained earnings growth, with the potential for transformation. Its investment in ESTYA is closely aligned with this investment strategy, and follows recent investments in Metrodora, a leading Spanish education group for healthcare professionals, Skin Tech Pharma Group, a B2B medical aesthetics group, and Two Circles, a leading tech-enabled services and software business serving sports and entertainment clients, which were agreed in 2024.

Cédric Barthélemy, Partner at Charterhouse said: “We have been following ESTYA’s journey closely for some time and have been truly impressed by what Ludovic and his team have achieved to date. As a fast-growth, high quality and resilient mid-market company, ESTYA is exactly the type of business that we like to back at Charterhouse. We are delighted to combine our expertise in transforming local leaders in the services sector into international champions with the talented management team and Chequers Capital, to reinforce ESTYA’s leading market position and support Ludovic’s long-term growth ambitions.”

Ludovic Goëta, CEO and Founder at ESTYA, said: “At ESTYA, we are focused on providing mission critical services to our customers across the electronic fire safety and security system value chain. We have grown strongly in recent years and are confident that Charterhouse is the right partner, alongside Chequers Capital, to take us into our next stage of growth across France and into new European markets.”

Aurélien Klein, Managing Partner at Chequers Capital

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Mubadala Completes the Sale of its stake in Calisen, a Leading Provider of Smart Meters and Energy Transition Infrastructure in UK

Mubadala

Mubadala has successfully completed the sale of its indirect stake in Calisen, the UK’s leading provider of smart meters and small-scale energy transition infrastructure assets.

calisen-smart-meter

Abu Dhabi, March 10, 2025: Mubadala has successfully completed the sale of its indirect stake in Calisen, the UK’s leading provider of smart meters and small-scale energy transition infrastructure assets.

The sale marks the end of a four-year investment cycle during which Mubadala, alongside partners, Global Infrastructure Partners (GIP), a part of BlackRock, and the infrastructure business at Goldman Sachs Alternatives, worked closely with Calisen to deliver strong financial and commercial performance. In addition, Mubadala has supported Calisen’s expansion capabilities to unlock new growth opportunities including electric vehicle (EV) charging, the electrification of heating, solar, and battery solutions, deepening Calisen’s role in the UK’s energy transition.

A key milestone in this journey was Calisen’s 2023 acquisition of MapleCo, a high-quality UK smart metering company owned by Equitix, which is now part of the shareholder group, strengthening Calisen’s market position. With an installed base of 16 million meters, the company is well-positioned to capitalize on market trends underpinned by the ongoing energy transition as the UK advances in its journey to achieving net zero by 2050.

Saed Arar, our Head of Infrastructure, said: “Over the past four years, we’ve been proud to support Calisen as the business executed its long-term growth strategy. The success of this investment comes from selecting the right partners and business to support, and implementing active management initiatives that were accretive to returns, de-risked the investment, and positioned Calisen well for an attractive exit. This transaction aligns with our approach of capturing value through well-timed and strategic exits, while ensuring that Calisen is well-positioned for its next phase of growth.”

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Novacap Announces Successful Exit from Smyth Companies, LLC

Novacap

Novacap, a leading North American private equity firm, is pleased to announce the successful exit of its investment in Smyth Companies, LLC (“Smyth”), a premier provider of innovative and sustainable labeling solutions for consumer products. Smyth has been acquired by Crestview, a private equity firm focused on the middle market, further positioning the company for continued success and growth. This marks a significant milestone for Novacap and reinforces its commitment to fostering growth and operational excellence within its portfolio companies.

Since Novacap’s initial investment, Smyth has expanded its market position as a trusted partner to leading global consumer packaged goods (CPG) brands. Under Novacap’s ownership, the company has implemented key strategic initiatives, invested in state-of-the-art equipment, and successfully implemented its “One Smyth” operational philosophy. These efforts have positioned Smyth as a national leader in prime label solutions, with a well-invested manufacturing footprint and a diversified customer base.

“Our partnership with Smyth exemplifies Novacap’s ability to drive long-term value creation through operational improvements and strategic initiatives,” said Domenic Mancini, Senior Partner at Novacap. “We are incredibly proud of the progress achieved by the Smyth team and confident that the company is well-positioned for continued success in the evolving labeling and packaging industry.”

“Novacap’s strategic guidance and investment have been instrumental in accelerating our growth and enhancing our ability to serve our customers with cutting-edge labeling solutions,” said Scott Fisher, President of Smyth Companies. “We are grateful for their support and look forward to continuing our journey as an industry leader.”

The successful exit of Smyth underscores Novacap’s expertise in identifying and nurturing companies within the industrial and packaging sectors, leveraging sector knowledge to drive sustainable and scalable growth.

Baird served as financial advisor while Blake, Cassels & Graydon LLP and Fox Rothschild LLP provided legal counsel to Novacap. Evercore served as financial advisor while Gibson, Dunn & Crutcher LLP provided legal counsel to Crestview Partners.

About Novacap
Novacap is a leading North American private equity investor and one of Canada’s most experienced private equity firms. Founded in 1981 to partner with visionary entrepreneurs, Novacap focuses on middle market companies in four core sectors: Technologies, Industries, Financial Services, and Digital Infrastructure. Novacap combines deep sector-specific expertise with strategic and operational excellence to support entrepreneurs and management teams. Since its inception, the firm has made primary and add-on investments in more than 250 companies. With over C$11 billion in assets under management and a presence across offices in Montreal, Toronto, and New York, Novacap continues to drive innovation and growth. For more information, please visit: https://novacap.ca.

About Smyth Companies, LLC
Established in 1877, Smyth Companies, LLC (Smyth) is a leading provider of high-impact label decoration for consumer goods products. From neighborhood businesses to Fortune 500 companies, Smyth’s trusted Labels Without Limits®, Dow Beauty, and PurePack® brands provide quality, innovative packaging solutions to brand owners in the beauty, health, personal care, household, food, automotive, private label, and beverage markets. Using a broad range of print technologies from traditional roll- and sheet-fed to digital and expanded gamut printing, Smyth’s products include pressure sensitive, cut and stack, and in-mold labels; shrink sleeves; flexible packaging, including pouches and rollstock; and promotional; as well as fulfillment services, and equipment application and support. Headquartered in St. Paul, Minnesota, Smyth has eight production facilities in North America, employing more than 550 associates. For more information on Smyth please visit www.smythco.com.

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BGF-backed Besseges plans to double local workforce and expand HQ

BGF

Jonathan Reynolds MP visits the company’s Dukinfield site, to hear about its commitment to job creation in the North West.

6 March 2025
BGF-backed Besseges plans to double local workforce and expand HQ

Besseges, an active fire protection and facilities management business for the retail, commercial and education sectors, has welcomed Stalybridge and Hyde MP Jonathan Reynolds to its headquarters in Dukinfield. The visit was hosted by Besseges Non-Executive Chair Mike Brown; COO Andy Prendergast; MD of Besseges FM Gary McGregor; and BGF Partner Spencer Woods.

BGF, which has invested close to £600 million in businesses across the North West, made a multi-million-pound investment into Besseges in December 2024. The investment will be used to double its workforce, expand into a new workspace in Dukinfield, and accelerate growth.

“Besseges is a brilliant example of a local business with impressive national expansion plans, and a commitment to ongoing investment and job creation in the North West. It was fantastic to hear more about these plans, and how BGF’s investment and business support is playing a key role in unlocking their growth ambitions.”
Jonathan Reynolds
Stalybridge and Hyde MP

Besseges was founded in 1976 and is headquartered in Dukinfield, Manchester, with a heritage in installing fire sprinkler systems. In 2022, the business was acquired by CEO David Prendergast and Non-Executive Director Graham Norfolk. It has delivered significant growth since then, with headcount expanding from five to 60 in that period.

Andy Prendergast, COO at Besseges, said: “We wanted to welcome Jonathan Reynolds MP to our HQ so that we could share our growth plans and discuss some of the challenges facing ambitious SMEs that are looking to scale. We’re in a strong position as a business, with the funding in place to scale, create new jobs, and expand across the UK. It was encouraging to exchange ideas on removing barriers to growth and exploring tailored support for SMEs with the immense potential to thrive.”

Spencer Woods, Partner at BGF, added: “We were pleased to welcome Jonathan Reynolds to Besseges, to showcase how growth capital supports regional businesses and discuss the critical areas of support that growing companies need from Government. BGF is committed to backing companies with the potential to scale, create jobs, and drive real economic growth. This is critical, now more than ever, if the UK is to support its growth creators and deliver progress in line with Government’s economic priorities.”

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American Securities Acquires Integrated Global Services, Inc.

American Securities

American Securities LLC, a leading U.S. private equity firm, today announced that it has closed the acquisition of Integrated Global Services, Inc. (“IGS” or the “Company”) from investment affiliates of J.F. Lehman & Company, LLC. Financial terms of the transaction were not disclosed.

Founded in 1975, IGS is a leading global provider of efficiency and reliability solutions to the industrial, power generation, and energy sectors. Headquartered in Richmond, Virginia, the Company develops, manufactures, and applies a portfolio of proprietary industrial surface enhancement solutions that promote asset integrity, reliability, efficiency, and environmental sustainability. The Company operates in more than 70 countries across six continents, serving over 500 customers globally.

Rich Crawford, President and CEO at IGS, commented: “We are thrilled to partner with American Securities as we continue to build on the significant growth our team has achieved in recent years. Their industry expertise and resources make them the ideal partner, and we look forward to building on our momentum together in this next chapter.”

“We admire the special business that IGS management and employees have built and share Rich’s conviction in the Company’s growth prospects,” said Michael Sand, Managing Director at American Securities. “We look forward to partnering with IGS’s talented team to accelerate adoption of their unique custom solutions.”

Houlihan Lokey served as lead financial advisor to IGS, with Stifel serving as a co-advisor, and Jones Day acting as legal advisor. Harris Williams served as financial advisor, and Kirkland & Ellis acted as legal advisor to American Securities.

About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. American Securities and its affiliates have more than $23 billion under management. For more information, visit www.american-securities.com.

About Integrated Global Services, Inc.
Headquartered in Virginia, Integrated Global Services, Inc. (IGS) is an international provider of on-site surface protection solutions. With over 35 years of experience helping customers solve metal wastage, reliability, and energy efficiency problems in mission-critical equipment, IGS is an industry leader in the development and application of solutions in challenging operating environments. Learn more at https://integratedglobal.com/ or follow us on LinkedIn, X, YouTube, or Facebook.

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Carlyle to sell TOTOKU to SWCC

Carlyle

Tokyo, Japan – February 21, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has agreed to sell TOTOKU Inc. (“TOTOKU”), a leading Japanese manufacturer of specialty wires and electronic devices, to SWCC Corporation (“SWCC”), a Japanese manufacturer and supplier of electric wires and cables, and the Development Bank of Japan Inc. The transaction, which is subject to customary regulatory approvals, is expected to close by the end of March 2025.

Carlyle acquired TOTOKU in December 2022 and has since worked closely with management to drive transformative growth. During this period, TOTOKU has further consolidated its position as a leading player in each of its business areas, creating a strong foundation for future sustainable growth.

To effectively navigate the evolving business environment TOTOKU operates in, Carlyle supported the company in restructuring across two distinct business divisions, one focused on the mobility, semiconductor, telecom and AI industries, and the other addressing consumer electronics, alongside other markets. Focused on delivering operational excellence, Carlyle supported the business to strengthen cross-functionality between its marketing, R&D, finance, and corporate divisions. Growth has also been achieved through the introduction of more advanced business management processes and the strengthening of TOTOKU’s global management structure.

Ken Maki, CEO of TOTOKU, said: “Our partnership with Carlyle represents an important phase in our growth story. We have benefitted from working alongside a global financial partner with extensive management and industry expertise and an established track record of scaling Japanese businesses. We look forward to continuing our development with our new partner SWCC and are excited to leverage the opportunities created by our complementary product portfolios and shared strategic areas of focus.”

Toshihiko Nishizawa, a Managing Director in the Carlyle Japan advisory team, said: “We are delighted to have supported TOTOKU, working closely alongside CEO Ken Maki and his team, to realize transformational growth. We believe that we have provided TOTOKU with a strong foundation for future growth and look forward to seeing the company continue to go from strength to strength alongside its new strategic partner, SWCC.”

The sale of TOTOKU builds on Carlyle’s well-established track record of investing in the General Industries sector in Japan, delivering strong business growth and value creation across its portfolio companies. Investments in this space include Rigaku, Enewill, Kokusai Kogyo, and SENQCIA. Across all sectors, Carlyle’s Japan buyout platform has committed capital of more than JPY 1 trillion and completed 41 private equity investments since 2000.

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With US$441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs over 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Media contacts

Carlyle:

Charlie Bristow

+44 7384 513 568

charlie.bristow@carlyle.com

Brunswick Group:

Masato Ui / George Ohyama

+81 80 6538 2109 / +81 80 7340 1015

carlylejp@brunswickgroup.com

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Cottonwood Technology Fund invested in Keiron Printing Technologies

Cottonwood Technology Fund invested in Keiron Printing Technologies 

Cottonwood Technology Fund recently invested € 1.5 Million in Keiron Printing Technologies. The investment is an extension of the seed round by DeeptechXL and TNO. Founded in 2019 as a spin-off from TNO Holst Centre, where the project began in 2012, Keiron is backed by strategic partnerships with industry leaders such as ASML, TNO, Holst Centre, and VDL TPB Electronics.

Keiron is revolutionizing the Surface Mount Technology (SMT) industry with its groundbreaking Laser-Induced Forward Transfer (LIFT) technology. It delivers a fully digital, contactless printing solution that eliminates the limitations and compromises of traditional stencil and jet printing. By combining precision, efficiency, and flexibility, Keiron is setting a new standard for electronics manufacturing.

 

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Optima Cycles expands with powder coating line through acquisition of Leeflang Poedercoating

Bolster

Optima Cycles BV, a portfolio company of Bolster Investment Partners since 2021, has acquired Leeflang Poedercoating. The activities will continue under the name Optima Cycles Coating. With this step, Optima Cycles adds a crucial component to its e-bike and e-cargo bike production process, further enhancing its quality standards and flexibility.

Over the past years, Optima Cycles has established itself as a leading player in the market and is one of the largest cargo bike manufacturers in the world. The addition of an in-house powder coating line in the Netherlands allows the company to determine frame colors at a later stage in the production process, increasing flexibility and contributing to more efficient production.

Leeflang Poedercoating, based in Voorhout, is known for its specialized expertise and high-quality powder coating across various industries. Michiel Dreef, CEO of Optima Cycles: “We are very excited about the launch of Optima Cycles Coating and the integration of this team into our organization. The proven expertise of the team aligns perfectly with our vision of continuously delivering top-quality products to our customers, while also providing us with greater flexibility by bringing another key part of the production process in-house.”

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