Montagu Private Equity is acquiring Logstor for an undisclosed amount from its current owners Axcel, Polaris and FIH. The acquisition has been made in partnership with the company’s current management team. Preben Tolstrup will continue as CEO of Logstor and Ole Andersen as chairman of the board. Financial details of the transaction were not disclosed.
Logstor is a manufacturer of pre-insulated pipe systems for transportation of gases and liquids to the district heating and cooling, oil and gas, marine and industrial sectors. The company sells its products globally in a market where rising energy prices are increasing the importance of efficient, energy-saving products and transport solutions.
Axcel, Polaris and FIH acquired Løgstør Rør A/S in 1999. Logstor was formed through the merger of Løgstør Rør A/S and Alstom Power FlowSystems A/S in August 2005.
The company has sales of €250m in approximately 50 countries, EBITDA of more than €25m and is headquartered in Løgstør, Denmark. It has 1,300 employees in eight European production facilities and 11 sales offices. It also has distributors in 28 countries and joint ventures in Korea and China.
Christian Frigast, managing partner of Axcel, and Viggo Nedergaard Jensen, managing partner of Polaris, said in a joint statement: “We are pleased to have participated in the successful industrial development of LOGSTOR. During our co-ownership the company has consolidated the industry and created a Danish-based market leader within pre-insulated pipes in line with our original strategy for the investment. LOGSTOR has developed positively and we are confident that this development will continue under the new ownership.”
The investment in LOGSTOR is Montagu’s third transaction in the Nordic region in the last year, following the strengthening of its Nordic team with the appointment of Matt Lyons and Peter Dahlberg. In 2005 Montagu divested Finnish Chemicals to Kemira for €345m and acquired VetXX from Danish pharmaceutical company Leo Pharma. The acquisition is subject to regulatory approvals.