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Triton sells Dematic to Ontario Teachers’ PE arm, AEA Investors

13 Nov 2012

Northern Europe-focused buyout house Triton Partners has sold logistics handling specialist Dematic to AEA Investors and the private equity arm of the Ontario Teachers’ Pension Plan.

Although financial terms of the deal were not disclosed, reports confirm Dematic received bids in excess of €700m.

About €450m of outstanding bonds will be redeemed as part of the deal.

Germany-based Dematic, which supplies material handling for warehouses, has sales of about €1bn and employs roughly 4,500 people globally.

Triton bought Dematic from Siemens six years ago when the company was a loss-making core business, and returned it to profit by restructuring its US and German operations.

Peder Prahl, general partner of Triton Fund II, said, “Over the past six years the management, board, employee representatives and all Dematic employees have done a fantastic job to turn the company into the highly profitable and technologically and geographically well-positioned global market leader in intralogistics.”

The sale is expected to be completed by January 2013.

Triton Fund II was running at an IRR of 19.4 per cent at the end of March, according to public disclosures from the California State Teachers’ Retirement System.

The firm is currently targeting €2.4bn for its fourth private equity fund, which launched in September this year.

Triton Fund IV will target businesses with an enterprise value of between €50m and €500m, according to a private placement memorandum obtained by Bloomberg News.

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