Swedish private equity firm EQT has acquired the Norwegian robotics company AutoStore. The owners have agreed not to disclose the value of the transaction, but it is rumored to be worth around €400 million, according to Swedish news siteBreakit.
AutoStore automates inventory management for companies such as e-retailers, and has robots in more than 22 different countries.
AutoStore provides improvements in capacity, performance and cost, and represents a solution to meet the growing demands for automated warehousing. Global trends, such as increasing focus on automation and robotization, urbanization and need for space efficient solutions, as well as the demands for increased delivery speed and accuracy, are expected to continue to fuel AutoStore’s growth globally. The company employs approximately 140 people.
EQT will support AutoStore in continuing to grow, expanding internationally, and maintaining its focus on research and development.
"We strongly believe that EQT’s industrial approach, global presence and network will be of valuable support in our next growth phase and future success,” AutoStore CEO Karl Johan Lier said in a press release.
Anders Misund, a partner in EQT, said, “We are impressed with AutoStore’s unique offering and leading position in the market. Karl Johan and his team have built an excellent platform that has grown consistently over time. EQT’s strong expertise in the industrial sector, alongside EQT’s global network, will support AutoStore´s further international expansion and growth.”
The transaction is expected to close in early 2017.
Read more: EQT (Press release)