TRANSNORM Group (“Transnorm”), announces the investment in Sovex Ltd. (“Sovex” or “the Company”), a leading manufacturer for loading and unloading modules and components that are mainly used in parcel and distribution hubs and distribution centres. Financial terms of the transaction are not disclosed.
Founded in 2002, Sovex offers a broad portfolio of high-quality and mission-critical modules to an established international blue chip client base, primarily in the parcel handling industry. The Company develops and manufactures loading and unloading modules as well as related conveyor modules that are used to efficiently load and unload trucks of any size in parcel and logistic distribution centers. Headquartered in Prenton, UK, Sovex has successfully expanded into the European parcel industry, with operations in the Netherlands, Malaysia and the US. The Company offers loading and unloading modules in one of the most attractive segments of the automated logistics value chain, benefiting from long-term global growth trends such as e-commerce. Soxex generated sales of over GBP 20 million in 2014 and operates production entities in the UK (Prenton) and Kluang (Malaysia) as well as sales and after sales entities in the Netherlands and the US.
Sovex is a well-known and leading manufacturer of loading and unloading modules in a growing niche market. Transnorm is acquiring 100% of the Company’s shares from the founders David Lindfield, Malcolm Dooley and their co-share-holders. Both founding shareholders and management will continue to actively support the Company’s future development.
“The Company is well-positioned to further benefit from global mega-trends such as the increasing importance of e-commerce and intra-logistics. The module portfolio of Sovex perfectly complements Transnorm’s module portfolio, and our geographical footprint offers excellent opportunities to support Sovex’s customers even better globally. My colleagues and I are enthusiastic to support Sovex’s management team to drive international expansion,” says Georg Waldmüller, Member of the Global Management Board of Transnorm Group.
“I am grateful for the strong support and the commitment of our shareholders and stakeholders over the last years, and we are excited to launch the next step of our development. Transnorm is the ideal partner for us as we accelerate our efforts to serve our international customers even better by utilising the existing global footprint of Transnorm, as well as driving product innovations,” says David Lindfield, the Executive Chairman of Sovex.
Transnorm was acquired by IK Investment Partners via its IK VII Fund in December 2014.
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