AutoStore was acquired by private equity company Thomas H Lee Partners for $1.9bn.

AutoStore, a Nedre Vats, Norway-based company which designs and engineers patented high-speed robots, announced that it entered into an investment agreement with the private equity firm Thomas H Lee Partners (THL), which became a major investor in the company.

The deal, estimated by the Norwegian media at NOK 16bn ($1.88bn), was made with current owner, EQT Partners, which bought the company in 2016.

Members of AutoStore’s senior management team and EQT, among others, will continue to hold minority positions in the company. EQT will also remain on the Board alongside THL going forward, as a minority holder of an approximate 10% equity stake.

AutoStore, founded in 1996 and led by CEO Karl Johan Lier, designs and engineers patented high-speed robots, highly modular and flexible cube storage grid systems, and proprietary controls software that enable its customers to achieve nearly four times the inventory storage relative to manual alternatives, with enhanced inventory picking speed and accuracy.

AutoStore’s technology increases logistic efficiency significantly and consequently cater for consumers’ rapid-growing demand for speedy delivery of goods. AutoStore’s solutions represent a competitive advantage for leading retail companies, such as Puma, Best-Buy and Boozt.

The company has over 11,000 robots in operation, as it automated more than 350 warehouses across 28 countries.

Later edit: AutoStore adds Softbank as investors in the company in a $2.8 billion transaction.