EQT VII to Acquire AutoStore

EQT VII announced its intention to acquire Norway based AutoStore, an unique automated storage and retrieval system with more than 130 installations to date in 22 countries.

The company has experienced an annual topline growth of ~50% and an annual EBITDA growth of ~80% since 2013
EQT will support AutoStore in continuing its growth trajectory through further expansion internationally and through continued high focus on R&D and technology leadership

The acquisition of AutoStore will be made with Jakob Hatteland Holding AS and other minority owners. AutoStore is a unique automated storage and retrieval system (“ASRS”) which uses robotics for collecting stored goods in a warehouse.

From the origin of the idea by Ingvar Hognaland in the Hatteland Group in the 1990s and delivery of the first commercialized system in 2005, AutoStore has experienced strong growth and is today a unique and leading automated material handling solution.

AutoStore provides significant improvements in capacity, performance and cost and represents an optimal solution for meeting the growing demands for automated and efficient warehousing. Global megatrends, including 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 all expected to continue to fuel AutoStore’s growth globally. AutoStore employs approximately 140 people and has to date more than 130 installations in 22 countries. In 2016 it is expected to generate approximately NOK 500 million in Sales and NOK 240 million in EBITDA.

The transaction is expected to close in early 2017. The parties have agreed not to disclose the transaction value