M&A Deal Summary

HgCapital and GRO Capital Acquire Trackunit

On March 24, 2021, private equity firms HgCapital and GRO Capital acquired technology hardware company Trackunit from GRO Capital and Goldman Sachs Merchant Banking

Acquisition Highlights
  • This is HgCapital’s 2nd and GRO Capital’s 2nd transaction in the Technology Hardware sector.
  • This is HgCapital’s 3rd and GRO Capital’s 9th transaction in Denmark.

M&A Deal Summary

Date 2021-03-24
Target Trackunit
Sector Technology Hardware
Buyer(s) HgCapital
GRO Capital
Sellers(s) GRO Capital
Goldman Sachs Merchant Banking
Deal Type Secondary Buyout

Target

Trackunit

Aalborg, Denmark
Trackunit is specialized in telematics solutions for all sizes of fleets across a wide range of industries. Its solutions meet the challenges and exacting demands of leading businesses world-wide, from the transport and service sectors to rental companies and the construction industry. Trackunit was founded in 1998 and is based in Aalborg, Denmark.

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Buyer(S) 2

Buyer

HgCapital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2000
PE ASSETS 70.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HgCapital is a European private equity firm focused on a wide range of transactions including public-to-private leveraged buy-outs, management buy-ins, divestitures, and turnarounds. Broad sectors of interest include consumer and leisure, healthcare, industrials, services, technology, media, and renewable energy. The Firm will consider both majority and minority investment positions. HgCapital is the successor to Mercury Capital Partners, a former unit of Merill Lynch which was spun out by management in 2000. HgCapital has offices in London and Munich.


DEAL STATS #
Overall 127 of 153
Sector: Technology Hardware M&A 2 of 2
Type: Secondary Buyout M&A Deals 40 of 51
Country: Denmark M&A 3 of 3
Year: 2021 M&A 4 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-24 Trace One

Puteaux, France

Trace One is a collaborative retail business platform for consumer-packaged-goods (CPG). The company provides one SaaS inclusive platform with multiple interlocking business applications, including product lifecycle management, sourcing, and compliance. It enables customers to create higher quality, trusted, and compliant own-branded goods faster, delivering benefits to their consumers and the environment. Trace One was formed in 2001 and is based in Puteaux, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-14 Dext Software

London, United Kingdom

Dext Software is a bookkeeping automation software company. Spanning data capture, automated classification, and reporting, Dext’s software helps accountants realize material efficiency savings from automating receipt capture/digitization and provides a “real-time” view of clients’ accounts. Dext Software was founded in 2010 and is based in London, United Kingdom.

Buy -
Buyer

GRO Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2014
PE ASSETS 400M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

GRO Capital is a private investment firm focused on investments in growth technology companies operating in Northern Europe. GRO has a preference for B2B software companies with scalable business models that have reached profitability. GRO Capital was formed in 2014 and is based in Copenhagen.


DEAL STATS #
Overall 12 of 19
Sector: Technology Hardware M&A 2 of 2
Type: Secondary Buyout M&A Deals 3 of 3
Country: Denmark M&A 9 of 10
Year: 2021 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-13 iPoint-systems

Reutlingen, Germany

iPoint-systems is a provider of software and consulting for environmental and social product compliance, and sustainability. iPoint-systems was founded in 2001 and is based in Reutlingen, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-14 Luxion

Tustin, California, United States

Luxion is a provider of product design rendering software. Luxion’s main product, KeyShot, for a multitude of use cases, including creating visualizations and photorealistic representations of detailed 3D models, preparing materials and textures ahead of production, uploading of interactive product visualizations, 3D animations, and many more. Luxion was founded in 2003 and is based in Tustin, California.

Buy -

Seller(S) 2

SELLER

GRO Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2014
PE ASSETS 400M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

GRO Capital is a private investment firm focused on investments in growth technology companies operating in Northern Europe. GRO has a preference for B2B software companies with scalable business models that have reached profitability. GRO Capital was formed in 2014 and is based in Copenhagen.


DEAL STATS #
Overall 2 of 4
Sector: Technology Hardware M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
Country: Denmark M&A 2 of 4
Year: 2021 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-13 iPoint-systems

Reutlingen, Germany

iPoint-systems is a provider of software and consulting for environmental and social product compliance, and sustainability. iPoint-systems was founded in 2001 and is based in Reutlingen, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-14 Luxion

Tustin, California, United States

Luxion is a provider of product design rendering software. Luxion’s main product, KeyShot, for a multitude of use cases, including creating visualizations and photorealistic representations of detailed 3D models, preparing materials and textures ahead of production, uploading of interactive product visualizations, 3D animations, and many more. Luxion was founded in 2003 and is based in Tustin, California.

Buy -
SELLER

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 96 of 126
Sector: Technology Hardware M&A 3 of 3
Type: Secondary Buyout M&A Deals 28 of 34
Country: Denmark M&A 2 of 2
Year: 2021 M&A 3 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-09 Oikos Group

Protaras, Cyprus

OIKOS GROUP is a Real Estate- Developing company dedicated to Exclusive Beachfront Properties. Oikos Group has been carrying out everything promised with ethos and dignity. Oikos Group with the experience of more than 50 projects for the last 10 years, continues to rise by creating unique projects for unique people in Prime Locations. Oikos Group is based in Protaras, Cyprus.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-06 xMatters

San Ramon, California, United States

xMatters, Inc. is a provider of automated event notification and resolution software, as well as business continuity solutions. xMatters was formed in 2000 and is based in San Ramon, California.

Sell $240M