Private equity firm Bridgepoint has sold refrigeration equipment company AHT to
Daikin, a Japanese manufacturing company.
AHT provides 'plug-in' supermarket refrigeration cabinets for supermarkets which it installs and maintains. It is headquartered in Austria and has an installed base of more than one million units.
Bridgepoint acquired AHT in November 2013 and during its ownership the business spent more than €70 million (£62 million) on developing new products, expanding its manufacturing facility in Austria and setting up new production sites in Brazil and the US. It also expanded its operations in China.
The business has achieved 12% compound revenue growth over last 10 years and in 2017 had net sales of €481 million (£425 million).
Michael Davy, Partner at Bridgepoint and Chair of AHT, said: "AHT has been transformed from a largely Europe-focused business into a global leader in its segment with a growing presence in a number of attractive international markets. It has been at the forefront of the refrigeration industry's move away from remote built-in systems to plug-in units which customers find easier to install or relocate, are lower cost to operate, and are typically more environmentally friendly than traditional systems."
Frank Elsen, CEO of AHT, added: "We have developed strongly since Bridgepoint invested over four years ago and we've become a leader in our market. Our ambitions do not end here and we welcome Daikin as our new shareholder. We will now be alongside a partner who knows and understands our business well. They will support us in our strategy of innovation and further internationalisation, especially in emerging markets, allowing us to take AHT's technology and after-sales service to new customers in our key target markets of Asia and Latin America."