Private equity firm IK Investment Partners has sold Danish thermal services business Ellab to EQT.
Ellab was founded in Denmark in 1949 as a small manufacturer of thermometers and has grown to become a global supplier of thermal validation solutions and services.
It provides its services to businesses in the pharmaceutical, medical and food industries by providing solutions for applications such as sterilisation, freeze drying, heat tunnels and pasteurisation. Its customers include Pfizer, Astra Zeneca, Mars, Getinge and many hospitals.
During IK’s ownership, Ellab expanded its product portfolio and made several acquisitions, including monitoring equipment business Hanwell in the UK. The business employs around 250 people worldwide and has sales in more than 70 countries.
Peter Krogh, CEO of Ellab, said: “Thanks to IK, Ellab was able to make significant investments in human capital and strengthen its sales and service organisation, creating value for our customers. They have actively supported our ambitious growth agenda and helped us launch several new products.”
Alireza Etemad, Partner at IK Investment Partners, added: “Ellab truly has proven the scalability of its business model, making it the right time to hand over the Company to a new owner.”
Ellab is the first exit of the IK VIII Fund.