Private equity firm Triton has sold its remaining shares in Alimak, a Swedish company which provides vertical access solutions to the industrial and construction industries.
Triton's exit comes more than ten years after it first invested in the business and follows the listing of Alimak on Nasdaq in Stockholm in 2015. It is selling its 26.7% stake to Investment AB Latour.
Alimak was founded in Sweden in 1948 and now has a presence in more than 100 countries. Under Triton’s ownership, the company has moved from being a construction-oriented elevator manufacturer to a provider of vertical access solutions including elevators, hoists, platforms, service lifts and building maintenance units.
Its products and solutions are sold under the brands Alimak Hek, CoxGomyl, Manntech and Avanti and since the stockmarket listing in 2015 its sales have doubled. It has 12 manufacturing facilities in eight countries and 2,400 employees around the world.
Peder Prahl, Director of the General Partner for the Triton funds, said: “We would like to thank the management team, the employees, the Board of Directors and all other stakeholders for their contributions to building Alimak into a strong market leader. Triton has been an active owner of Alimak for more than 10 years and has over the years supported the company both with resources and capital. By always having a long-term perspective in developing our companies, Alimak is now a strong platform for continued growth.”