In a press release, SGL said the transaction will see both AEA (the investor group who has agreed to sell its stake) and management co-invest alongside CVC. This, it is said, “serves as a testament to the positive conviction about the future prospects of the business that is shared between current and future owners.”
Allan Melgaard, Global CEO and Co-Founder of SGL, also expressed his belief that the company could reach its revenue target of more than $5bn during the next few years.
Commenting on the announcement, Melgaard added:
“We are excited to welcome CVC onboard. Our talks over the past months and CVC’s support for our ambitious growth strategy and plans have convinced us that they are a perfect match for SGL professionally and culturally, and will support our future plans via their deep industry knowledge.”
Meanwhile, Christoffer Sjøqvist, Senior Managing Director at CVC, stated:
“SGL has built a competitive company and global logistics platform in a relatively short period of time. We are excited about our investment in SGL and believe that the company has the potential to become one of the leaders in its industry, and continue to improve its competitive situation, including during a more challenging economic climate in 2023.”
The financial terms of the transaction, which is expected to close in Q2 2023 and is subject to regulatory approval and certain financing conditions, have not been disclosed.