Global Investor Wraps Up Norwegian Add-on
Acquisition for Cleanroom Contamination Control Expert
Dastex
CLEVELAND, April 30,
2024 /PRNewswire/ -- The Riverside Company, a global
private investor focused on the smaller end of the middle market,
has closed the acquisition of Arbeidsmiljø og Energiteknikk AS
(AET), a Norwegian distributor of third-party consumables and
laboratory / cleaning equipment, from RA Service AS and management.
The investment is an add-on to Riverside's portfolio company Dastex
Reinraumzubehör GmbH & Co. KG (Dastex), a specialized cleanroom
garment and consumables distributor in Europe.
Founded more than 30 years ago, AET is a leading independent
player in Norway, differentiated
by its strong technical know-how and industry expertise. Next to
the distribution of third party-brands, the company also provides
tailored disinfection services and training courses focused on the
operations and maintenance of cleanrooms and other clean
environments. AET, based in Kongsberg, Norway, has a strong presence in various
industries including pharmaceutical, semiconductor, and healthcare
sectors.
Damien Gaudin, Partner at
Riverside Europe who led the deal, commented: "The addition of AET
is another milestone in our pan-European buy-and-build strategy for
Dastex. There is a strong strategic fit with Dastex as AET's
consumables distribution offering aligns perfectly with the core
focus of the group, while the disinfection services form a
complementary addition to the existing verification and validation
services business. The acquisition of AET expands the group's
geographical footprint by establishing a direct presence in
Norway, strengthening Dastex'
competitive position in the Nordics."
Following the transaction, the focus will be on increasing
commercial and marketing efforts across Norway and further enhancing the group's
presence in the Nordics, stimulating commercial synergies and
capitalizing on cross-selling opportunities. The current CEO of
AET, Barbro Reiersøl, will continue to lead the Norwegian
operations, ensuring a smooth transition and sustained leadership
under the Dastex group umbrella.
Reiersøl commented: "It is with great enthusiasm that we join
forces with Dastex, whose reputation for excellence and deep
industry expertise is highly regarded. This strategic alliance
represents a significant leap forward for AET, as it allows us to
further enrich our offerings and expand our reach within the
cleanroom and broader healthcare space. The entire AET team is
committed to excellence, ensuring that we continue to deliver the
high-quality products, excellent service and rapid delivery that
our customers have come to expect. We extend our heartfelt
gratitude to our dedicated team, loyal customers and trusted
suppliers. Together, we are poised for a thrilling new chapter in
our journey."
Linda Vereycken, CEO of Dastex,
commented: "Together, with the management team, I am very excited
to welcome AET to the group. Their exceptional technical expertise
and proven track record of sustaining enduring partnerships with
customers and suppliers aligns seamlessly with the core strengths
of Dastex and Vita Verita. We are
confident that the addition of AET will mark a pivotal moment in
our journey, enhancing our geographical reach and service
offerings, and serve as another steppingstone in achieving our
ambitious objectives. This strategic expansion is a testament to
our vision 'to be the leading experts in cleanroom contamination
control,' and our unwavering commitment to quality in this
domain."
Rune Arnhoff, owner of RA Service AS, commented: "I am convinced
that Dastex is the ideal partner to continue the legacy of AET. The
priority of AET has always been the satisfaction of AET's
customers, employees and suppliers, and the alignment of values and
operational excellence demonstrated by Dastex assures that these
relationships will be in capable hands."
Riverside acquired Dastex and
its first add-on Vita Verita
mid-2023 to establish a leading platform in cleanroom contamination
control, well-positioned to grow organically and via acquisitions.
Dastex serves the resilient and growing cleanroom industry, helping
customers in pharmaceuticals, life sciences, semiconductor and
other high-tech industries to meet ever stricter quality and
regulatory standards.
Working with Gaudin on the deal for Riverside were Vice President Maxime Meulemeester and Senior Associate
Sebastiaan Pauwels.
About The Riverside Company
The Riverside
Company is a global investment firm focused on being one of the
leading private capital and credit options for investors, business
owners and employees at the smaller end of the middle market by
seeking to fuel transformative growth and create lasting value.
Since its founding in 1988, Riverside has made more than 1,000
investments. The firm's international private equity and flexible
capital portfolios include more than 140 companies. Riverside
Europe is an integral part of the
firm's broad global network and has invested in Europe since 1989. Riverside believes a truly global presence
provides exceptional insight into local conditions, culture and
business practices, making team members better investors and
business partners.
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SOURCE The Riverside Company