Exit: Triton completes sale of Ovako
Stockholm (Sweden) / Tokyo (Japan) — Funds advised by Triton (“Triton”) have successfully completed the sale of Ovako AB (“Ovako”), a leading European producer of structural steel, to Nippon Steel & Sumitomo Metal Corporation (“NSSMC”), one of the world’s largest steel producers by volume (as of 2017).
Triton acquired Ovako in the wake of the financial crisis in 2010. During the seven years under Triton, Ovako’s management and board have worked together on a number of improvement initiatives to strengthen Ovako’s position as one of Europe’s leading structural steel producers. Key improvement initiatives include clear segment strategies, manufacturing efficiencies, employee safety programs, investments in product development, building a new global sales organization and introducing digital tools to improve the sales process.
Ovako develops high-tech steel solutions for and in collaboration with its customers in the storage, transport and manufacturing industries. Ovako Steel makes its customers’ end products more durable and extends their service life, ultimately resulting in smarter, more energy-efficient and environmentally friendly products.
Ovako production is based on recycled scrap and includes steel in the form of bars, tubes, rings and pre-components. Ovako is represented in more than 30 countries and has sales offices in Europe, North America and Asia. Ovako generated sales of 921 million euros in 2017 and employed 3,040 people at the end of the year. For more information, please visit www.ovako.com
The Triton funds invest in and support the positive development of medium-sized companies based in Europe and focus on companies in the industrial, business services and consumer/health sectors.
Triton is committed to helping build better companies for the long term. Triton and its leaders are committed to helping shape positive change toward sustainable operational improvements and growth. The 36 companies currently in Triton’s portfolio have combined sales of around €13.2 billion and employ around 89,000 people.
The Triton funds are advised by specialized teams of professionals in Germany, Sweden, Norway, Finland, Denmark, Italy, the UK, the US, China, Luxembourg and Jersey.