Nordic Capital announces strategic investment in German IoT and wearable technology disruptor ProGlove
– The partnership will accelerate the company’s rapid global growth in the large and growing market for wearable technology and software solutions
– Nordic Capital will support ProGlove and its unique, human centered solutions to improve shopfloor processes and achieve substantial efficiency gains
Nordic Capital, a leading European private equity investor, has signed an agreement to become the majority owner of the German-based Industrial Internet of Things (“IoT”) company ProGlove. ProGlove is a disruptive technology leader for a smarter workforce. In close partnership with ProGlove’s management and founders, Nordic Capital will enable the company to accelerate its future growth plans, further expand its customer base and invest in product development. The financial terms of the transaction will not be disclosed.
ProGlove is a technology leader that has been growing rapidly since its foundation in 2014. With over 250 employees in Munich, Chicago and Belgrade, it serves numerous customers in retail and e-commerce, logistics and warehousing, manufacturing and automotive across more than 30 countries. Among them are renowned global brands such as Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples.
The company provides integrated hardware and software solutions that are built around wearable barcode scanners with multiple IoT sensors allowing for hands-free data capture. This combination of German engineering and industry analytics software caters to the growing demand for digitalization across industries. ProGlove’s technology helps improve worker well-being, increase productivity and optimize efficiency.
ProGlove’s market provides excellent opportunities to address increasing logistical complexity, the demand for accelerated digitalization and the need for ergonomic and efficient workflows in the wake of the global labor shortage.
Nordic Capital will actively support ProGlove with its deep understanding of Industrial IoT, its strong network and significant experience from SaaS business models.
Andreas König, CEO of ProGlove says: “This opportunity to work with Nordic Capital is instrumental for ProGlove to help us gain further momentum on our growth path. Building on Nordic Capital’s tremendous expertise in Industrial IoT and SaaS, we will be in a very strong position to achieve our full potential. We are extremely excited about taking our business to the next level, both in terms of growth as well as innovation.”
“The ProGlove team has built an outstanding business with a strong track-record of high-quality growth. ProGlove is a technology leader with strong competitive differentiation and a unique customer value proposition to enable smooth human-machine collaboration. Nordic Capital is looking forward to writing the next chapter together with the company’s strong management team,” says Andreas Näsvik, Partner and Head of Industrial & Business Services, Nordic Capital Advisors.
“I’m delighted to have Nordic Capital on board. Its partnership approach and deep sector expertise will give ProGlove additional firepower to further invest in people and technology. The acquisition by Nordic Capital undoubtedly proves the strength of ProGlove and the tremendous opportunities that lie ahead,” says Thomas Kirchner, co-founder of ProGlove.
“ProGlove is a very exciting company and a perfect first investment in the Industrial & Business Services sector for Nordic Capital in the German speaking part of Europe, broadening the sector footprint. Nordic Capital looks forward to working in partnership with the business to further strengthen ProGlove’s great team of engineers and software developers and to continue the exciting trajectory the company is on,” says Rainer Lenhard, Partner, Nordic Capital Advisors, Germany.
Nordic Capital has continuously built its business over the past 15 years in the German speaking part of Europe and has become one of the most active investors, with seven companies from its focus sectors in its current portfolio.
With a long history of investing in the Industrial & Business Services sector in the Nordic region, Nordic Capital’s portfolio today includes companies like Sortera, an environmental services company focused on recycling and waste solutions; iLOQ, a provider of self-powered and mobile access management systems; Consilium Safety Group, a producer of safety technologies for the marine, oil and gas, transport and building sectors; and recently listed Cary Group, a leading vehicle glass repair and replacement provider offering sustainable car care solutions.
The investment in ProGlove will be made by Nordic Capital X. ProGlove’s founders and management will remain as minority owners. The transaction is subject to customary regulatory approvals. ProGlove would like to thank the previous investors Summit Partners, DI Technology and Bayern Kapital for their support to date.
ProGlove is a World Economic Forum Technology Pioneer and builds the smallest, lightest, and toughest barcode scanners in the world. ProGlove’s industrial wearables connect the shopfloor worker to the Internet of Things. The wearables combined with ProGlove’s industry analytics software platform promote human-machine collaboration and drive the digitization across the shopfloor. ProGlove’s customers include some of the most iconic global industrial brands, pioneers and innovators in manufacturing and production, logistics and warehousing, retail and e-commerce, and post and parcel. Founded in 2014, the company employs more than 250 people from over 30 countries with offices in Chicago, Munich (Germany), and Belgrade (Serbia). Learn more at www.proglove.com
About Nordic Capital
Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com
“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.
About Bayern Kapital
Bayern Kapital GmbH based in Landshut was founded on the initiative of the Bavarian government in 1995. It is a wholly-owned subsidiary of the Bavarian LfA Förderbank. As the venture capital organisation of the Land of Bavaria, Bayern Kapital provides equity capital financing for the founders of young innovative technology companies in Bavaria. Presently, Bayern Kapital manages thirteen investment funds with a total volume of around €700m. So far, it has invested routhly €350m in about 300 innovative companies in the fields of technology in various sectors including life science, software & IT, medical technology, materials and new materials, nanotechnology and environmental technology. In this way, more than 8000 long-term jobs in sustainable companies have been created in Bavaria. www. bayernkapital.de
More about Bayern Kapital: www.bayernkapital.de/en
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