Bridgepoint to acquire Nordic maritime cleantech leader Evac Group

 
 
 

Evac Group ("Evac" or the "Company"), a global market leader in the provision of environmentally friendly waste, wastewater, and water management systems for the marine, offshore, and building industries, is to be acquired by private equity group Bridgepoint for an undisclosed sum.

The company, which was established in 1979 and is headquartered in Espoo, Finland, designs and markets a full product suite of systems required for managing wastewater, fresh water and dry and wet waste on a ship. Products include vacuum collection systems including, for instance, vacuum toilets, wastewater treatment plants purifying black and grey water, fresh water generation systems turning seawater into process, service and drinking water, as well as dry and wet waste systems used for managing food, mixed and recyclable waste. 

 

Evac has executed over 20,000 marine, 2,000 offshore and 2,000 building projects worldwide and serves a large aftermarket. The company's technology specialists support the customers in finding the best, most cost-effective solutions to address increasing environmental and regulatory requirements.

 

Commenting on the acquisition by Bridgepoint, Evac Group CEO Tomi Gardemeister, said: "We very much look forward to working with the Bridgepoint and to the new perspectives they will bring. They share our ambitions for long term growth and will work with us to identify new areas in which to expand and will bring significant expertise in securing new growth and acquisition opportunities for the business."

 

Mika Herold, a director in Bridgepoint's Nordic investment team in Stockholm, said: "We're backing a global technology leader that is benefitting in particular from the growth in the global cruise industry. In addition we have also identified significant opportunities for it to expand within and beyond the maritime market either organically or by acquiring likeminded businesses serving new markets."

 

To date, Evac has delivered over one million vacuum toilets for more than 12,000 vessels, including cruise liners, cargo ships, naval vessels and yachts. Total wastewater treatment plants exceed 1,000.

 

The Company employs approximately 240 people and operates from nine offices globally in Europe, North & South America and China and is supported by a network of exclusive agents and distributors giving it a presence in more than 40 countries around the world.

 

In 2016 Evac had total revenues of €101 million and in the last 15 years has achieved consistent organic revenue and EBITDA CAGR of c.10%.

 

Advisers involved in the transaction included:

- for Bridgepoint: MCF (corporate finance), Lazard (corporate finance), Avance (legal),

     Bain (CDD), KPMG (financial)

- for Evac: Carnegie, Danske Bank (corporate finance), Roschier (legal)

 


 

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