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The leading supplier of pre-insulated pipe systems for the energy efficient transportation of liquid and gases

Logstor

Logstor was acquired by Triton Fund III in September 2013

Logstor is a leading supplier of pre-insulated pipe systems for energy-efficient transportation of liquids and gases for district heating and cooling as well as industrial purposes and oil and gas pipelines. The pipe systems consist of flexible and rigid pipes, joints, fittings and surveillance. Since the company invented the pre-insulated pipe technology more than 50 years ago, Logstor has delivered more than 185,000 km of pre-insulated pipes.

Logstor's head office is located in Løgstør, Denmark, and the company employs 1,200 people in 14 different countries. Production is carried out at the group's ten factories in Denmark, China, Finland, Poland, Romania and Sweden. As the leading manufacturer of pre-insulated pipe systems in the world, requirements on Logstor's energy-efficient products are extremely high. Production is distinguished by peerless sector experience backed by constant innovation at the cutting edge of the latest technology.

Prior to Triton's acquisition in September 2013, Logstor had experienced sharply deteriorating performance following a peak in 2007 with profitability declining sharply up until 2013. A key driver behind the declining profitability was increasing competition and loss of volumes in core high margin markets in Northern Europe. In order to mitigate the effects of decreasing profits in the core European markets, the company created Joint Ventures in Dubai for district cooling and China for district heating. The Joint Ventures were ultimately not successful, and as a result, the CEO and several other managers left the company in early 2012 and the company was run without a permanent top management team until Triton's acquisition.

The eroded profitability and cash flow resulted in the company being significantly overleveraged. Triton approached Logstor's lender with a restructuring proposal including new money into the business to support a comprehensive operational restructuring program.

Key events since Triton's investment

  • Appointed a new Board of Directors led by Chairman Anders Thelin and recruited a high calibre management team
  • Increased Logstor's EBITDA significantly, and ensured that the business is profitable on a net profit level after interest and tax payments
  • Invested in Health, Safety, Environmental and Quality in both the plants and employees resulting in 30%+ improvement of total recorded cases
  • Invested in building a new organization for the oil & gas segment and R&D to offer new cost efficient insulation solutions for offshore and onshore pipelines as well as LNG terminals. As a result, several major orders have been won in North America and the North Sea
  • Introduced a new type of pre-insulated flexible pipes, Logstor Flextra Pipe, which is 3x more flexible than traditional flexible pipes
  • Acquired Powerpipe Systems, a Swedish-based leading provider of pre-isolated pipe systems for distinct heating and cooling as well as industrial applications (2015)

Press releases

07 Sep 2015 LOGSTOR has signed an agreement to acquire Powerpipe Systems
02 Sep 2013 Triton Fund III completes Logstor acquisition
22 Jun 2013 Triton Fund III acquires Logstor

Country:
Denmark

Fund:
Triton III

Acquisition date:
September 2013

Sector:
Industrials

Sales:
€237 million (2017)

Number of employees:
1,200 (2017)

Board of directors:
Miguel Kohlmann (Chairman)
Gustaf Backemar
Johan Pernvi
Per Agebäck

Company website:
www.logstor.com

Contact:
Johan Pernvi

Management:
Kim Christensen
(CEO)
Henning Bejer Beck
(CFO)

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