Triton signs agreement to acquire MacGregor
Helsinki (Finland), 14 November 2024 – Funds advised by Triton (“Triton”) have signed an agreement to acquire MacGregor, a global leader in maritime cargo handling, from its parent company Cargotec Corporation (Nasdaq Helsinki: CGCBV). The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close by July 1st 2025. Following completion, Triton intends to form a standalone company.
MacGregor employs about 1,800 people across 30 countries and is providing integrated cargo and load handling solutions and services designed to perform at sea for the maritime transportation and offshore industries.
Triton has leading experience in carving out businesses from blue-chip corporates – such as Bosch, Siemens, Volkswagen and others – and building them into successful standalone companies. Almost half of all Triton Mid-Market investments made since inception have been carve-outs.
Ilkka Tuominen, Investment Advisory Professional at Triton, said: “MacGregor stands out due to its engineering capabilities; broad and sustainable product offering; high-quality equipment; and strong reputation. Triton looks forward to collaborating with the company and its employees to develop further on this market leading position especially by strengthening the aftermarket platform where we see great potential. MacGregor is at the core of Triton’s investment focus to acquire market leading companies with strong potential and a competitive edge.”
Casimir Lindholm, CEO of Cargotec Corporation said: “The agreement to sell MacGregor represents the last major milestone in our project to unlock shareholder value by separating Cargotec’s businesses into standalone companies. The two-year project has progressed according to our plan and is now in its final stages. The proceeds from the Transaction will boost Hiab’s ambitious growth plans through innovation and M&A. MacGregor will become a strategic asset for its new owner who will develop and put full focus on the business, which will enable further growth and profitability improvement.”
About MacGregor
MacGregor is a leader in sustainable maritime cargo and load handling with a strong portfolio of products, services and solutions, all designed to perform with the sea.
Shipbuilders, shipowners and operators are able to optimise the lifetime profitability, safety, reliability and environmental sustainability of their operations by working in close cooperation with MacGregor. www.macgregor.com
Together with Hiab, MacGregor is part of Cargotec. Cargotec's (Nasdaq Helsinki: CGCBV) sales in 2023 totalled approximately EUR 2.5 billion and it employs over 6,000 people worldwide. www.cargotec.com
About Triton
Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.
Triton has over 200 investment professionals across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.
For further information: www.triton-partners.com
