Global Investor Wraps Up Norwegian Add-on Acquisition for Cleanroom Contamination Control Expert Dastex
CLEVELAND, April 30, 2024 /PRNewswire/ -- The Riverside Company, a global private investor focused on the smaller end of the middle market, has closed the acquisition of Arbeidsmiljø og Energiteknikk AS (AET), a Norwegian distributor of third-party consumables and laboratory / cleaning equipment, from RA Service AS and management. The investment is an add-on to Riverside's portfolio company Dastex Reinraumzubehör GmbH & Co. KG (Dastex), a specialized cleanroom garment and consumables distributor in Europe.
Founded more than 30 years ago, AET is a leading independent player in Norway, differentiated by its strong technical know-how and industry expertise. Next to the distribution of third party-brands, the company also provides tailored disinfection services and training courses focused on the operations and maintenance of cleanrooms and other clean environments. AET, based in Kongsberg, Norway, has a strong presence in various industries including pharmaceutical, semiconductor, and healthcare sectors.
Damien Gaudin, Partner at Riverside Europe who led the deal, commented: "The addition of AET is another milestone in our pan-European buy-and-build strategy for Dastex. There is a strong strategic fit with Dastex as AET's consumables distribution offering aligns perfectly with the core focus of the group, while the disinfection services form a complementary addition to the existing verification and validation services business. The acquisition of AET expands the group's geographical footprint by establishing a direct presence in Norway, strengthening Dastex' competitive position in the Nordics."
Following the transaction, the focus will be on increasing commercial and marketing efforts across Norway and further enhancing the group's presence in the Nordics, stimulating commercial synergies and capitalizing on cross-selling opportunities. The current CEO of AET, Barbro Reiersøl, will continue to lead the Norwegian operations, ensuring a smooth transition and sustained leadership under the Dastex group umbrella.
Reiersøl commented: "It is with great enthusiasm that we join forces with Dastex, whose reputation for excellence and deep industry expertise is highly regarded. This strategic alliance represents a significant leap forward for AET, as it allows us to further enrich our offerings and expand our reach within the cleanroom and broader healthcare space. The entire AET team is committed to excellence, ensuring that we continue to deliver the high-quality products, excellent service and rapid delivery that our customers have come to expect. We extend our heartfelt gratitude to our dedicated team, loyal customers and trusted suppliers. Together, we are poised for a thrilling new chapter in our journey."
Linda Vereycken, CEO of Dastex, commented: "Together, with the management team, I am very excited to welcome AET to the group. Their exceptional technical expertise and proven track record of sustaining enduring partnerships with customers and suppliers aligns seamlessly with the core strengths of Dastex and Vita Verita. We are confident that the addition of AET will mark a pivotal moment in our journey, enhancing our geographical reach and service offerings, and serve as another steppingstone in achieving our ambitious objectives. This strategic expansion is a testament to our vision 'to be the leading experts in cleanroom contamination control,' and our unwavering commitment to quality in this domain."
Rune Arnhoff, owner of RA Service AS, commented: "I am convinced that Dastex is the ideal partner to continue the legacy of AET. The priority of AET has always been the satisfaction of AET's customers, employees and suppliers, and the alignment of values and operational excellence demonstrated by Dastex assures that these relationships will be in capable hands."
Riverside acquired Dastex and its first add-on Vita Verita mid-2023 to establish a leading platform in cleanroom contamination control, well-positioned to grow organically and via acquisitions. Dastex serves the resilient and growing cleanroom industry, helping customers in pharmaceuticals, life sciences, semiconductor and other high-tech industries to meet ever stricter quality and regulatory standards.
Working with Gaudin on the deal for Riverside were Vice President Maxime Meulemeester and Senior Associate Sebastiaan Pauwels.
About The Riverside Company
The Riverside Company is a global investment firm focused on being one of the leading private capital and credit options for investors, business owners and employees at the smaller end of the middle market by seeking to fuel transformative growth and create lasting value. Since its founding in 1988, Riverside has made more than 1,000 investments. The firm's international private equity and flexible capital portfolios include more than 140 companies. Riverside Europe is an integral part of the firm's broad global network and has invested in Europe since 1989. Riverside believes a truly global presence provides exceptional insight into local conditions, culture and business practices, making team members better investors and business partners.
View original content:https://www.prnewswire.co.uk/news-releases/riverside-further-strengthens-dastexs-footprint-in-the-nordics-with-the-add-on-acquisition-of-aet-302130533.html
