In collaboration with the company’s founder and members of the management team, PEQ has agreed to acquire Absortech International AB (“Absortech”). Founded in 2001, Absortech is one of the leading players in the global market for in-container desiccants designed to protect cargo against moisture during container shipping.
"Absortech is an exciting growth company that operates in a virgin market. It is a profitable and well-run company that offers its customers quality products with high functionality and smart design. The container shipping market is global and growing, but despite that damage on goods due to moisture during freight is a well-known problem there are relatively few that are aware of how effectively Absortech’s products eliminates this problem. We will strive to help the company reach more customers and accelerate its development", emphasizes Lars Hagdahl, vice Chairman of PEQ.
PEQ will own a majority of the shares in Absortech, while the company's founder retains a significant minority stake. Absortech had sales of SEK 49 million in 2011 and employs about 75 people in countries such as Sweden, Germany, Singapore, China, and Indonesia.
"We are very pleased to have attracted PEQ as the new majority owner of Absortech as they bring a vast experience in managing and developing privately held businesses such as ours. During the
process it was also apparent that we share views businesswise and in relation to the strategic direction of the company, which ensures great opportunities to jointly develop the company further, says Thomas Johansson, founder and CEO of Absortech.
Absortech has developed several innovative products suited for containers, which effectively absorb moisture from the air and thereby protect the goods inside the container from moisture and mold
damage. The company has, directly or through distributors, a wide range of blue chip customers in every continent, and production sites in Sweden and Asia.
"Going forward, one of our key focus areas will be increasing our sales efforts. There are yet many potential customers who would benefit greatly from using our products, and with an increased
sales focus we will be able to grow in the global market", says Thomas Johansson.
IMAP advised the sellers throughout the process.
