Acquisition of Indoor Group from Kesko
Founded in 1977, Frictape Net is a world leading supplier of safety products for helidecks, with a product portfolio including safety nets and lighting systems. The company holds multiple patents and design protections for its products, creating a unique competitive advantage on the market. Frictape Net’s customer base consists mainly of global companies operating in the offshore Oil & Gas industry. Examples of the customers include multinational Oil & Gas companies such as Shell, BP and Exxon, drilling contractors such as Transocean, E&P companies such as ConocoPhillips and EPC contractors such as Saipem. Exports account for 100% of Frictape Net’s business. The company also offers testing, installation and consulting services to complement its product business. The primary focus is on offshore helipads, with increasing demand for cruise ships, private yachts and onshore buildings. Frictape Net is headquartered in Finland with manufacturing taking place in the company’s factory in Estonia. The company’s market share in lighting systems is c. 15 %, and over 90% in net products at the company’s current main target geographies, especially North Sea. Frictape Net generates annual revenue of approximately 7 MEUR with excellent profitability.
Lagercrantz is a Sweden based international technology group that comprises nearly 50 companies, each focusing on a specific niche. The group has operations in nine countries in Northern Europe, in China, India and the USA, and employs approximately 1,500 persons. Lagercrantz has been listed on Nasdaq Stockholm since 2001.
“Lagercrantz seeks well-established product companies with leading positions in expansive niches. Frictape Net fits well into this description and we look forward to continuing to develop the company internationally based on an established platform,” comments Jörgen Wigh, President and CEO of Lagercrantz Group.
“We view Lagercrantz as a strategic, long-term partner and owner that can help us to develop and continue Frictape Net’s international expansion,” say Frictape Net’s former principal owners Jaakko and Tellervo Uotila.
Carner advised the sellers throughout the sale process. We initiated the project and executed a global buyer search and a competitive bidding phase. As a result, Lagercrantz Group was selected as the best buyer candidate.
The transaction showcases our capabilities within the niche industrials segment and ability to execute cross-border transactions.