The partnership will accelerate the company’s rapid global growth in the large and growing market for wearable technology and software solutions
Nordic Capital will support ProGlove and its unique, human centered solutions to improve shopfloor processes and achieve substantial efficiency gains
Nordic Capital, a leading European private equity investor, has signed an agreement to become the majority owner of the German-based Industrial Internet of Things (“IoT”) company ProGlove. ProGlove is a disruptive technology leader for a smarter workforce. In close partnership with ProGlove’s management and founders, Nordic Capital will enable the company to accelerate its future growth plans, further expand its customer base and invest in product development. The financial terms of the transaction will not be disclosed.
ProGlove is a technology leader that has been growing rapidly since its foundation in 2014. With over 250 employees in Munich, Chicago and Belgrade, it serves numerous customers in retail and e-commerce, logistics and warehousing, manufacturing and automotive across more than 30 countries. Among them are renowned global brands such as Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples.
The company provides integrated hardware and software solutions that are built around wearable barcode scanners with multiple IoT sensors allowing for hands-free data capture. This combination of German engineering and industry analytics software caters to the growing demand for digitalization across industries. ProGlove’s technology helps improve worker well-being, increase productivity and optimize efficiency.
ProGlove’s market provides excellent opportunities to address increasing logistical complexity, the demand for accelerated digitalization and the need for ergonomic and efficient workflows in the wake of the global labor shortage.
Nordic Capital will actively support ProGlove with its deep understanding of Industrial IoT, its strong network and significant experience from SaaS business models.
Andreas König, CEO of ProGlove says: “This opportunity to work with Nordic Capital is instrumental for ProGlove to help us gain further momentum on our growth path. Building on Nordic Capital’s tremendous expertise in Industrial IoT and SaaS, we will be in a very strong position to achieve our full potential. We are extremely excited about taking our business to the next level, both in terms of growth as well as innovation.”
“The ProGlove team has built an outstanding business with a strong track-record of high-quality growth. ProGlove is a technology leader with strong competitive differentiation and a unique customer value proposition to enable smooth human-machine collaboration. Nordic Capital is looking forward to writing the next chapter together with the company’s strong management team,” says Andreas Näsvik, Partner and Head of Industrial & Business Services, Nordic Capital Advisors.
“I’m delighted to have Nordic Capital on board. Its partnership approach and deep sector expertise will give ProGlove additional firepower to further invest in people and technology. The acquisition by Nordic Capital undoubtedly proves the strength of ProGlove and the tremendous opportunities that lie ahead,” says Thomas Kirchner, co-founder of ProGlove.
“ProGlove is a very exciting company and a perfect first investment in the Industrial & Business Services sector for Nordic Capital in the German speaking part of Europe, broadening the sector footprint. Nordic Capital looks forward to working in partnership with the business to further strengthen ProGlove’s great team of engineers and software developers and to continue the exciting trajectory the company is on,” says Rainer Lenhard, Partner, Nordic Capital Advisors, Germany.
Nordic Capital has continuously built its business over the past 15 years in the German speaking part of Europe and has become one of the most active investors, with seven companies from its focus sectors in its current portfolio.
With a long history of investing in the Industrial & Business Services sector in the Nordic region, Nordic Capital’s portfolio today includes companies like Sortera, an environmental services company focused on recycling and waste solutions; iLOQ, a provider of self-powered and mobile access management systems; Consilium Safety Group, a producer of safety technologies for the marine, oil and gas, transport and building sectors; and recently listed Cary Group, a leading vehicle glass repair and replacement provider offering sustainable car care solutions.
The investment in ProGlove will be made by Nordic Capital X. ProGlove’s founders and management will remain as minority owners. The transaction is subject to customary regulatory approvals. ProGlove would like to thank the previous investors Summit Partners, DI Technology and Bayern Kapital for their support to date.
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