Transaction Closed: Nordic Capital Is the New Majority Owner of IoT and Wearable Disruptor ProGlove
· ProGlove set to commence major software initiative and increase its market presence in new and existing geographies
· New ownership will support ProGlove’s ambitious growth strategy with a focus on innovation and new applications
Chicago and Munich, June 15, 2022 – ProGlove, a leader in wearable barcode scanners, and Nordic Capital, a leading European private equity investor, today states that the transaction previously announced on May 4 has now been completed and Nordic Capital has become the majority owner of ProGlove.
Nordic Capital’s strategic investment will help ProGlove sustain its objectives to further enhance its entire product development, acquire new talent and accelerate its global expansion. ProGlove is a pioneer in wearable barcode scanners that are built upon a platform approach. The company’s technology improves human-machine collaboration by connecting shopfloor workers to the Internet of Things. This drives the digitalization across the shop floor to improve efficiency, throughput and worker well-being. ProGlove’s solutions are rapidly adopted in critical industries such as logistics, warehousing, post & parcel, retail, e-commerce and manufacturing.
“Our knowledgeable staff works hard to redeem the opportunities in our growing market environment”, said Andreas Koenig, CEO for ProGlove. “Nordic Capital’s investment will help us drive key initiatives to sustain our ambitious goals. A first share of the investment is earmarked to fund new office locations in strategically important markets and to elaborate on a substantial extension of our software solutions. Along those lines we will focus on the analysis and the use of data to improve processes for organizations and workers alike.”
“The ProGlove team’s expertise and dedication are really inspiring and a great base for further growth”, added Andreas Näsvik, Partner and Head of Industrial & Business Services, Nordic Capital Advisors. “Nordic Capital is thrilled to support ProGlove’s further journey and to extend their offering in wearable barcode scanning.”
The investment in ProGlove has been made by Nordic Capital X. ProGlove’s founders and management will remain minority owners.
ProGlove is a World Economic Forum Technology Pioneer and builds the smallest, lightest, and toughest barcode scanners in the world. ProGlove’s industrial wearables connect the shopfloor worker to the Internet of Things. The wearables combined with ProGlove’s industry analytics software platform promote human-machine collaboration and drive the digitization across the shopfloor. ProGlove’s customers include some of the most iconic global industrial brands, pioneers and innovators in manufacturing and production, logistics and warehousing, retail and e-commerce, and post and parcel. Founded in 2014, the company employs more than 300 people from over 30 countries with offices in Chicago, Munich (Germany), and Belgrade (Serbia). Learn more at www.proglove.com.
About Nordic Capital
Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 20 billion in over 125 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com
“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.
Press contact: Axel Schmidt, T: +49-89262035036 , email@example.com