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We have assisted Castik Capital with the agreement to acquire a majority stake in the Norwegian company Element Logic. Castik will jointly own the company alongside Element Logic's founders, Dag-Adler Blakstad and Kjell Blakseth, the company's management team and employees.
Element Logic is a leading integrator for automated warehouse solutions both in Norway and in Europe. Today, the company employs 170 specialists who design, implement and deliver a wide range of automated and static warehouse automation solutions for customers in a range of industries across Europe. The company was the world's first AutoStore partner, and during 2020 they have implemented more AutoStore facilities than any other company. The result was a turnover of more than NOK 1 billion in the previous year.
- There are an incredible number of exciting opportunities ahead that open up further when we add support from Castik, along with our expertise, experience and ambitions," dag-Adler Blakseth, co-founder and CEO of Element Logic, said in a press release from Castik Capital.
As a majority owner, Castik wants to contribute to continued expansion in Europe, while exploring opportunities to expand the company's services and software capabilities, partly through selective mergers and acquisitions.
- We are very excited about the opportunity to partner with Dag-Adler and the rest of the Element Logic team and contribute to continued growth for the company. Element Logic has achieved fantastic growth in recent years in a market for warehouse automation that is still in its infancy, Castik Capital partner Michael Phillips said in the press release.
Arntzen de Besche is today one of the most active law firms in the Norwegian transaction market, and assisted Castik together with Skadden, Arps, Slate, Meagher & Flom LLP and Afilliates. Our core team consisted of Knut Martinsen, Henrik Braavold Johansen, Lars Horgen Hinze, Christian Willumsen Haug, Christopher Hestnes and Asgeir Lehmann.
The transaction is expected to take place during July 2021.
More information is available in the press release.