Nordic Capital to acquire iLOQ, a leading provider of self-powered digital locking systems
October 15 2019
- Nordic Capital will support iLOQ’s continued international expansion, leveraging Nordic Capital’s strong sector expertise and extensive experience in organic growth acceleration and international expansion
Nordic Capital today announces an agreement to acquire iLOQ from Sievi Capital and other shareholders. iLOQ is a leading provider of self-powered digital and mobile locking systems which transform the way access to buildings is handled into a highly secure, functional and sustainable system. Drawing on its extensive experience of organic growth acceleration and international expansion, Nordic Capital will support iLOQ’s continued development and growth. The Founder of iLOQ and the management team will re-invest in the business alongside Nordic Capital.
iLOQ provides self-powered digital locking and mobile access management solutions that have revolutionized the locking industry. iLOQ’s innovative technology and software are developed and patented by the Company, enabling electronic locking without batteries or cables. iLOQ’s products are environmentally friendly and sustainable as both lock cylinders and keys are battery-free, which eliminates battery usage and waste, and they can be remotely managed which reduces maintenance-related travel and emissions.
iLOQ’s innovative product offering is sold through a network of more than 800 retailers and locksmiths across the Nordic region and Europe. The Company’s key customers are multi- residential properties, student housing, schools and other public facilities, offices, hospitals and utilities. The Company currently has around 150 employees and posted EUR 50 million revenue in 2018, following rapid growth of over 20% p.a. in recent years. iLOQ was founded in 2003 and is based in Oulu, Finland, with local branches in Sweden, Denmark, Norway, Germany, the Netherlands, France and Spain.
“We are very excited to take the next step on our journey. Together with Nordic Capital, we will be able to accelerate our international growth agenda and continue to invest to develop new technologies, features and products to best serve our customers. Nordic Capital is well placed to support our future growth through its sector expertise and extensive experience in organic growth acceleration and international expansion” says Heikki Hiltunen, CEO of iLOQ.
“iLOQ is a fast-growing company with revolutionising solutions with high expansion potential, driving a structural shift from mechanical locks to mechatronic or digital solutions. iLOQ’s patented solutions offer a strong value proposition to its customers, and the Company has a promising innovation pipeline. We are highly impressed with management’s strong track-record of successfully growing the business and look forward to further supporting the Company’s development and international expansion,” says Robert Furuhjelm, Partner and Head of Finland, Nordic Capital Advisors.
The transaction is subject to customary regulatory approvals and is expected to be completed by the end of 2019.
The investment in iLOQ reinforces Nordic Capital’s position as a leading private equity investor in Finland. Nordic Capital has significant industry expertise in investing in Industrial & Business Services companies, deploying more than EUR 2.8 billion in over 30 industrial platform investments to date. Nordic Capital also has significant experience of investing in Finland, with previous investments including Tokmanni, Marioff, Chromaflo and Corob.
Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded or associated investment vehicles and their associated management entities. Nordic Capital is advised by its exclusive advisors, the NC Advisory entities and the Nordic Capital Investment Advisory entities, any or all of which is referred to as Nordic Capital Advisors.
Katarina Janerud, Communications Manager,
Nordic Capital Advisors
Tel: +46 8 440 50 50
Heikki Hiltunen, President and CEO,
Tel. +358 40 3170 260
iLOQ is a rapidly growing Finnish company that is leading the technological revolution in the digital locking industry. iLOQ transforms mechanical locks into digital and mobile access management. iLOQ solutions are based on technologies developed and patented by the company, enabling electronic and mobile locking without batteries or cables. iLOQ replaces mechanical and electromechanical locking systems with environmentally friendly solutions that solve the problems of lost or copied keys, reduce lock maintenance and minimise lifecycle costs. For more information about iLOQ, please see www.iloq.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. Core sectors are Healthcare, Technology & Payments, Financial Services and in addition, Industrial & Business Services and Consumer. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14 billion in over 100 investments. The Nordic Capital vehicles are based in Jersey. They are advised by several non-discretionary sub-advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit www.nordiccapital.com
“iLOQ is a fast-growing company with revolutionising solutions with high expansion potential, driving a structural shift from mechanical locks to mechatronic or digital solutions. iLOQ’s patented solutions offer a strong value proposition to its customers, and the Company has a promising innovation pipeline. We are highly impressed with management’s strong track-record of successfully growing the business and look forward to further supporting the Company’s development and international expansion."