Copenhagen-based Polaris Private Equity is acquiring Denmark's TRIAX A/S from Nielsen & Nielsen Holding A/S through its Polaris Private Equity IV fund, according to a statement. This is the fund's first announced investment.
TRIAX supplies products used in the broadcasting of video, audio and data signals. Nielsen & Nielsen, then known as Micro Matic Holding, bought TRIAX in 1987 and is now selling all outstanding shares of the broadcasting solutions company to Polaris.
Polaris managing partner Jan Johan Kuhl told Private Equity International at the beginning of June that Polaris' fourth fund, which had already reached its €400 million target by its second closing, had a pipeline of deals. Like its other funds, it will focus on buyouts of Danish and Swedish companies in the lower mid-market.
Polaris will support TRIAX's growth in the Europe, Middle East and Africa regions as the company seeks to expand, the statement said. TRIAX's 2014/2015 revenue was DKK 608 million ($92.88 million; €81 million) and EBITDA DKK 52 million. It has 310 employees and eight European subsidiaries.
SEB Corporate Finance provided financial advising to Nielsen & Nielsen and Nordea provided debt financing for the deal.