Funds managed by Castik Capital (Castik) have entered into an agreement to acquire a majority stake in Element Logic, in partnership with its co-founder and CEO Dag-Adler Blakseth, co-founder Kjell Blakseth and the broader management team. Castik will jointly own the company alongside Element Logic’s founders, management team and employees.
Element Logic, headquartered in Kløfta, Norway, is a specialised integrator for automated warehouse solutions centred around the AutoStore system. Founded in 1985, the company now employs 170 specialists across Europe which designs, implements, delivers and services a wide range of automated and static warehouse automation solutions for customers in a range of industries across Europe, complemented by proprietary software and technology. Not only did Element Logic deliver the world’s first 10 AutoStore installations, but it has also implemented more AutoStore solutions in 2020 than any other competitor worldwide. After delivering organic revenue growth at a circa 50% CAGR since 2014, Element Logic today has a leading market position in the Nordics and across Europe.
Element Logic’s focus on being a pure-play AutoStore system provider has made it a trusted one-stop shop for warehouse automation solutions in Europe, underpinned by expertise and technology. Castik aims to further support Element Logic with its rapid organic expansion across Europe and to explore further avenues to expand its service and software capabilities, partly through selective M&A.
“We are thrilled to have Castik on board as our partner of choice with a great fit to Element Logic,” said Dag-Adler Blakseth, co-founder and CEO of Element Logic. “Together we plan to continue our growth journey, while we retain the Element Way and the company’s unique culture, as Element Logic truly is a people business. There are an incredible number of exciting opportunities ahead of us that open up further when we add Castik’s support together with our competence, experience and ambitions.”
“We are very excited to have the opportunity to partner with Dag-Adler Blakseth and the entire Element Logic team, and to support the company in its continued growth story,” added Michael Phillips, Partner at Castik Capital. “The company has grown tremendously over the last years in a market for warehouse automation that is still in its infancy.”
Element Logic is exhibiting at IntraLogisteX on 1st and 2nd July. Please visit the company on stand 510