mynth
04/2021

LOGSTOR acquired by KINGSPAN

DENMARK Industrial Equipment / Components / Valves, Pumps & Taps EV DKK 1–10bn

Context

Ireland-based building materials specialist Kingspan Group has successfully executed a definitive agreement to acquire 100% of the share capital of Logstor Group from the Pan-European private equity firm Triton. The strategic rationale underpinning this value-accretive deal is highly compelling, as it enables the buyer to significantly accelerate the expansion of its technical insulation proposition. By integrating a specialized manufacturer of pre-insulated pipe systems, the acquirer effectively broadens its product portfolio to capture the rapidly growing district energy sector, creating a highly complementary business line adjacent to its core building insulation operations. The transaction highlights robust sector consolidation dynamics within the specialized industrial landscape and provides the acquirer with a scalable platform investment to leverage structural tailwinds in European energy efficiency upgrades. This acquisition establishes a strong benchmark valuation for mission-critical infrastructure components and emphasizes the premium strategic players are willing to pay for defensible, high-margin energy efficiency assets.

It is worth noting that the fund Triton Partners took control of Logstor through an LBO in 2013.

LOGSTOR, which reported an EBITDA margin of [members only] in 2020, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the Industry & Manufacturing sector (11.7x).

-> Deep-dive in Industry & Manufacturing market trends

Target

Logstor is a leading developer and manufacturer of pre-insulated pipe systems, primarily serving the district heating and cooling sectors. The company provides a comprehensive suite of thermal distribution solutions designed to minimize energy loss in fluid transport networks. With a deeply rooted focus on thermal efficiency, the firm operates as a critical link in the energy infrastructure value chain, enabling municipal and industrial clients to optimize their heating and cooling distribution systems. The firm’s value proposition is built upon proprietary insulation technology and high-performance engineering, which are vital for sustainable urban energy management. Logstor differentiates itself through a commitment to innovation, delivering specialized solutions that meet rigorous safety and efficiency standards required for large-scale energy transport. Its strategic focus centers on supporting the transition toward greener energy grids, where effective heat retention is a fundamental requirement. By maintaining a robust technical edge and a specialized product portfolio, the company has secured a dominant position within the European energy infrastructure market. The firm’s ability to combine technical engineering with scalable production capabilities ensures a strong competitive advantage in an industry increasingly defined by environmental regulations and energy efficiency mandates.

Ent. Value

DKK 1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

5x–12x

Historical Financials (DKK)

Year
Rev
EBITDA
EBIT
2020
DKK 1–10bn
DKK 250–500M
DKK 150–250M
2019
DKK 1–10bn
DKK 250–500M
DKK 150–250M

Other operations with LOGSTOR

Other operations with LOGSTOR

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
09/2013TRITON PARTNERSLOGSTORDENMARKValves, Pumps & Taps

REFERENCES

Valuation range: EV DKK 1–10bn

Revenue range: DKK 1–10bn

EBITDA range: DKK 250–500M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of LOGSTOR by KINGSPAN are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: logstor

Acquirer: kingspan