The Smaller Mid-Cap Fund advised by Triton (“Triton”) has signed an agreement to take over a majority stake in Norres Group (NORRES), headquartered in Gelsenkirchen, Germany. The terms of the agreement are yet to disclosed. Current owner and CEO, Burkhard Mollen, the current owner and CEO, would continue in his management position and co-invest alongside Triton.
Norres, founded in 1989, one of Europe’s market leading manufacturer of plastic industrial hoses, offers wide range of standard and made-to-measure branded industrial hoses used for pneumatic conveying of different media types (i.e. solids, gases or liquids) across variety of end markets (e.g. fume & dust extraction, agriculture, food & pharma, plastics and wood processing).
The company has production sites in Germany, China, and the U.S. Norres, with nearly 130 years of strong track record in expanding its business via product innovation and internationalization, carries high reputation and market position based on its high-quality product portfolio, operational excellence and customer orientation. In October, Norres received ‘Vendor of the year’ award (DACH region) from the Association of Technical Trade.
Peder Prahl, Director of the General Partner for the Triton funds, said, “We want to support Norres by investing in accelerated growth and continuous internationalisation of the company. We look forward to working together with the management team and contribute our expertise and available resources to promote our common vision of an even stronger company.”
Burkhard Mollen, CEO of Norres Group, commented, “This transaction is an important milestone in our longstanding history. The new partnership will contribute to our expansion strategy in our efforts to achieve global market leadership. We welcome Triton as a new majority owner and a respected investor that will embrace and support the execution of our plans to further develop the company.”