Nordic Capital Announces Strategic Investment in German IoT and Wearables Disruptor ProGlove | Business

CHICAGO and MUNICH–(BUSINESS WIRE)–May 4, 2022–

Nordic Capital, a leading European private equity investor, has signed an agreement to become the majority owner of German industrial Internet of Things (“IoT”) company ProGlove. ProGlove is a disruptive technology leader for a smarter workforce. In close partnership with ProGlove’s management and founders, Nordic Capital will enable the company to accelerate future growth plans, further expand its customer base and invest in product development. Financial terms of the transaction will not be disclosed.

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ProGlove is a disruptive technology leader for a smarter workforce. (Photo: BusinessWire)

ProGlove is a rapidly growing technology leader since its inception in 2014. With over 250 employees in Munich, Chicago and Belgrade, it serves numerous customers in retail and e-commerce, logistics and warehousing, manufacturing and automotive in over 30 countries. . Among them are well-known global brands such as Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples.

The company provides integrated hardware and software solutions that are built around wearable barcode scanners with multiple IoT sensors enabling hands-free data capture. This combination of German engineering and industrial analysis software meets the growing demand for digitization in all sectors. ProGlove’s technology helps improve worker well-being, increase productivity and optimize efficiency.

The ProGlove market offers excellent opportunities to meet growing logistical complexity, demand for accelerated digitization, and the need for ergonomic and efficient workflows in the wake of the global labor shortage.

Nordic Capital will actively support ProGlove with its deep understanding of industrial IoT, strong network and significant experience in SaaS business models.

Andreas König, CEO of ProGlove, said: “This opportunity to work with Nordic Capital is essential for ProGlove to help us gain momentum on our growth path. By leveraging Nordic Capital’s tremendous expertise in industrial IoT and SaaS, we will be in a strong position to realize our full potential. We are extremely excited about taking our business to the next level, both in terms of growth and innovation. »

“The ProGlove team has built an exceptional company with a strong track record of high-quality growth. ProGlove is a technology leader with strong competitive differentiation and a unique customer value proposition to enable seamless human-machine collaboration. Nordic Capital is looking forward to write the next chapter with the company’s strong management team,” said Andreas Näsvik, Partner and Head of Industrial and Commercial Services, Nordic Capital Advisors.

“I am delighted to have Nordic Capital on board. Its partnership approach and deep industry expertise will give ProGlove additional firepower to further invest in people and technology. The acquisition by Nordic Capital undoubtedly proves the strength of ProGlove and the tremendous opportunities available to us,” said Thomas Kirchner, co-founder of ProGlove.

“ProGlove is a very exciting venture and a perfect first investment in the industrial and commercial services sector for Nordic Capital in the German-speaking part of Europe, expanding the footprint of the sector. Nordic Capital looks forward to working in partnership with the company to further strengthen ProGlove’s formidable team of engineers and software developers and to continue the exciting trajectory the company is on,” said Rainer Lenhard, Partner, Nordic Capital Advisors, Germany.

Nordic Capital has continuously expanded its business over the past 15 years in the German-speaking part of Europe and has become one of the most active investors, with seven companies from its focus sectors in its current portfolio.

With a long history of investing in the industrial and commercial services sector in the Nordic region, Nordic Capital’s portfolio today includes companies like Sortera, an environmental services company focused on recycling and waste management solutions. ; iLOQ, a provider of standalone and mobile access management systems; Consilium Safety Group, a producer of safety technologies for the marine, oil and gas, transport and construction sectors; and recently listed Cary Group, a leading provider of vehicle glass repair and replacement offering sustainable car care solutions.

The investment in ProGlove will be made by Nordic Capital X. ProGlove’s founders and management will remain minority owners. The transaction is subject to customary regulatory approvals. ProGlove would like to thank previous investors Summit Partners, DI Technology and Bayern Kapital for their support to date.

About ProGlove

ProGlove is a World Economic Forum Technology Pioneer and builds the world’s smallest, lightest and most rugged barcode scanners. ProGlove’s industrial wearables connect the shop floor worker to the Internet of Things. Handheld devices combined with ProGlove’s industry analytics software platform promote human-machine collaboration and drive digitalization on the shop floor. ProGlove customers include some of the world’s most iconic industry brands, pioneers and innovators in manufacturing and production, logistics and warehousing, retail and e-commerce, as well than post and parcels. Founded in 2014, the company employs over 250 people from more than 30 countries with offices in Chicago, Munich (Germany) and Belgrade (Serbia). Learn more about www.proglove.com

About Nordic Capital

Nordic Capital is a leading private equity investor with a strong commitment to building 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. The targeted sectors are healthcare, technology and payments, financial services and, selectively, industrial and commercial services. Key regions are Europe and the world for investments in the healthcare and technology and payments sectors. Since its inception in 1989, Nordic Capital has invested over €19 billion in more than 120 investments. The most recent entities are Nordic Capital X with €6.1 billion in committed capital and Nordic Capital Evolution with €1.2 billion in committed capital, mainly contributed by international institutional investors such as pension funds. Nordic Capital Advisors has local offices in Sweden, UK, USA, Germany, Denmark, Finland, Norway and South Korea. For more information about Nordic Capital, please visit www.nordiccapital.com

“Nordic Capital” means, depending on the context, all or part of the entities, vehicles, structures and associated entities of the Nordic Capital brand. General Partners and/or Sub-Portfolio Managers of Nordic Capital Entities and Vehicles are advised by several non-discretionary sub-advisory entities, some or all of which are referred to as “Nordic Capital Advisors”.

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CONTACT: ProGlove

Axel Schmidt

press@proglove.com

+49-89262035036Nordic Capital

Katarina Janerud, Communications Manager

Nordic Capital Advisors

Tel: +46 8 440 50 50

email:katarina.janerud@nordiccapital.com

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SOURCE: ProGlove

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PUBLISHED: 05/04/2022 11:18 AM/DISC: 05/04/2022 11:18 AM

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James R. Rhodes