Strategic Investments /27.03.2023
Kirk Kapital led acquisition of PR electronics in partnership with AGIC Capital from Kim Rasmussen and select management members. PR electronics is among the leading suppliers of signal conditioning devices.
PR electronics A/S (“PR electronics”) designs, develops and manufactures world-class signal conditioning devices for the process and factory automation industry. The company serves more than 10,000 customers worldwide through its 8 sales subsidiaries and more than 40 distributors. In 2022, PR electronics had revenue of DKK 437m and EBITDA of DKK 106m. The production takes place in Rønde, Denmark, where the headquarter is also located.
Going forward the majority of the company will continue to be controlled by a majority of Danish Investors including Kirk Kapital, management and Kim Rasmussen who will reinvest into the company.
PR electronics was established in 1974 by Peter Rasmussen. In 2009, Kim Rasmussen, the son of Peter, took over the ownership and CEO position of the company. In 2022 Kim transitioned leadership of PR electronics to Simon Bisbo who became the CEO.
“PR electronics has a long history as a family-owned company, very similar to our own heritage at Kirk Kapital. We are pleased to form a partnership with Kim Rasmussen, management and AGIC. Jointly, we will seek to further accelerate the successful development of PR electronics in the years to come,” says Kim Gulstad, CEO of Kirk Kapital.
Ben Mitchell, Managing Director in AGIC, is looking forward to the partnership with PR electronics.
“The need for making industrial process control safer, more reliable, and more efficient will only grow globally in the coming years. With a strong management team and world-class products, PR electronics is uniquely positioned to be the partner of choice for the process and automatisation industry,” says Ben Mitchell, Managing Director of AGIC.
The entire Executive Management team will continue their current roles in PR electronics and is also looking forward to further accelerate the growth and successful development of the company in the years to come.
“The activity in PR electronics is record high, and I look forward to further accelerate the growth and successful development of PR electronics in the years to come. With the new ownership, PR electronics is better positioned also to pursue growth through acquisitions. We have found the ideal partners to support management and PR electronics going forward,” says Simon Bisbo, CEO of PR electronics.
Kim Rasmussen is pleased to pass on the baton.
“PR electronics has been a part of my life since I was a child. I am immensely proud of what we have all created since the foundation in 1974. However, the time has now come where I believe PR electronics is best served with new ownership. Kirk Kapital and AGIC are, in combination, a great future ownership constellation for PR electronics. I will, however, remain shareholder and will with pride follow also the future successful development of PR electronics,” says Kim Rasmussen.
Morten Huse Eikrem-Jeppesen, PressConnect for Kirk Kapital, +45 53 85 07 70
Ben Mitchell, Managing Director of AGIC, +44 20 3926 5513
About PR electronics
PR electronics designs and produces signal conditioning (interface) devices for the process industry within temperature, I.S. interfaces, panel meters, signal isolators and converters. Our integrated development and manufacturing campus is located in Rønde near Aarhus, Denmark. We sell our products globally through 8 sales subsidiaries and more than 40 distributors worldwide. We take great pride in seeing high precision technology – produced in Denmark – integrated into process control applications, benefitting more than 10,000 customers worldwide. See www.prelectronics.com
About Kirk Kapital
Kirk Kapital is a family-owned investment company owned by the Kirk Johansen family. The Kirk Johansen family are descendants of Ole Kirk Christiansen, who established LEGO. Kirk Kapital manages approx. DKK 14bn in AUM invested within strategic investments and financial investments. Within the strategic investments, Kirk Kapital is an active long-term owner with larger minority positions in 17 companies. See www.kirkkapital.dk
AGIC is a growth-oriented private equity firm that seeks to invest in thriving middle-market businesses focused on advanced industrial and healthcare technologies in Europe and beyond. AGIC’s differentiated investment strategy combines deep business model expertise, proactive thematic research, an unrelenting focus on the upside and a collaborative, management-first approach to value creation. Launched in 2015, AGIC currently has USD 2.2bn in assets under management and more than 25 investment professionals and industry experts. For more information about AGIC’s investment philosophy see www.agic-group.com.