Nordic Capital taps Fund X to buy German industrial internet of things specialist ProGlove | AltAssets Private Equity News
Summary
European private equity house Nordic Capital has agreed to become the majority owner of German-based industrial internet of things company ProGlove. ProGlove, which was founded in 2014, serves customers including Mercedes Benz, VW, BMW, DHL, XPO Logistics, GAP and Staples across more than 30 countries. Never miss a story – click to sign up to AltAssets’ free daily PE newsletter The company provides integrated hardware and software solutions that are built around wearable barcode scanners with multiple IoT sensors, allowing for hands-free data capture. Nordic said ProGlove’s market provided excellent opportunities to address increasing logistical complexity, the demand for accelerated digitalization and the need for ergonomic and efficient workflows in the wake of the global labour shortage. Its industrial and business services investments in the Nordic region include Sortera, an environmental services company focused on recycling and waste solutions, iLOQ, a provider of self-powered and mobile access management systems, and Consilium Safety Group, a producer of safety technologies for the marine, oil and gas, transport and building sectors.