Equistone-backed Averys acquires Storax
Averys, a leading European manufacturer of industrial storage systems, racking and metal furniture backed by Equistone Partners Europe since 2015, today announces its acquisition of Storax (“the Group”) from Ramada Aços Group SA. The financial terms of the deal are undisclosed.
Founded over 50 years ago in Porto, Storax is a leading provider of industrial racking and shelving systems and is a well-known and active brand in the materials handling sector. The Group is the leading provider in the Portuguese market and has significant activities in Belgium, France and the UK. The Group generated total revenues of c.80 million euros in 2017.
The acquisition provides Averys with a complementary industrial base in Southern Europe to support its existing customers. The deal also offers additional growth prospects for automated products such as shuttles, mobiles and silos that benefit from Storax Group’s excellent brand image and renowned technological expertise.
Following its acquisition by Averys, Storax will continue to operate as an independent company with its own brand, whilst also benefitting from Averys’ logistical support, commercial synergies and leading industrial practices.
This acquisition continues Averys’ strategy of combining significant organic growth with targeted acquisitions in order to expand its product offering and reinforce its commercial and industrial networks.
The transaction remains subject to the approval of the European Competition Authorities and is expected to complete in Q2 2018.
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