KAMIC Group Completes Elsteel Acquisition in Cross-Border Deal
Deal News | Apr 03, 2025 | Cripps
Swedish-based KAMIC Group has successfully completed a cross-border acquisition of the Elsteel Group, a global manufacturer of modular and customized steel enclosures for low-voltage switchgear. Elsteel operates in Denmark, Sri Lanka, India, and Poland, with an annual revenue of over €30 million. The acquisition adds to KAMIC's Installation business as an independent entity. Legal advisors Cripps, alongside financial and tax advisor Menzies, provided a comprehensive advisory service to KAMIC including due diligence and transaction negotiation for this complex multi-jurisdictional deal. This marks another collaboration between KAMIC, Cripps, and Menzies, demonstrating their prowess in international manufacturing M&A. Key players at Cripps and Menzies include Rebecca Glazebrook, Ross Wiggins, and Andrew England, who highlighted their teamwork and project management expertise as critical to the success of the transaction.
Sectors
- Manufacturing
- Private Equity & Advisory
Geography
- Sweden – KAMIC Group, the acquiring company, is based in Sweden.
- Denmark – Elsteel, the target company, operates in Denmark among other countries.
- Sri Lanka – Elsteel, the target company, has operations in Sri Lanka.
- India – Elsteel operates in India as part of its global footprint.
- Poland – Elsteel has operational presence in Poland.
- United Kingdom – The UK National Security and Investment Act was a consideration in this transaction.
Industry
- Manufacturing – KAMIC Group's acquisition of Elsteel involves a company that manufactures steel enclosures for low-voltage switchgear.
- Private Equity & Advisory – Cripps and Menzies acted as advisors in this cross-border acquisition, highlighting their role in financial, tax, and legal advisory services.
Financials
- 30 million – Annual revenue of Elsteel Group.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| KAMIC Group | Acquiring Company | Company | A Swedish-based group acquiring Elsteel Group. |
| Elsteel Group | Target Company | Company | A global manufacturer of modular and customized steel enclosures for low-voltage switchgear. |
| Cripps | Legal Advisor | Company | Provided legal advisory services and managed transaction documents and cross-border diligence. |
| Menzies | Financial and Tax Advisor | Company | Supported KAMIC Group with buy-side financial and tax due diligence. |
| Per Lindblad | Head of M&A | Person | Head of M&A at KAMIC Group, involved in the acquisition process. |
| Ross Wiggins | Deal Advisory Partner | Person | Partner at Menzies who led the advisory team for the transaction. |
| Andrew England | Tax Partner | Person | Led international tax efforts for the deal from Menzies. |
| Rebecca Glazebrook | Partner | Person | Partner at Cripps, advised on the transaction. |
| Beth Barns-Graham | Corporate Team Member | Person | Part of the Cripps team advising on the transaction. |