Press release April 29, 2016
Pegroco becomes the new main shareholder in measuring technology company Mantex by investing 10 MSEK in a directed share issue. Pegroco will thereby own just over 45 percent of the company.
Mantex develops, manufactures and sells measuring equipment based on its proprietary patented technology that uses X-rays to analyse the quality of organic material flows in real time. The analysis enables feed-forward based optimized control of production processes, which in turn enables large productivity gains. The company is based in Stockholm, Sweden; it was founded in 2007 and has 13 employees.
The company is currently focusing on two process industry applications, pulp and paper and bioenergy. Mantex’s products have been pilot-tested with leading international companies within these industries for a number of years. By measuring the quality of incoming biomaterial, such as wood chips, Mantex’s products have proven capable of enabling considerable cost savings. Pegroco’s assessment is that Mantex is now ripe for expansion.
”Mantex is now ready to enter a commercialization phase after many years of research and development. We now have many years of accumulated experience from full-scale installations in real process operations. More than 120 MSEK have been invested in the company. This has resulted in a large knowledge base, both about our products and the applications. The database we have now built has convinced both our customers and ourselves that we have a very strong business offering. From a business perspective the timing is therefore right for Pegroco to become Mantex’s main owner as Pegroco has substantial experience with taking industrial companies through the expansion phase”, says Erik Odén, CEO of Mantex.
”We have been following Mantex since mid-2015 and gradually become more and more convinced that here is a business with a large potential. We think that the company can become a world-leading supplier to industries where productivity gains are important competitive success factors”, says Thomas Brue, CEO of Pegroco.
For more information
Consensus Asset Management AB is Pegroco’s Certified Adviser on Nasdaq First North Stockholm.