Increased e-commerce and expectations of fast deliveries contribute to an increased demand for automated logistics solutions worldwide. This has resulted in another record year for Element Logic.
The Norwegian technology and intralogistics company increased its turnover by 104 per cent from €100 million in 2020 to €230 million in 2021. The EBITDA came to €39 million, an increase of 123 per cent from 2020. Ordinary profits after taxes were €14 million. The cash holdings also increased from €34 million to €48 million at the end of 2021, with a positive cash flow of €14 million.
“We are thrilled to mark another record year with profits and growth in all established markets. The largest growth is in Denmark and Sweden, closely followed by Germany and Norway. We succeed because of our strategy to safeguard and develop our market-leading position in established markets while accommodating profitable growth in new ones,” explains Dag-Adler Blakseth, Chief Executive Officer of Element Logic.
New strategic owners and acquisitions
In June 2021, the Castik Capital acquisition fund entered as a majority owner of Element Logic. Castik aims to support Element Logic with its rapid organic expansion across Europe and to explore further expansions of its service and software capabilities, partly through selective mergers and acquisitions.
“The combination of our expertise and strong ambitions with a professional partner like Castik Capital on board opens several opportunities for further growth,” says Dag-Adler Blakseth.
In March this year, Element Logic acquired the American company SDI, a supplier of turnkey automation and sorting solutions. This happened after reaching a global distribution agreement with AutoStore earlier this year that opens the expansion of Element Logic’s services and deliveries beyond Europe. Element Logic thus expands to 13 new locations in the US and Latin America (Brazil, Chile, Colombia, Mexico, and Peru). The transaction was completed on April 12th.
“The acquisition is an important milestone in our global expansion strategy. With SDI, we enter the attractive US market together with a strong partner who accelerates our growth strategy”, Blakseth explains.
Aiming for further growth in 2022
“For Element Logic, it is crucial to continuously help our customers make their warehousing and logistics solutions the best possible. Our ambition is to be the number one choice. With new owners, the acquisition of SDI, and an agreement with AutoStore for expanded global distribution rights, everything is set for another exciting year,” the CEO of Element Logic concludes.
About Element Logic
Since 1985, Element Logic® has been optimising warehouse performance. We are the world’s first and largest AutoStore® partner. In 2022 Element Logic acquired SDI, making us one of the largest system integrators in the world.
We specialise in automatic storage and retrieval unit fulfilment systems and design and install tailor-made solutions that streamline our customers’ workflow. Our robotic solutions, material handling systems, software and consulting services help improve our customers’ value chain, increase profitability and meet the end customer’s expectation of fast delivery. We optimise warehouses of all sizes in various industries, including electronic components, parts distribution, consumer electronics, 3PL, pharmaceuticals, apparel, sports equipment, and more.
Element Logic® is headquartered in Norway and owned by employees, with the European Private Equity company Castik Capital as the majority owner.
Together, SDI and Element Logic® operate worldwide with a total revenue of EUR 294 million in 2021 and form a robust system integrator with numerous years of experience in diverse technologies. Their combined regional expertise provides customers the most competitive solutions across the globe.