Norvestor invests in mission-critical elevator repair service provider Langer & Laumann
A fund advised by Norvestor Advisory (“Norvestor”) has signed and closed an agreement to acquire a majority stake in Langer & Laumann Holding GmbH and Langer & Laumann Beteiligungs GmbH (“Langer & Laumann” or the “Company”), a leading elevator door aftermarket service provider focusing on providing repair and maintenance kits as well as spare parts for elevator door drives and control units in Northern and Western Europe.
Langer & Laumann was founded in 1998 in Nordwalde, Germany and in 2020, the Company entered the Nordic countries through a sales partner, converting to a direct sales function in Denmark in 2022. Norvestor believes Langer & Laumann is a highly attractive platform for further expansion in the Nordics and beyond in the elevator aftermarket segment.
Langer & Laumann’s business model is a service-based solution, offering repair kits for elevator door drives and control units to field service technicians. These customary kits are built from a unique multi-decade proprietary database of more than 500 elevator models. The database has been developed by the Company since its establishment 25 years ago and offers elevator-specific solutions including specification of required mechanical and electronical parts and components including installation guides.
“I am excited to welcome Norvestor as the new majority owner of Langer & Laumann and I look forward to embark upon the next stage of growth together. With Norvestor’s long-standing and successful track record of developing service and aftermarket businesses, I am confident that we are ideally positioned to grow in the Nordic region and beyond. Moreover, with backing from Norvestor we will benefit from their experience in building digital capabilities as well as buy-and-build expertise, which will enable us to potentially pursue synergistic add-ons to accelerate our international growth journey”, says Martin Platt, CEO of Langer & Laumann.
“We are enthusiastic about partnering with Mr. Platt and the entire team at Langer & Laumann. We see a strong fit between the Company's business model and Norvestor’s experience from previous and current investments, with a mission-critical aftermarket service offering in a structurally growing market. With the continuous aging of the elevator installed base and shortage of trained field technicians, we expect increased demand for easy-to-use repair and modernization kits. Langer & Laumann represents a strong platform to accelerate ongoing internationalization in the Nordics and beyond and we are looking forward to working with the management team in the years to come”, says Tor Erling Gunnerød, Partner at Norvestor.
Langer & Laumann is headquartered in Steinfurt, Germany and has 31 employees.
Following the acquisition from Odewald KMU and the Company founders, Norvestor will become the largest shareholder in Langer & Laumann, followed by the Company’s management and employees.
The transaction closed on 15 June 2023.
For further information:
Tor Erling Gunnerød, Partner, Norvestor Advisory
Tel.: +47 920 55 355
Anton Oliver, Investment Director, Norvestor Advisory
Tel.: +49 1762 2621 867
Martin Platt, CEO, Langer & Laumann
Tel.: +49 2552 9279 192
Langer & Laumann is a market-leading provider of mission-critical repair services for elevators. Read more at www.lul-ing.de