Ascento Capital represented Proant AB, a leading IoT antenna company in Sweden, on a sell side M&A transaction, in its sale to Abracon in the United States, which is backed by the private equity firm the Riverside Company.
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Founded in 2005 and based in Umeå, Sweden, ProAnt provides cutting-edge antenna technology to a global base of customers. The Company delivers a variety of novel antennas for energy metering, medical, automotive, consumer, and industrial applications. Abracon, LLC is an industry leader in passive components, providing frequency control & timing device, RF & antenna, and inductor & connectivity solutions through a global distribution network.
“Proant’s success with antennas is attributed to providing cost-effective and robust connectivity to our customers,” said Tomas Rutfors, CEO and founder of Proant AB. “Now, by joining forces with Abracon, we increase our geographic footprint through Abracon’s excellent global sales channels. Together with the Abracon antenna team, Proant will continue to develop and supply antenna solutions supporting market needs.”
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Mr. Rutfors also commented, “Ascento Capital represented Proant in this transaction. Ben Boissevain led the deal and did a terrific job. He conducted a global search with a wide outreach to over 100 targets. We had serious interest from companies in the United States, Europe, and Asia. Due to the vigorous auction process, the valuation of Proant exceeded my expectations.”
