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Battery Ventures buys sensor and safety switch maker, steute
Battery Ventures, a technology-focused investment firm, is buying steute Technologies, the German manufacturer of switches, sensors and other products for automation and safety applications. The terms of the deal have not been disclosed.
Family-owned steute, which was founded in 1961, is based in Löhne, Germany and employs around 450 people. Its product line includes industrial safety switches and medical-control devices for operating-room equipment. It specialises in sensor and switching devices for use in environments that must withstand explosive or corrosive conditions and extreme temperatures. It also supplies wireless connection technologies for automation applications.
Steute has three divisions: Controltec, Leantec and Meditec.
“We are extremely excited to partner with steute, a company that has championed innovation and quality,” says Battery general partner, Jesse Feldman, who will join steute’s supervisory board. “We think steute is ideally positioned as a provider of key components that enable the automation of the medical and industrial markets.”
Across its end-markets and application areas, steute has emerged as a leader, particularly in wireless technology, adds Battery principal, Justin Rosner. “The company’s technological leadership and close collaboration with its customers have fuelled steute’s business over the last years. We believe through continued investment from Battery, the company can grow even further both organically and through targeted M&A activity.”
steute’s owner Stefan Schmersal will stay on the company’s board, and its managing directors, Marc Stanesby and Christof Gerhardy, will also continue in their roles.
“Partnering with Battery allows us to tap the firm’s extensive experience and business network in the core markets in which we operate,” says Stefan Schmersal. “Handing over ownership of a family-run business is never easy. But I am confident Battery can help us continue the growth we’ve experienced over the last decades and help us expand the company even further.”
Battery, founded in 1983, backs companies at all stages of their development, and invests globally from offices in the US, the UK and Israel. It has almost two decades of experience in the market for test, measurement and control equipment. Its previous investments have included UK-based Process Sensing Technologies in 2017, and US-based Industrial Safety Technologies in 2011.
Steute is represented in the UK by fortop.
steute Technologies: LinkedIn
