Petition filed for winding-up of TRIAX
Despite constructive negotiations and dialogues, it has not been possible for the owners Polaris Private Equity and Velatia Group to find a solution ensuring liquidity for the continued operations of TRIAX. Consequently, a winding-up petition has been filed with the bankruptcy court in Horsens.
Polaris Private Equity IV K/S acquired TRIAX A/S in 2015 and has since supported the company with several capital increases. In 2020, Polaris brought new investors with industry insight – Velatia Group – into the ownership group behind TRIAX, which subsequently completed a merger with Ikusi Multimedia under new daily management and implemented a new strategy and capital plan. The efforts have entailed a re-organisation of the TRIAX group and improved efficiency, driven synergies and reduced costs, enabling the company to deliver a positive operating profit (EBITDA) in the first half of 2023.
TRIAX has, however, been subject to significant negative repercussions of COVID-19, which entailed extensive supply chain challenges, as well as mounting inflation and a fiber market characterised by swift changes and increasing pressure on the company’s core business. On that backdrop, it was not possible to find a solution or complete a restructuring of the company despite the improved results, which have been driven by management and employees in recent years in a market and industry under severe pressure. It is therefore with regret that the Board of Directors has had to file a winding-up petition for the company.
Please see the following press releases:
For more information, please contact:
Jan Johan Kühl, Managing Partner
Phone: +45 3525 3462
Niels Worning, Senior Advisor to Polaris and board member at TRIAX
Phone: +45 3525 3457