Clearwater International has advised Private Equity backed Industrivarme A/S (Industrivarme) on its sale to the Danish utility company VERDO S/I (Verdo). The sellers include Vækst-Invest Nordjylland and key members of the management team.
Industrivarme is a designer, manufacturer and installation service company, within renewable energy solutions such as solar heating systems, heat pumps, and biomass boiler plants for the district heating and industrial sectors. Industrivarme, during recent years, has experienced remarkable growth in revenue and profits, earning them the place as the leading company within its field in Denmark. Industrivarme has delivered and serviced more than 75 green energy solutions, including 25 solar heat and 20 biomass solutions.
The purchaser, Verdo is a manufacturer and distributor of energy – spanning electricity, water and heating. The firm predominantly focuses on renewable energy and strives to provide profitable and sustainable energy solutions.
The transaction remains subject to approval to relevant competition authorities.
Clearwater International advised the owners of Industrivarme on the sale, led by partner, John Jensen & associate partner Carsten Rydahl with support from associate Klaus Hansted.
Kim Frimer, CEO, Verdo said: “We have a unique knowhow within biomass solutions through many years of optimization and operation of systems all over the world. With the acquisition of Industrivarme we will strengthen this knowhow even further, while allowing us to pursue international markets further.”
Allan Jakobsen, CEO, Industrivarme added: “With VERDO as the new owner, we have gained a dedicated long-term owner with great ambitions for our business. We all expect that the new ownership will increase the growth and create even better solutions for our customers.”
Carsten Rydahl, Associate Partner, Clearwater International commented: “Industrivarme is an inspiring example of how a regional company based in Northern Jutland, through a strong management team combined with benefits from a PE-co-ownership, can develop into the leading player on the Danish market, thus attracting significant interest from Danish and international buyers. We wish the management team and VERDO all the best on their continued success story.”