Clearwater International Denmark acted as financial adviser to P.A.P, a Danish engineering and consultancy company, on its sale to Sweden-based ÅF, an engineering and design company within the fields of energy, industry and infrastructure.
Founded in 1906, P.A.P has expertise in electrical power, covering all parts of the value chain from production to transmission and distribution. The business provides advisory, technical and administrative engineering services in several business segments including substations, renewables and heat & power.
P.A.P primarily operates within the Danish market, including the Faroe Islands and Greenland, with its operations based in Copenhagen, Aalborg and Aarhus.
The Clearwater International team consisted of Partners Simon Bang Mikkelsen and Andreas Lauth Lauridsen, and Associate Louise Normann.
“We are looking forward to become a part of ÅF, one of the strongest engineering and design companies in Scandinavia. Our customers and employees will benefit from our joint capacity and competence. Together we will have the ability to take on major transmission and distribution projects.”
Carsten Eichstedt, CEO, P.A.P
“Denmark is a prioritized and interesting market for us with upcoming investments in the Danish main grid system. P.A.P has a deep competence within transmission and distribution which complements our offering and will enable further growth within energy in Scandinavia.”
Jonas Gustavsson, President and CEO, ÅF
“ÅF’s acquisition of P.A.P is another sign of the ongoing consolidation within the engineering consultancy sector in the Nordics. We are confident that this is a strong match as the two companies share the same values and have a strong history of over 100 years. Congratulations to both parties.”
Simon Bang Mikkelsen, Partner, Clearwater International Denmark