Clearwater International Denmark acted as financial advisor to the owners of airteam A/S in the sale to Ratos AB, management and key employees. The purchase price (enterprise value) for 100% of the company amounts to approximately DKK 575m (€77m).
airteam was founded in 1998 by the three Sellers and has consistently grown to become one of the leading providers of ventilation solutions for both private and public customers in Denmark. The success of airteam is built on a highly skilled and competent management team as well as an organisation with a high level of technical know-how and best-in-class project management. Combined with a business model based on effective procurement and outsourced mounting and installation, airteam has built a very successful and scalable business. Today, airteam has 150 employees and reported sales of DKK 448m (€60m) and EBITA of DKK 62m (€8m) in the last fiscal year-end September 2014/15.
Ratos AB will acquire approximately 70% of the shares in airteam, while the remaning 30% will be held by management, founders and key personnel. Founder and CEO Poul Pihlmann will remain as one of the main shareholders and CEO.
“airteam has a strong, customer-focused corporate culture with highly engaged people, a strong market position and an attractive business model. Ratos is also keen to invest in companies that work to reduce energy consumption and sees strength in airteam’s large expertise and know-how when it comes to energy efficient modern ventilation solutions. In partnership with the team at airteam, we believe there is great potential to grow the business further. By combining airteam’s industry expertise with our background of supporting growth companies with a clear strategic agenda, we regard this as a very attractive investment opportunity for Ratos.”
Susanna Campbell, CEO of Ratos
“We are delighted to have advised the founders of airteam on finding a partner to develop and grow the company further. With the investment of a large group of key employees and Ratos having extensive experience from previous investments in the construction and ventilation sector, airteam has favourable conditions to continue the successful development of the business. The interest from potential partners to invest in airteam was significant, and generally we expect continued strong interest from financial and industrial partners to invest in and consolidate the construction sector further. We wish airteam and Ratos every success in the future and look forward to following the company going forward.”
Lars Rau Jacobsen, Associate Partner at Clearwater International