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.