Earlier today, Altor (Altor Fund III GP Limited) signed a binding agreement to acquire a majority interest in Haarslev Industries A/S. Odin Equity Partners is the selling majority shareholder. The CEO of Haarslev Industries, Claus Østergaard Nielsen, will stay on as co-owner and chief executive of the company.
Founded in 1973, Haarslev Industries is a cleantech business dedicated to manufacturing processing equipment for organic by-products, including from slaughterhouses and water purification plants. Haarslev's products are applied in various industries, including the meat and bone meal and the fishmeal industries and in the environmental and bio-energy sectors.
The company has about 600 employees and has more than trebled its revenue under Odin Equity ownership to around DKK 1.1 billion in the most recent financial year. Haarslev Industries has production facilities in Spain, Brazil, Peru and China as well as in the village of Hårslev on the Danish island of Funen.
Bernd Petersen, Partner, Odin Equity, said: “Haarslev Industries is an attractive business with exciting prospects. Since 2006, Odin and the management of Haarslev Industries have been actively engaged in transforming and professionalising the company, turning what was a small machinery manufacturer into a global business with production facilities on several continents and sales offices all over the world. We've succeeded, and we're very proud of the business as it stands today. We're confident that it will continue its positive developments with Altor on board.”
Søren Johansen, Partner, Altor Equity Partners, said: “Over the years, Haarslev has successfully applied its know-how and expertise in a very exciting industry, and today the company holds a unique leadership position in the vast majority of the markets where it has a presence. At Altor, we see a great potential in applying the powerful platform so the company can continue to generate growth and prosper, for the benefit of its customers and its employees.”
Altor's strategy is to invest in companies strongly positioned in attractive markets that offer value creation potential.
“Building on the existing platform of Haarslev Industries, Altor can contribute capital resources and management skills and thereby help accelerate the company's further development. At Altor, we look forward to working with the Haarslev team towards achieving the company's goals,” Søren Johansen added.
Closing of the transaction is expected at the end of March 2012, subject to relevant regulatory approval. The parties have agreed not to disclose the transaction price.
Altor was advised by William Blair & Co., Kromann Reumert, Deloitte, BCG, COWI as well as AON and Asia Base Research, while Odin was advised by SEB Enskilda, Accura, PwC and AT Kearney.