The leading Danish bunker fuel and ship supply company Wrist Group A/S has been sold to the Nordic private equity fund Altor.
Wrist Group is one of the leading global suppliers of bunker fuel and general ship supplies with revenues in 2006 of approximately DKK 25 billion. The Group employs some 850 persons worldwide and has headquarters in Aalborg, Denmark.
‘’We look forward to continue the development of our Group together with Altor. Our industry is consolidating and our customers are becoming more demanding. We have a strong foundation to build on and we will now be able to accelerate our global expansion in order to serve our customers in all the major shipping regions of the world.’’, says Jim Pedersen, CEO of Wrist Group.
‘’Wrist Group has built a strong platform for future growth. We will support the management in the continued development of the Wrist Group worldwide. To that end we will actively look to expand the activities within all three segments of Wrist through the opening of new operations and add-on acquisitions.’’, says Denis Viet-Jacobsen, Partner of Altor Equity Partners.
FIH Partners acted as financial adviser to the previous owners of Wrist Group in respect of the sales process. Deloitte acted as advisor to Altor.
The deal is subject to customary regulatory approval.
About Wrist Group:
Wrist Group A/S is the parent company of a group of companies serving the shipping and off shore industry worldwide. The main services are within supplies of bunker fuel under the name OW Bunker and as general supplier of provisions, stores and accessories for the marine sector under the name Ove Wrist & Co. The third division Wrist Shipping provides agency and chartering activities, off shore supplies and STS operations.
The group was founded in Aalborg in 1966, and has from a very humble start grown to a company with more than 30 subsidiaries and offices worldwide.
The headquarter remains in Aalborg, where approximately 200 persons out of the 850 employees in total are employed. The companies under the Wrist Group are all enjoying a solid brand reputation around the world, as a reliable, efficient and skilled supplier in an industry that never rests.
For further information on the Wrist Group please see: www.wristgroup.comAbout Altor:
The Altor funds (Altor) are private equity funds comprising the “Altor 2003 Fund”, with committed capital of EUR 650 million, and the “Altor Fund II”, with committed capital of EUR 1,150 million. Altor is advised by Altor Equity Partners. Altor invests in medium sized companies in the Nordic region. Altor focuses on value creation through growth initiatives, strategic development and operational improvements. Among Altor’s investments are Aalborg Industries, Ferrosan, Dansk Cater, Lindorff, Dynapac, AGR Group, Relacom, Meyn, PaloDEx, Byggmax, Nimbus Boats, SPT Group, PIAB, Dustin and Helly Hansen.