DENMARK: Under pressure from credit institutions, Dantherm has been forced to sell its HVAC business to a private equity fund for DKK164m (€22m).
Both the company’s HVAC business and the EMEA part of its loss-making telecom business segment have been sold to the private equity fund Procuritas Capital Investors V.
Formed in 1958 and headquartered in Skive, Dantherm provides telecom cooling, dehumidification units, ventilation systems and mobile heating and cooling units for military and humanitarian field camps.
The divestment of the businesses was undertaken in response to a demand from Dantherm’s credit institutions to reduce the interest-bearing debt owed to them as a result of continued failing results in its telecom sector.
In 2014, Dantherm had entered into a binding agreement to sell its telecom business to China Technologies Holdings Group, but the deal has still not been completed.
The acquisition by Procuritas will take place through a newly established Danish holding company and includes subsidiaries in Denmark, Norway, Sweden, UK and Germany. The acquired group had revenues of DKK310m (€42m) in 2015 and has 240 employees.
“We are truly excited about this opportunity. Dantherm is a strong player within HVAC and Telecom cooling with a strong market position and a product portfolio of outmost quality,” said Hans Wikse, managing partner at Procuritas Partners AB.
Dantherm’s president and CEO Torben Duer will become CEO of the newly formed group.