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Nidec to sell Secop compressor business

JAPAN: Nidec will sell its Secop compressor business to private equity funds ESSVP IV LP, ESSVP IV (Structured) LP and Silenos GmbH & Co KG.

The announcement by the Japanese company follows the European Commission’s approval of Nidec’s acquisition of Embraco from Whirlpool Corporation on condition of the sale its existing domestic and light commercial refrigeration compressor business.

Nidec’s announcement of its intent to purchase Embraco prompted an in-depth investigation into the acquisition by the European Commission in November, amid concerned that the takeover might reduce competition in the supply of refrigeration compressors.

To address the Commission’s competition concerns, Nidec proposed a set of commitments, including the sale of its refrigeration compressor business. This included the plants in Austria, Slovakia and China that would remove the entire overlap between Nidec and Embraco in the markets where the Commission had identified competition concerns.

Nidec acquired the hermetic compressor manufacturer Secop for €185m in 2017. The former Danfoss Compressors GmbH business was renamed Secop when it was acquired by German industrial holdings company Aurelius in 2010. Secop subsequently acquired ACC Austria GmbH in 2014.

A company statement confirms that the current transaction is subject to regulatory approvals in Germany, Austria and Spain, as well as the approval of the European Commission.

The latest deal was advised by Orlando Management AG, a Munich, Stockholm and Zurich-based private equity firm focusing on special situations in the German-speaking and Nordic markets.

Related stories:

EC clears Embraco deal but Nidec must sell refrigeration business12 April 2019
EUROPE: The acquisition of compressor manufacturer Embraco by Japanese company Nidec has been approved by the European Commission, but Nidec must sell its domestic and light commercial refrigeration compressor business. Read more…

Whirlpool confirms Embraco sale – 24 April 2018
USA: Whirlpool has confirmed its intention to sell the Embraco compressor business to the Japanese Nidec Corporation, with the transaction expected to close in early 2019. Read more…

Whirlpool confirms Embraco sale24 April 2018
USA: Whirlpool has confirmed its intention to sell the Embraco compressor business to the Japanese Nidec Corporation, with the transaction expected to close in early 2019. Read more…

Nidec completes Secop purchase – 1 August 2017
JAPAN/GERMANY:  Nidec is to expand further into the refrigeration market following the completion of its acquisition of German hermetic compressor manufacturer Secop. Read more…

Nidec to acquire Secop for €185m – 25 April 2017
JAPAN/GERMANY: Japanese electric motor company Nidec is set to acquire hermetic compressor manufacturer Secop for €185m. Read more…

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