Danish HVAC business sold for €22m in all-equity deal

HVAC and Telecom business Dantherm sold on debt free basis to equity fund Procuritas

The Danish Heating, Ventilation and Air Conditioning and Telecom EMEA business, Dantherm, has been sold to the private equity fund Procuritas Capital Investors V, after the company could not recover from unmanageable debts.

The deal has been reached between the two parties after a certain amount of pressure from Dantherm’s creditors. Procuritas has acquired the business for the equivalent of €22million on a debt free basis with Dantherm, whose Telecom EMEA division has been struggling financially.

In 2014, a contract was drawn up and signed which would have seen the sale of the Telecom division to a Hong Kong firm, China Technologies Holdings Group Co., Ltd, but the transaction was never completed.

Procuritas now owns Dantherm’s HVAC subsidiaries in Norway, UK, Poland and of course Denmark, and its Telecoms subsidiaries in Denmark, Germany, and Sweden. Dantherm currently employs 240 people and netted revenues of equivalent €42m in 2015.

Dantherm was founded in 1958 and is headquartered in Skive, in north west Denmark. The firm manufactures cooling, ventilation, dehumidification and heating units and systems for telecom appliances and military base camps.

The managing director of Procuritas Partners AB, Hans Wikse, commented: “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.”

Procuritas operates its equity fund operations mainly in Scandinavian countries. Since its founding in 1986, it has invested approximately £1.3 billion into struggling companies.

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