News & Events
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New owners of Aalborg Industries
29 August 2005
After five years’ ownership Axcel and FIH divest Aalborg Industries to the Nordic investment fund Altor 2003 Fund (“Altor”), whereas LD (Employees’ Capital Pension Fund) continues as co-owner. Aalborg Industries has under the former owners become a focused and very profitable company with an absolute market leading position within marine boilers. Altor sees good opportunities for a co-operation with LD and the Management to develop Aalborg Industries further and strengthen the company’s position and profitability through more initiatives within product development, production and a special focus on after sales.
Axcel, LD and FIH acquired Aalborg Industries in 2000 with the idea to carry out an ambitious development plan. During this period Aalborg Industries has focused on marine boiler solutions with a global service set-up and the Group has strengthened its market position considerably through a cost efficient production set-up, investments in product development and standardisation and with a very competent management team. Christian Frigast, CEO of Axcel, says:
“Aalborg Industries has during our ownership developed into a very profitable company and has still ample opportunities to grow. We have been very pleased with our investment in Aalborg Industries and wish the management team and employees good luck for the future and we take this opportunity to thank everyone for their great effort during the last 5 years”.
“So far, our expectations to our investment have been met and we believe that there is still potential for the company to grow with Altor and LD as owners”, says Jeppe Christiansen, CEO of LD.
The continued development of Aalborg Industries is focused on further expansion of the Group’s presence in future ship building markets with the current completion of the production platform in Vietnam as a first milestone. In addition, there will be a continued effort within product development and standardisation as well as a considerable expansion of the Group’s after sales network. With that in mind Jan Vestergaard Olsen, CEO of Aalborg Industries, says:
“The management team and I have had a constructive co-operation with the former owners and are proud of the development we have been through together. We are now looking forward to an exciting development phase with Altor and LD and through investments in production, product development and an expanded global presence we expect to move the company considerably in the coming years”.
During spring 2005, Aalborg Industries carried through a succession of the management, where Jan Vestergaard Olsen, CEO and Sameer Kalra, Sales Director took over the management together with Svend Ole Aagren, CFO (member of the executive management team since 1995). The ownership change in Aalborg Industries will give the current management team the ability to carry out the agreed strategy plan with support from the new owners. Denis Viet-Jacobsen, Partner in Altor Equity Partners, says:
“We are excited about the acquisition of Aalborg Industries and look forward to working together with the management to take the company further. We are prepared to support the development plans with the necessary resources and to focus on product development and improvement of the company’s production and concentrate effectively on the after sales segment”.
The sale is conditioned upon approval from competition authorities.
Further information regarding this press release can be obtained by contacting the following persons:
Aalborg Industries
CEO Jan Vestergaard Olsen, tel. +45 99 30 40 00
Axcel
CEO Christian Frigast. tel. +45 26 32 64 00
Altor Equity Partners
Partner Denis Viet-Jacobsen, tel. +46 8 678 91 04
LD
CEO Jeppe Christiansen, tel. +45 33 36 89 00
Aalborg Industries is the world’s leading supplier of marine boilers for all types of commercial vessels. Aalborg Industries is an international company with subsidiaries in Denmark, Sweden, Finland, Holland, Dubai, Singapore, Japan, China, Indonesia, Korea, Brazil, Vietnam and the USA. The sales activities are supported by a well-established agent network. Sales outside Denmark represent 93%. Production is taking place in own factories in Denmark, China, Brazil and Indonesia and at external sub-suppliers. Aalborg Industries has a turnover of approx. DKK 1.4 billion (EUR 190 million) and employs approx. 1,650 employees.
Axcel is a leading Danish industrial investment company (private equity) with an international outlook with capital commitment totalling DKK 6.2 billion (EUR 835 million). Axcel invests in competitive medium-sized and large companies, which have the potential for improvement and value creation. Axcel creates value by being an active and dedicated partner, contributing to the implementation of a development strategy and enhancing the competitiveness of the companies where the investments are made. The shareholders include atp, Codan, Bestseller, FIH, Industriens Pension, Kirkbi, LD, Lombard Odiér, Masco, NIB Capital, Nordea, Pension Danmark, PKA and Investeringsselskabet af 30.04.1992. Axcel has since 1995 invested in 23 companies, of which 10 today have new owners. Investments currently include Vest-Wood, Junckers and Icopal (wood and building materials industry) and Kwintet (workwear).
Altor 2003 Fund with Altor Equity Partners as investment adviser is a Nordic private equity fund with a committed capital of EUR 650 million. Investors in Altor include among others 40 leading Nordic and international institutional investors, like Nordea, Skandia Liv, Harvard, Princeton and Yale University in the USA, Standard Life and Pantheon Ventures. Altor has seven investments, the first Danish investment was made during February 2005 through the acquisition of the majority holding in the international health and medical company Ferrosan. Altor’s business philosophy is to be an active owner of medium-sized companies, where Altor can create shareholder value through expansion and internal improvement of the company. After 5 to 7 years of dynamic developments the strengthened company will then be divested by either being listed on the stock exchange or sold.
As at 30 June 2005 Lønmodtagernes Dyrtidsfond (LD) managed a total market value of DKK 61.4 billion for its 1.2 million members. LD received DKK 7.8 billion from the Danish state in 1980 being frozen threshold payments from 1977 to 1979. Since 1980 and up to 30 June 2005 LD has paid DKK 27.2 billion to 1.3 million members. DKK 4,368 was paid into the pension fund of each full-time employee during 1977 to 1979, and this amount increased to DKK 76,780 as at 30 June 2005 for each member in LD Vælger fund. This amount is paid out as a one-off, upon request of the member, once they have reached the age of 60 years.
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