Capidea, a Danish private equity fund, has announced the acquisition of a majority shareholding in Union Engineering.
Also based in Denmark, Union Engineering is a leading CO2 technology and plant manufacturer. The remaining shares have been acquired by the management team and former shareholders of Union Engineering.
The company sees this latest development as a progressive step forward, enabling it to implement its growth plans and putting Union Engineering in a ‘very strong position’ to serve both existing and new customers.
Despite the ownership change, stability in structure is also seen as a real benefit for Union Engineering. The management team consists of Peter Kriklywi, CEO, Heidi Thousgaard Jørgensen, CFO, Michael Mortensen, CSO, and Niels Ammundsen, COO.
Hans Schmidt Hansen, current Chairman of the board, continues as Chairman and investor in Union Engineering, while former CFO Claus Holm Søberg continues as investor and board member.
Commenting on the transaction, CEO Kriklywi explained the many benefits of the deal. He said, “We are very pleased that the generational change in the management team, which was initiated early 2009, is now completed successfully. I am also very excited that all of the members of the management team as well as some of the former shareholders have chosen to invest in the company.”
“With these changes in management and ownership structure,” he continued, “we are now in a very strong position to serve our existing and new customers, and to implement our growth plans.”
With regard to Capidea as a new majority shareholder, Kriklywi added, “From day one we felt that the industrial experience present in Capidea’s partner team enabled them to understand our business model and the industry we serve.”
Incoming company Capidea appears just as effusive about the deal. Jens Thøger Hansen, partner in Capidea, said in a statement, “We are very excited with our investment in Union. The company fulfills our key investment criteria: A strong market position, a strong product which in Unions case is based on world class know how and technology and – not a least, a very strong and dedicated management team.”
“The increasing focus all over the world in the utilisation of CO2 as well as the growing demand from especially the new economies such as Asia, South America and the Middle East confirms the growth potential of Union. The strategic plan now being implemented by the management addresses this growth.”
Union Engineering is a world leader in developing CO2 technology, designing and manufacturing CO2 plants for the beverage industry as well as for industrial gases companies. The company is headquartered in Fredericia, Denmark, and has subsidiaries in Brazil, China and the US as well as agents around the world.