Odewald to exit Heizkurier in SBO by Nord Holding

Patrick Costello
24 August 2022

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German sponsor NORD Holding has agreed to acquire a majority stake in Germany-based Heizkurier, a provider of mobile heating and cooling units, from sponsor Odewald KMU.

Wachtberg-based Heizkurier's management and founders reinvested in the company as part of the transaction, according to a press release. The financial terms of the deal were not disclosed.

The investment was conducted by the Hannover-based GP's midcap team, a source familiar with the situation said.

NORD plans to grow Heizkurier by further developing its services portfolio and expanding its rental devices offerings to include more devices as well as its presence in the DACH region, the source said. Buy-and-build acquisitions could also come into play, the source added.

Heizkurier marks NORD's first investment in a services business in the space, but the sponsor has accumulated some experience in the broader heating and cooling space through its investment in Bock, a German manufacturer of cooling compressors, the source said.

Heizkurier has achieved dynamic growth in recent years due to "sustainable trends" such as new requirements for residential constructions, and the megatrend of energy-efficient building renovations is expected to be a further growth driver for the company going forward, according to a press release from NORD.

In March, Unquote's sister publication Mergermarket reported that Heizkurier had been put up for sale by Odewald in a Stephens-led auction. The company was being marketed off around EUR 8m-EUR 10m EBITDA and roughly EUR 35m sales.

Odewald acquired a majority stake in Heizkurier in 2018 via its KMU II fund, which closed on its hard cap of EUR 200m in September 2015. The company generated around EUR 5m turnover at the time, as reported.

Company
Founded in 2007, Heizkurier is a rental and sales provider of mobile heating and cooling units. Its rental fleet consists of more than 700 mobile heating and cooling centers with outputs ranging from 10kW to 5,000kW. Additional services it offers include consulting, planning, delivery, technical emergency service and device return. The company has 110 employees in Germany and Austria at its headquarters and 13 service and sales locations.

People
NORD Holding – Philipp von Mitzlaff (partner), Maximilian Frey (investment manager) and Marcel Rosengarten (associate).

Adviser
Vendor – Stephens (M&A), Heuking (legal), Ebner Stolz (financial due diligence).
Buyer – Noerr (legal), Crowe (financial due diligence), S&B Strategy (commercial due diligence).