Erhvervsinvest acquires Agrometer

Erhvervsinvest wholly acquired Agrometer's share capital in the transaction. Danish newspaper Børsen reported that the two exiting owners, export manager Peter Pedersen and CEO Ivan Petersen, had netted a combined DKK 100m from the transaction. According to publicly available information, the business had DKK 47.2m of balance sheet equity and a combined long- and short-term debt of around DKK 50m.

The sale was driven by Pedersen nearing retirement and looking to realise his holding in the company. Meanwhile, Petersen, 50, had initially considered retaining a stake post-buyout, he eventually decided he would also exit his holding entirely.

Erhvervsinvest intends to support the company's continued growth, with a focus on strengthening its sales internationally.

Danish bank Sydbank provided the deal financing with an all-senior package.

Company
Founded in 1977, Agrometer is a maker of self-propelled slurry spreaders for agricultural use.

The company is headquartered in Grindsted and employs a staff of 65, as well as a further 50 in its Rødding-based subsidiary Dansk Smede- og Maskinteknik. Agrometer posted EBITDA of DKK 8.5m in 2015 and expects to increase its profit in 2016.

Ivan Petersen and Peter Pedersen became owners in 2002 when they acquired Agrometer from investment company VT Holding.

People
Erhvervsinvest – Thomas Marstrand (managing partner).
Agrometer – Ivan Petersen (owner, CEO); Peter Pedersen (owner, export manager).

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• Erhvervsinvest