Maj Invest sells KK Group to former Altor partners

Exiting alongside Maj Invest is Danish pension fund PKA, which became the majority shareholder in KK in 1983. PKA investment director Michael Nellemann Pedersen told Finans.dk the pension fund had received more than 100x its initial investment back with the sale of KK, saying it figures among the fund's best-ever deals.

The acquirer is Solix Group, a Scandinavian investment company founded and run by former Altor partners Johan Cervin and Denis Viet-Jacobsen. Last year, Solix took Swedish road marking materials maker Geveko private in a deal that saw the acquirer inject SEK 200m of equity into the business.

Previous funding
Maj Invest became a minority shareholder in KK through an investment in September 2010. The GP's 13.5% stake was held in its 2005-vintage DKK 3bn LD Equity 2 vehicle.

Company
KK is a maker of electronic control systems for wind turbines, headquartered in Ikast, Denmark.

The company was founded in 1981 as KK-electronic, selling a majority stake to PKA in 1983. KK has doubled its revenues during Maj Invest's investment period, from around DKK 800m in 2010 to around DKK 1.5bn in the latest financial year, according to publicly available information and Maj Invest. Danish financial media says group gross profits grew from DKK 20m to DKK 150m in the same period.

KK employs a staff of 850 across operations in Denmark, the US, China, Germany, South Korea and its Polish production facility in Szczecin.

People
Maj Invest – Erik Holm (managing partner).
Solix Group – Johan Cervin, Denis Viet-Jacobsen (managing partners).

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• Topics
• Exits
• Industrials
• Nordics
• Buyouts
• Denmark
• Altor
• Secondary buyout
• Solix