Verdane, BWB merge wind industry portfolio companies

The merger will see the creation of a 1,200-employee business headquartered in Denmark, which the GPs claim will be the largest supplier of nacelle and spinner covers to the wind turbine industry.

According to a statement, the fusion was led by Verdane; the GP's Verdane Capital VIII fund will be the majority shareholder in the newly formed group.

Previous funding
Tapping its Verdane Capital VIII fund, Verdane bought its stake in Jupiter Group in May 2016 as part of the direct secondary acquisition of the wind-power-focused Pentaco Partners Portfolio. Jupiter employed a staff of 900 prior to the merger.

BWB acquired a 70% stake in Bach in April 2015 through a management buyout. The deal was among the last acquisitions made as Odin Equity Partners before the firm rebranded to BWB and recapped its funds in December 2015. Bach was acquired with the DKK 1bn Odin Equity Partners II fund, since renamed BWB Partners II.

Company
Bach is a manufacturer of composite material parts for the wind turbine industry. Its main products are covers and other parts for wind turbine nacelles and spinners.

Founded in 1985, Bach was headquartered in Hurup and employed a staff of 500 at the time of BWB's acquisition. According to official filings, the company had revenues of DKK 450m in the 2015 financial year and gross profits of DKK 52.9m

Jupiter is a producer of composite material spinner and nacelle covers and parts for the wind turbine industry. Headquartered in Køge and employing 900 people, it also has operations in China, the US and Poland. Official filings show net revenues of DKK 411m for 2015, with gross profits of DKK 33m.

People
Verdane Capital Advisors – Arne Handeland (partner).
BWB Partners – Jesper Wadum Nielsen (partner).

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• Topics
• Portfolio management
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• Nordics
• Denmark
• Verdane Capital Partners
• BWB Partners