Axcel begins investing from fifth fund with Nissens buyout

The investment was the first made using capital from the Axcel V fund, which is currently still fundraising. The vehicle has so far raised €440m after its €352m first closing in April and has a hard-cap of €600m. Axcel hopes to hold a final closing in Q4 this year.

Previous Nissens owner Alan Nissen will remain a significant co-investor and keep a seat on the board. Axcel plans to grow the firm organically but added that it sees considerable potential for growth through acquisitions.

The company declined to comment on the value of the deal.

Company
Founded in Denmark in 1921, Nissens develops, manufactures and supplies cooling equipment for the automotive and wind power industries. Nissens reported revenues of around €190m and operating earnings of around €22m in the 2015/16 financial year. It employs 1,300 staff worldwide with sales and production facilities in Asia, Europe and North America.

People
Axcel – Lars Cordt (partner); Christian Frigast (chair); Christian Schmidt-Jacobsen (managing partner).
Nissens – Mikkel K Andersen (CEO); Alan Nissen (board member).

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• Axcel