Aurelius sells AH Industries back to management

When Aurelius acquired the company in December 2016 it was generating around €2m of EBITDA, but local press reported the company had made a loss of around DKK 100m over the past five years.

The GP said it has turned the business around over the last two years and helped it adapt to the changed market conditions in the wind industry.

Kim Kronborg Christiansen and Adrian Roy Willetts will head up the management team that now owns the company.

AH Industries divested its non-core business Site Solutions to Eltronic at the end of 2017, as part of an ongoing structural reorganisation.

Previous funding
Swedish PE firm Ratos Holding acquired the company from its founder Arne Hougaard in July 2007 for an enterprise value of €97m. It bolted on subcontractor RM Group in 2010 for a consideration of €43m.

When Ratos sold the business to Aurelius in December 2016 for an enterprise value of €32m, the GP said that the investment had produced a negative IRR but was not expected to impact on Ratos's profits.

Company
Headquartered in Ribe, AH Industries is a subcontractor for the wind turbine, cement and minerals industries. The business produces lifting and transport equipment, and processes metal and steel elements for use in several industries. It has production facilities in Denmark and China.

People
AH Industries – Kim Kronborg Christiansen (CEO).

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