Triton to acquire FairWind

The deal follows a sale process run by Deloitte for the vendor. Mergermarket reported that the company was being marketed based on a normalised EBITDA of DKK 79m (€10.6m), but its actual recorded EBITDA for 2020 was DKK 50m. The vendor's explanation for this gap, a source told Mergermarket, was that Covid-19 travel restrictions had led to extraordinary costs hiring local crews for its projects.

Following deal completion, Triton will be an owner alongside the company's management and key employees. It is deploying equity from the Smaller Mid-Cap Fund II, which has so far made three platform investments, including Geia Foods and Klinik Schöneberg.

FairWind CEO John Funch said in a statement that 2020 was the company's biggest year in terms of volume and scale, and that under the new ownership the company will be able to strengthen its offering and support for customers, and also expand its services. 

Company
Founded in 2008 and headquartered in Vejle, Denmark FairWind is a provider of installation and servicing of onshore and offshore wind turbines. The company operates in 40 countries, with major offices in Denmark, Poland, the US, Spain and Ukraine, as well as recently establishing operations in Taiwan and Australia. It employs more than 1,300 technicians.

People
Triton – Peder Prahl (director); Henrik Tholander (investment adviser).
FairWind – John Funch (CEO).

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• Topics
• Buyouts
• Nordics
• Industrials
• Triton Partners
• Small-cap buyout
• Denmark