Agilitas acquires MH Gruppen

According to unquote" sources, the value of the deal, including debt and working capital facility, stands between €150-200m.

Agilitas bought the company from Michael Henriksen Holding, the holding company of deceased founder Michael Henriksen.

The MBO will see MH Gruppen CEO Christian Rindbøl remain in his current position, which he assumed following Henriksen's death in a helicopter crash in September last year.

MH Gruppen will focus on growth in the Danish market under its new owner; the company currently carries out most of its business in the country's eastern region.

According to publicly available information, Agilitas registered two holding companies with the Danish authorities: MH Gruppen TopCo and MH Gruppen MidCo, capitalised with DKK 7.2m and DKK 7.5m, respectively.

Financing for the transaction was provided by sub-investment grade debt provider Alcentra, and Nykredit provided a working capital facility as part of the deal.

Company
Founded in 1997, MH Gruppen is a Danish provider of waste management services including soil remediation and the collection, sorting, treatment and recycling of waste.

MH consists of a group of companies that includes City Container, Norrecco, City Container Fyn, City Container CPH and Farum Sten og Grus.

Headquartered in Farum, north of Copenhagen, the group employs 240 people across eight locations.

People
Partners Martin Calderbank and Serge Touati led the deal for Agilitas. Christian Rindbøl is the CEO of MH Gruppen.

Advisers
Equity – Deloitte (Corporate Finance, M&A); PwC (Financial due diligence, tax); Roland Berger (Commercial due diligence); Ashurst (Legal); Moalem Weitemeyer Bendtsen (Legal); Alix Partners (Debt advisory); Marsh (Insurance due diligence); Cowi (Environmental due diligence).
Vendor – Horten Advokatpartnerselskab (Legal, environmental due diligence); RSM Plus (Financial due diligence, tax); Bank Vontobel (M&A).

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