Altor buys Haarslev Industries from Odin Equity

Equity was invested from Altor Fund III, which closed at €2bn in September 2008, but the transaction value has not been disclosed. CEO Claus Østergaard will retain a minority stake and remain in his position.

Previous funding
Odin Equity backed an MBO of Haarslev Industries in April 2006. The Østergaard family, vendor in the transaction, kept a minority stake and representation in the management team. The enterprise value of the company was estimated in the range of €50-100m.

Company
Haarslev Industries, founded in 1973, produces equipment for processing organic by-products derived from manufacturing. The equipment is used in meat, pet food, fish, oil, environmental protection and biofuel industries. Based in Hårslev, Denmark, the company has production facilities in Spain, Brazil, Peru, China, and Denmark. It employs 600 staff and has a revenue of DKK 1.1bn.

People
Partner Søren Johansen worked on the deal for Altor. Partner Bernd Petersen worked on the deal for Odin Equity. Claus Østergaard remains as CEO of the company.

Advisers
Equity - William Blair & Co. (Corporate finance); Kromann Reumert (Legal); Deloitte (Financial due diligence); BCG (Strategy); COWI (Environmental due diligence); AON (Risk management).
Vendor - SEB Enskilda (Corporate finance); Accura (Legal); PwC (Financial due diligence); AT Kearney (Strategy).

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