Procuritas-backed Dantherm buys MCS from Alcedo

The Italian GP sold its 92.5% stake in the asset after a five-year holding period. The deal follows Dantherm's bolt-on acquisitions of Calorex Heat Pumps, a UK-based manufacturer of dehumidifiers and equipment for heat recovery and drying of buildings, in January 2016, and its Swiss products distributor firm Schönmann in September 2016.

According to a source familiar with the situation, the company financed all three bolt-on acquisitions with a combinatoin of shareholders' capital and bank financing.

Previous funding
In January 2016, Procuritas bought Dantherm HVAC and its division Telecom EMEA from parent Dantherm, via the Procuritas Capital Investors V fund, in an all-equity deal worth DKK 164m.

Alcedo acquired a majority stake in the business alongside the management team in September 2011 through its Alcedo III fund from Atlantis Capital Special Situation.

Company
Established in 1954 and headquartered in Pastrengo, MCS manufactures industrial portable equipment for air processing, including heaters, dehumidifiers, coolers and ventilation.

According to press reports, the company posted €30m in revenues with a 10% EBITDA margin in 2015.

People
Procuritas Partners – Hans Wikse (managing partner).
Dantherm HVAC – Torben Duer (CEO).

Advisers
Vendor – GCA Altium (corporate finance).

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• Topics
• Portfolio management
• Industrials
• Southern Europe
• Exits
• Build-up
• Italy
• Procuritas
• Alcedo SGR
• Acquisition finance