Polaris has agreed to sell Avanti Wind Systems to Alimak Group, marking the private equity firm’s sixth exit in the past 18 months.
With Polaris as its owner since 2011, Avanti, a specialist in service lifts as well as ladder and safety systems for the wind turbine industry, has doubled revenue and expanded its global sales and production platform during the period.
The company today has more than 400 employees, six production units and service units in 9 countries. Avanti is headquartered in Hillerød, Denmark.
The positive development has entailed a doubling of revenue from EUR47 million in 2011 to EUR95 million in 2015, corresponding to an organic compound annual growth rate average of 19 per cent.
“Avanti has experienced strong organic growth, won market shares and created an even more solid business with a good outlook in an interesting industry. We are really pleased with the investment and with selling Avanti to Alimak Group, which understands the industry and market, and which sees the potential in the company. The strong development in Avanti clearly shows that targeted investments and the right strategy is a combination that may very well make Danish suppliers to the wind industry highly competitive and ensure global success, including in the Chinese market, which is today’s the world’s largest,” says Henrik Bonnerup, Polaris partner.
Since the ownership change in 2011, Avanti has established a strong production platform and built a broader client base, today servicing all large wind turbine manufacturers from sales and production units in Denmark, China, the US, Spain, India, Germany, Australia, England and Brazil.
“We are proud of the progress in Avanti and pleased with the close and strong cooperation with Polaris, which has been an active and competent owner over the recent five years. Polaris has supported our strategy of following clients into the world and for instance establishing Avanti in Brazil and expanding manufacturing in USA. We are now looking forward to continuing the growth and the positive development under Alimak Group’s ownership,” says Erik Laursen, CEO of Avanti.
The transaction is subject to customary regulatory approvals and expected to close in Q1 2017.
