Polaris is to acquire a majority stake in G&O Maritime Group, a supplier to the global maritime industry manufacturing a range of niche products for leading shipping companies, shipyards and engine manufacturers, from Erhvervsinvest.
Erhvervsinvest acquired Gertsen & Olufsen in 2014 and established G&O Maritime Group as a maritime conglomerate through the acquisitions of Atlas Incinerators, Pres-Vac Engineering and Heco International. G&O Maritime Group currently employs around 150 people and is headquartered in Allerød with manufacturing in Denmark and China as well as licensed production in Korea. The group manufactures a range of niche products involved in critical functions or areas on the vessel.
Under Erhvervsinvest’s ownership, G&O Maritime Group has established a market-leading position in several of the group’s product areas, including tank safety (tank valves) and vibration compensators, which eliminate vibrations on the vessel. G&O Maritime Group generated revenue of DKK 221 million with an operating result (EBITDA) of DKK 42 million in financial year 2020/21.
“G&O Maritime Group has generated very good results since the foundation in 2014, and we are very pleased with the positive development, which has transformed the group into an international partner for several acknowledged players in the maritime industry. We are pleased to hand over the group to Polaris and would like to thank all employees for their great efforts and good cooperation,” says Thomas Marstrand, CEO and Managing Partner at Erhvervsinvest.
“We see a clear growth and development potential for G&O Maritime Group, which has established a strong position as a supplier for a range of niche areas in the maritime industry, which are expected to see greater investments in new build activity and green transition in the coming years following some cautiousness during the corona crisis. We want to collaborate closely with the management team and employees of G&O Maritime Group to leverage the positive market trends by strengthening aftermarket sales and investing in development of the organisation and products while scanning the market for attractive acquisition opportunities,” says Rune Lillie Gornitzka, Partner at Polaris.
CEO Morten Pilnov joined G&O Maritime Group in August and will contribute with extensive commercial experience from leadership positions in several companies in the A.P. Moller – Maersk Group.
The ownership change does not entail changes to existing cooperation agreements or customer relations.
The parties have agreed not to disclose the purchase price.
