Gurit Signs Agreement to Acquire JSB Group A/S
Zurich, Switzerland, October 1, 2018–Gurit (SIX Swiss Exchange: GUR) today announces the signing of an agreement to acquire all shares in JSB Group for an equity value of DKK 520 million, subject to select closing conditions. JSB Group is held by the private equity fund VC VIII JSB Holding ApS, of which Verdane Capital VIII K/S is the majority owner, and by individual board and management members holding the remaining shares. Closing of the transaction is expected by mid of October 2018.
JSB Group is the market leader for core material kits for wind turbine blades with seven kitting operations in Denmark, Spain, Turkey, the US, China and a new facility planned to be built in Mexico. The Group is headquartered in Denmark.
Effective kit design capability, high quality and precision manufacturing of kits with purpose-built manufacturing equipment and customer proximity form JSB Group`s unique position in the market.
JSB Group employs some 560 employees and expects to generate an annual turnover of around CHF 120 million in 2018. The Company is managed by a team of wind energy industry experts under the leadership of Frank Virenfeldt Nielsen, CEO.
Gurit holds a leading global market position in wind core materials. The acquisition of JSB Group’s downstream core kitting operations complements the Company’s full range of Kerdyn™ Green PET, Balsaflex™ balsa wood, Corecell™ SAN and PVC structural core materials. It enhances Gurit’s value chain and will allow the Company to offer wind energy OEM’s a full solution of structural core materials, core material kits and wind turbine blade moulds, each with market leading positions.
The goal of this acquisition is to join value chain steps in the supply of the global wind energy industry and thus reduce cost and increase supply chain effectiveness in the respective regions for regional use. This will ultimately improve cost competitiveness for customers further, supporting them in the challenge of achieving wind energy competitiveness compared to non-renewable power sources.
The JSB operations will form a new Gurit business unit for kitting solutions; the established and trusted name JSB will be retained as a product brand. Operational synergies will be exploited starting from 2019.
Gurit will fund this transaction with a newly established bank facility.
Commenting on the acquisition agreement, Frank Virenfeldt Nielsen, CEO of JSB Group states: “To support consolidation and globalization in the wind industry - scale and technology are key to add value. Combining JSB`s and Gurit`s capabilities into a dedicated product and supply chain powerhouse for the global wind blade industry will drive down cost of energy for our customers.”
“We strongly believe that with enhanced scale and resources, the combined business activities will be able to help the industry move its agenda forward, which ultimately means making wind a more efficient and thus attractive energy source. It is a development that we are proud to be contributing to,” says Arne Handeland, Partner at Verdane.
“This is another milestone in our corporate strategy to significantly enhance the Gurit wind energy business globally towards market leading positions in the areas in which we operate. Adding JSB Group’s offering and expertise to our existing range clearly takes us a big step further in supporting our wind energy customers with smart, tailored and regionally accessible solutions,” adds Rudolf Hadorn, CEO of Gurit.
The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Germany, Hungary, Italy, Spain, the U.K., Poland, Canada, the U.S.A., Ecuador, New Zealand, India and China. For more information, please visit www.gurit.com
Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both minority and majority investments in individual companies and portfolios. Verdane funds act as ambitious, active, and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s unrivalled technology capabilities and proven track record in driving business value. Verdane funds’ and SPVs’ current portfolio of 40 core companies includes Boozt, EasyPark, JupiterBach and Polytech. Verdane funds have attracted SEK 12 billion in total commitments from investors. Verdane Advisory Group has 35 employees working out of offices in Copenhagen, Helsinki, London, Oslo and Stockholm. For more information, please visit www.verdane.com
Gurit Group Communications
T +41 44 316 15 55
T+ 47 913 444 25
All trademarks used or mentioned in this release are protected by law.
To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time of publication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement.