With a total revenue of more than DKK 1.3 billion, Nissens Cooling Solutions is a global market-leading manufacturer of customised cooling solutions for wind and industrial applications. During Axcel’s ownership, Nissens Cooling Solutions has successfully expanded its production footprint, invested in new production and product technology, and significantly strengthened its position within the global wind market. This has resulted in Nissens Cooling Solutions having increased its revenue from DKK 782 million at Axcel’s entry in FY 2016/17 to DKK 1,305 million in FY 2020/21 corresponding to 14% annual organic growth.
After the carve out of Nissens Cooling Solutions from the Nissens Group, Axcel will continue as the controlling shareholder of the Nissen Group’s remaining automotive aftermarket business, which in FY 2020/21 reported total revenue of more than DKK 1.1 billion.
Mikkel Krogslund Andersen, Group CEO of Nissens: “We look forward to Nissens Cooling Solutions becoming a part of the A.P. Moller Group. Nissens Cooling Solutions has a proud history and a promising future,,since renewable energy and electrification in general continue to penetrate global energy markets. Becoming part of the A.P. Moller Group, with its heritage and long-term perspectives, will open up a new set of opportunities for Nissens Cooling Solutions.”
Lars Cordt, who is responsible for the investment at Axcel, is very pleased with the transaction: “As a supplier to the wind industry, Nissens Cooling Solutions is an essential part of the ongoing green energy transformation. The management team and the entire organisation have done a great job in successfully developing the business during our ownership. As owners, we’re very proud to have been part of this journey with Nissens Cooling Solutions, which has delivered an attractive return in line with our expectations. We wish A.P. Moller Holding and Nissens Cooling Solutions all the best in the years to come.”
Jan T. Nielsen, Chief Investment Officer at A.P. Moller Holding: “Cooling solutions and Thermal management is fundamental to renewable energy. The more effectively cooling solutions operate, the more effectively we can produce and consume renewable electricity. In A.P. Moller Holding, we are committed to investing in the transition into renewable energy, and we therefore see Nissens Cooling Solutions, a global leading supplier of customised cooling solutions, as an important addition to our portfolio.”
The transaction is subject to approval by the relevant competition authorities and is expected to close in the second half of 2021.