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Investment summary:

Fund: PCI V

Owning period: 2016-ongoing

Revenues consolidated in 2015: 315 MDKK

Revenues consolidated in 2018: 986 MDKK

Current owner: PCI V


Business description:

Dantherm Group is in the business of Climate Control and the market leader in Europe for mobile HVAC products and has a strong market position within niche stationary HVAC solutions. Dantherm has the widest product assortment in the European market serving customers primarily through the four brands Dantherm, Master, Calorex, and Aerial. The company was originally established in 1958 and today has offices in 13 countries complemented by 200+ distributors in a further 50+ countries, ca. 550 employees, and 4 modern factories. Dantherm is headquartered in Skive, Denmark.



Dantherm was traditionally focused on conventional HVAC, with deep expertise within heating and dehumidification. The development of a telecom electronics cooling business enabled rapid growth from the mid 90’s; however, declined shortly before the financial crisis when the market in Europe saturated and the customer base transitioned to Asia. Dantherm had just invested in a state-of-the-art factory, but then lacked demand and therefore also financial muscle to develop the HVAC business further resulting in stagnated growth. During these years Dantherm established itself within residential ventilation and saw the opportunity of establishing a leading position in their other niches through consolidation. In order to realize this, a partner was needed.

“With Procuritas as our new owner in January 2016 we could immediately start implementing our strategic growth plan by investing in organic growth initiatives and starting our consolidation journey. The first acquisition was completed within the first month and gave us a much stronger market position in the UK market for pool HVAC solutions and at the same time added new products to the Dantherm Group that could be sold in other markets” – Torben Duer, President & CEO Dantherm Group 2009-2018, Executive Chairman Dantherm Group 2019-Present.


Investment hypothesis:

The investment hypothesis was to develop Dantherm into the clear European market leader for mobile HVAC products and with a strong position for stationary HVAC solutions through a series of acquisitions consolidating the market in Europe.

During the due diligence, Procuritas identified a fragmented market spread across different niches with high expected market growth, driven by e.g. energy efficiency regulations. Dantherm was well positioned to consolidate in these niches through acquisitions, but also to realize high organic growth both through existing customers relationships and new partnerships.

At the time of acquisition, Dantherm had a leading position in Europe for mobile dehumidification and within pool dehumidification and other HVAC segments in selected geographies. The Company had a strong product portfolio, modern production facility, strong management team, and had just gone through a transition period making it ready for the growth journey ahead.


Value added:

Before the acquisition of Dantherm a value creation plan, focusing on realizing the full growth potential for the business, was established jointly with management, and implementation began immediately. “Together with Procuritas we defined a value creation plan focusing on the key value drivers for the business including how to secure growth with good profitability and how to build an organization that could implement the strategic plan” – Torben Duer

Other areas in focus included improved operations and continued investments in R&D. “Having Procuritas on the board has also given us a strong attention to initiatives in order to improve operations and product innovation, both key success factors for strengthening our competitiveness in the market in order to realize the value creation plan. Clearly we benefit from the experience that the Procuritas team has from other companies in this area.” – Torben Duer



Since 2016, Dantherm has accelerated revenue growth and expanded its offering and footprint to become a true market leader in Europe. Key recruitments have been made, the financial structure strengthened and there is a solid foundation for further growth.

“Since PCI V became an owner the business has developed incredibly well. We have acquired 14 companies and are now directly present in 13 countries. Our turnover has tripled, and margins improved. The number of employees has increased to 550 in the same time frame. Our product and brand portfolio have expanded to cover all key applications and customer segments resulting in a much more robust business. Going forward, we are well positioned to continue the growth journey and become the undisputed pan-European market leader in our niche segments. We are all passionate about building the business and achieving this goal, and it feels great to have Procuritas onboard for this journey.” – Torben Duer


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