News. 28/01/16

Procuritas Capital Investors V acquires Calorex Heat Pumps Ltd

Guernsey/Skive

Procuritas Capital Investors V, which on 15 January 2016 acquired Dantherm HVAC and Dantherm Telecom EMEA, has now acquired all shares in Calorex Heat Pumps Ltd from RHP Group Ltd.

Calorex is a UK company producing dehumidifiers as well as heat pumps for swimming pools and equipment for heat recovery and drying of buildings. Calorex has more than 35 years’ experience within these areas and currently employs approx. 120 employees at it’s the head office in Maldon, Essex.

“The takeover is fully in line with the strategy to expand within swimming pool ventilation, mobile dehumidifiers, portable air conditioners and commercial dehumidification. The acquisition of Calorex results in a consolidation of two major European brands within these product areas, creating increased business opportunities for both companies which for many years have worked side by side in a number of European markets” said Hans Wikse, Managing Partner at Procuritas Partners AB, advisor to PCI V.

Calorex and Dantherm will continue to operate in the market as two independent brands, and the two companies will utilise each other’s market and product strengths. It will make it possible to realise synergies, thereby forming the basis for increased growth of both companies.

Both Calorex and Dantherm have great expectations of an exciting future with new potential for expansion. The combined entity will have revenues of c. 430 MDKK.

For further information, please contact:

Torben Duer, CEO, Dantherm HVAC Holding A/S
tel. +45 99 14 90 14
Hans Wikse, Procuritas Partners AB, as advisor to PCI V
tel. +46 8 506 143 00

About Calorex Heat Pumps Ltd

Calorex is a leading British manufacturer of swimming pool heat pumps, dehumidifiers, commercial heat pumps and heat recovery, portable air conditioners and building dryers. With over 35 years of design expertise, Calorex is renowned for its innovation, range and quality of products with an expert sales and service team dedicated to meeting our customer’s requirements. The company has a worldwide presence with thousands of Calorex units operating in over 60 countries worldwide.

About Dantherm HVAC Holding A/S

Headquartered in Skive, Denmark, Dantherm is a provider of products and solutions within ventilation, dehumidification and mobile heating and cooling. The Telecom division of Dantherm, of which Procuritas Capital Investors V has acquired the European subsidiaries, is a leading supplier of products for climate control in radio base stations. In 2015 Dantherm HVAC Holding A/S realised revenue of approx. EUR 41m and had approx. 240 employees.

About Procuritas Capital Investors V

Procuritas Capital Investors V, LP (“PCI V”) is a private equity fund focusing on mid-sized companies in the Nordic Region. PCI V has ample liquidity and is interested in acquiring attractive companies with sales ranging from €20-150 million. PCI V is advised by Procuritas Partners AB and Procuritas Partners GmbH. Procuritas is a Scandinavian private equity house specialized in initiating, structuring, and financing management buyouts (MBO). Procuritas, founded in 1986, has been a pioneer in introducing the concept of MBOs in the Nordic region.

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