Transaction Details

August 24, 2021
Frankfurt

Sector

Industrials and Industrial Technology

Deal Type

Acquisition financing, M&A, Debt advisory

Deal Team

Frank Merkel, Jens Schmadel, Philipp Bröckel, Carlo Dawan, Valentina Osele, Thorsten Weber, Adrian Nowitzki, Lucas Schäfer, Thai Nguyen Duy

GCA Altium advises DBAG Fund VIII on its acquisition of Dantherm Group

GCA Altium acted as exclusive buy-side M&A and debt advisor to DBAG Fund VIII on its acquisition of Dantherm Group, a leading European provider of portable and installed climate control solutions.

Dantherm Group, headquartered in Denmark and with subsidiaries in 10 European countries, offers heating, cooling, drying, ventilation and air cleaning (HVAC) products and solutions. Dantherm is one of the leading providers in the HVAC market, whose growth is driven by climate change and the wellness trend, as well as stricter regulations for more efficient energy use. The company was founded in 1958 as a manufacturer of heating products and has constantly expanded its product range over the years, mainly through acquisitions, and today is a leading international player in the development and manufacture of mobile and fixed HVAC products for a number of different applications and industries.

Dantherm operates three main production facilities in Denmark, Italy and the UK, and employs around 600 people. Since its acquisition by Procuritas in 2016, Dantherm’s sales have grown by around 30% annually, reaching EUR 148m in 2020, and the acquisition of close to 20 companies during this time has contributed to this growth, along with strong market trends in general.

DBAG Fund VIII, advised by DBAG, is acquiring the majority of the shares in Dantherm from a fund managed by Swedish private equity house Procuritas, and is the fourth investment of DBAG Fund VIII, which has been investing in medium-sized companies for around twelve months. Dantherm’s management team will also retain a stake in the company. DBAG sees further potential for value enhancement over the period of DBAG Fund VIII’s investment, through greater integration between the companies recently acquired by Dantherm.

Jannick Hunecke, DBAG Management Board member, said: “We want to support Dantherm in pursuing its organic growth and buy-and-build strategy. The market in Europe remains very fragmented, presenting us with the opportunity to expand our product portfolio and regional market coverage through acquisitions.”

Bjarke Brøns, CEO of Dantherm, added: “Over the past six years we have transformed Dantherm to become a market leading provider of climate control products and solutions. In DBAG and DBAG Fund VIII, we have gained a new and strong partner with whom we can fully implement our growth strategy. We see significant market opportunities within our business and are excited to continue the development of Dantherm in the future drawing on DBAG’s extensive industry knowledge and experience in implementing buy-and-build strategies.”

Malte Hinz, Managing Director of DBAG, said: “We are extremely happy to support Dantherm and the management team on its future growth path. Furthermore, we want to thank GCA Altium’s team for being a great partner on this transaction. The combination of GCA Altium’s M&A and Debt Advisory services was instrumental in meeting the ambitious timeline and finally securing the deal.”

The purchase agreement is subject to approval by antitrust authorities and closing is expected in the fourth quarter of 2021. The parties have agreed not to disclose the terms of the sale.

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