Transaction: Divestments
Date: May 2017
Deal value: Not disclosed
Process: Private
Industry: Manufacturing

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FIH Partners advises the founding family on the divestment of Nissens

FIH Partners advised the founding family of Nissens on the divestment to Axcel. The family represented by Alan Nissen will continue as a minority shareholder in the company.

Nissens was established by Mr. Julius Nissen in 1921 with 4th generation, Alan Nissen taking over the company in 1999. Today, Nissens is a global leader in thermal solutions for several industrial segments:

  • The Automotive business has a leading position in the independent automotive aftermarket for Engine Cooling and Air Conditioning,

  • The Wind business is a world leader in wind turbine cooling solutions, and

  • The Industry business has a strong position in mission critical cooling solutions for industrial machinery

The Nissens brand is known for a wide product range, consistent high service levels, product quality, engineering capabilities, customisation and innovation.

Headquartered in Horsens, Denmark Nissens operates globally with production in Denmark, Slovakia and China and sales offices throughout Europe, in the US and in China.

In 2015/16 the company recorded net revenue of DKK 1,380m and EBITDA of DKK 153m.

Axcel and PKA is to acquire the majority of Nissens and will continue Nissens' current growth strategy while exploring possible add-on acquisitions. Axcel is one of the leading Danish private equity firms with five funds and aggregate capital commitments of DKK 13.5bn.

FIH Partners has acted as exclusive financial advisor to the Nissen family:

  • Assisting with a pre-exit value enhancement program including design of equity story, strategy review as well as vendor due diligence work

  • Arranging a highly competitive structured sales process targeted a broad audience of both industrial and financial prospective buyers

  • Negotiating final terms of the transaction

The parties have agreed not to disclose the value of the transaction.