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Gurit has signed an agreement to acquire all shares in JSB Group, a supplier of core material kits for wind turbine blades, for an equity value of DKK520 million, subject to closing conditions.
JSB Group is held by the private equity fund VC VIII JSB Holding, of which Verdane Capital VIII K/S is the majority owner, and by individual board and management members. Closing of the transaction is expected by mid-October 2018.
JSB, headquartered in Denmark, has seven kitting operations in Denmark, Spain, Turkey, the US, China and a new facility is planned for Mexico. Gurit reports that effective kit design capability, high quality and precision manufacturing of kits with purpose-built manufacturing equipment and customer proximity form JSB Group’s unique position in the market. It employs some 560 employees and expects to generate an annual turnover of around CHF120 million in 2018.
The acquisition of JSB’s downstream core kitting operations complements Gurit’s range of Kerdyn Green PET, Balsaflex balsa wood, Corecell SAN and PVC structural core materials, enhances its value chain, and will allow it to offer wind energy OEMs a full solution of structural core materials, core kits and wind turbine blade moulds.
Gurit states that the goal of this acquisition is to join value chain steps in the supply of the global wind energy industry and thus reduce cost and increase supply chain effectiveness in the respective regions for regional use. This will ultimately improve cost competitiveness for customers, supporting them in the challenge of achieving wind energy competitiveness compared to non-renewable power sources.
The JSB operations will form a new Gurit business unit for kitting solutions. The JSB name will be retained as a product brand. Operational synergies will be exploited starting from 2019.
Gurit will fund this transaction with a newly established bank facility.
“To support consolidation and globalisation in the wind industry scale and technology are key to add value,” says Frank Virenfeldt Nielsen, CEO of JSB Group. “Combining JSB’s and Gurit’s capabilities into a dedicated product and supply chain powerhouse for the global wind blade industry will drive down cost of energy for our customers.”
“We strongly believe that with enhanced scale and resources the combined business activities will be able to help the industry move its agenda forward, which ultimately means making wind a more efficient and thus attractive energy source,” states Arne Handeland, Partner at Verdane. “It is a development that we are proud to be contributing to.”
“This is another milestone in our corporate strategy to significantly enhance the Gurit wind energy business globally towards market leading positions in the areas in which we operate,” adds Rudolf Hadorn, CEO of Gurit. “Adding JSB Group’s offering and expertise to our existing range clearly takes us a big step further in supporting our wind energy customers with smart, tailored and regionally accessible solutions.”
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