Thermax Limited has acquired Danstoker Holding A/S, a leading European boiler manufacturer, and its German subsidiary, Omnical Kessel- und Apparatebau GmbH (Omnical). The acquisition will play a key role in Thermax's plans for growth in the European energy market.
Danstoker, headquartered in Herning, Denmark, has a 75-year tradition in manufacturing biomass-based boilers and waste heat recovery systems for a wide range of industries. Its manufacturing facilities are located in both Denmark and Germany, where it had acquired Omnical in 2003. The subsidiary specializes in boilers using oil and gas as well as biomass, and also has waste heat recovery products, operating predominantly in Germany.
"We have brought Danstoker up to a level where the company is among the market leaders in Europe. In order to ensure the further development of Danstoker, we have deemed it appropriate to sell to Thermax. Thermax as a group may benefit from the technologies mastered by Danstoker and can open doors to many new markets for Danstoker products,'" said Mr Peter Tærø Nielsen, Chairman of the Board.
Thermax Limited specializes in manufacturing sustainable solutions within the international energy and environment sectors. Thermax produces its energy-efficient solutions and components at three plants in India and one in China.
"Danstoker and Omnical are strong brands in Southeast Asia and the Middle East. Therefore, the acquisition strengthens our internationalization," commented Mr Unnikrishnan, Managing Director of the Thermax Group. 'We want Danstoker and Omnical to be the platform for our expansion in Europe. We will be able to introduce our products while, at the same time, attempting to launch Danstoker's products on a number of new geographical markets. Danstoker's advanced technologies enhance and supplement our solutions within the field of sustainable technology," continued Mr Unnikrishnan.
Oaklins' team in Denmark was appointed as the strategic and financial advisor to the owners of Danstoker Holding A/S in the sale of the company. Oaklins' teams identified Thermax as a potential buyer and was instrumental in providing contact with senior-level decision makers as well as assisting throughout the sale process.
Leif Thomsen, Board Member of Danstoker Holding A/S, said: “Let me be clear: we could not have done this by ourselves! We would not have been anywhere near a buyer in this format.”
Jonas P. Knudsen
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