Winds of Change

Building a global lead-supplier of core materials for longer wind turbine blades

About JSB Global

We invested in JSB Global (JSB), a leading global supplier of core material used as construction reinforcements in wind turbine blades, as part of a Danish wind energy portfolio deal in 2016. We identified add-on acquisitions already in due diligence, and played an active role in executing the M&A-driven growth strategy we devised with JSB’s management. We sold the company in a strategic sale to the listed company Gurit Holding AG, the global leader in wind core materials, in 2018.

Investment rationale

Offshore wind turbine blades are becoming larger and more complex to build due to a growing market and demands for build-to-print manufacturing of blades. We believed in JSB’s potential because of the size of its business, best-in-class technological platform, in-house engineering capabilities and ability to act as a reliable, geographically close partner to clients on a global scale.

Verdane connected well with JSB company culture and has a unique ability to understand what support business and management need to excel.

Value creation initiatives

Devising a plan for global growth

  • Devised a 3-year strategy plan with the best experts in the industry
  • Positioned the company as the leading global supplier of longer and complex offshore blades
  • Secured the best possible talent to grow the organisation globally
  • Strengthened the Board of Directors with an international chairman and a new board member, both with extensive experience from the international wind industry
  • Set up a global management team, adding a CTO and COO

Capturing opportunities for organic and inorganic growth

  • Acquired Spanish competitor MEP to gain market share and take part of the growing offshore market in Southern Europe
  • Established a new site in China to capture the booming offshore market in South-East Asia
  • Established a new site in Turkey to capture the growing offshore market in the Middle East

Together with JSB’s management, we managed to achieve our value creation plan together within two years. We sold the business for an equity value of DKK 520 million in 2018 to Gurit, a global market leader in the production of wind core materials. The enhanced value chain created through the acquisition ultimately improves cost competitiveness for Gurit’s customers, supporting them in the challenge of achieving wind energy competitiveness compared to non-renewable power sources.