Verdane signs agreement to sell JSB Group A/S to Gurit

Oslo/Wattwil — Verdane together with JSB Group’s other shareholders have agreed to sell JSB Group to Gurit for an equity value of DKK 520 million, subject to closing conditions. Closing of the transaction is expected by mid of October 2018.

JSB Group is the market leader for core material kits for wind turbine blades with seven kitting operations in Denmark, Spain, Turkey, the US, China and a new facility planned to be built in Mexico. The Group is headquartered in Denmark.

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.

JSB Group employs some 560 employees and expects to generate an annual turnover of around EUR 105 million in 2018. The Company is managed by a team of wind energy industry experts under the leadership of Frank Virenfeldt Nielsen, CEO.

Gurit holds a leading global market position in wind core materials. The acquisition of JSB Group’s downstream core kitting operations complements the Company’s full range of Kerdyn™ Green PET, Balsaflex™ balsa wood, Corecell™ SAN and PVC structural core materials. It enhances Gurit’s value chain and will allow the Company to offer wind energy OEM’s a full solution of structural core materials, core material kits and wind turbine blade moulds, each with market leading positions.

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 further, 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 established and trusted name JSB 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.

Commenting on the acquisition agreement, Frank Virenfeldt Nielsen, CEO of JSB Group states: “To support consolidation and globalization in the wind industry – scale and technology are key to add value. 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. It is a development that we are proud to be contributing to,” says Arne Handeland, Partner at Verdane.

“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. 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,” adds Rudolf Hadorn, CEO of Gurit.

“Verdane has a strong focus on companies which through fast and profitable growth can generate good returns to investors, and at the same time, directly or indirectly, contribute to a more sustainable society. JSB and Verdane’s other portfolio companies within the wind industry sector are good examples of this, as they, through their technology expertise and platforms, contribute to reduced costs in renewable energy production,” says Bjarne Lie, Managing Partner at Verdane.

All trademarks used or mentioned in this release are protected by law.

Forward-looking statements

To the extent that this announcement contains forward-looking statements, such statements are based on assumptions, planning and forecasts at the time of publication of this announcement. Forward-looking statements always involve uncertainties. Business and economic risks and developments, the conduct of competitors, political decisions and other factors may cause the actual results to be materially different from the assumptions, planning and forecasts at the time of publication of this announcement. Therefore, Gurit Holding AG does not assume any responsibility relating to forward-looking statements contained in this announcement.


About Gurit

The companies of Gurit Holding AG, Wattwil/Switzerland, (SIX Swiss Exchange: GUR) are specialized on the development and manufacture of advanced composite materials, related technologies and select finished parts and components. The comprehensive product range comprises fibre reinforced prepregs, structural core products, gel coats, adhesives, resins and consumables. Gurit supplies global growth markets with composite materials on the one hand and composite tooling equipment, structural engineering and select finished parts on the other. The global Group has production sites and offices in Switzerland, Germany, Hungary, Italy, Spain, the U.K., Poland, Canada, the U.S.A., Ecuador, New Zealand, India and China. For more information, please visit www.gurit.com

About Verdane

Verdane is a specialist growth investment firm that partners with tech-enabled and sustainable European businesses. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy inside two core growth themes; digitalisation and decarbonisation. 

Verdane funds hold over €6 billion in total commitments and have made over 400 investments in fast-growing businesses since 2003. Verdane’s team of over 140 investment professionals and operating experts, based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe. 

Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy. 

Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities. 

More info: www.verdane.com  
Follow Verdane on LinkedIn

Press Contact

Verdane Press Office
press@verdane.com
+46 76 27 28 100

Latest Insights