Polaris said Dec. 6 that it sold Avanti Wind Systems to Alimak Group. Financial terms weren’t announced. Avanti, of Hillerød, Denmark, supplies service lifts and safety equipment for wind turbine towers.
Polaris divests Avanti Wind Systems to Alimak Group
With Polaris as its owner since 2011, Avanti Wind Systems (Avanti) has proven the company’s position as the undisputed global market leader within service lifts as well as ladder and safety systems for the wind turbine industry. Avanti has doubled revenue and expanded its global sales and production platform during the period, and the company today has more than 400 employees, 6 production units and service units in 9 countries. Avanti is headquartered in Hillerød, Denmark.
The positive development has entailed a doubling of revenue from EUR 47 million in 2011 to EUR 95 million in 2015, corresponding to an organic compound annual growth rate average of 19%, and Avanti today has more than 30,000 service lifts installed globally. Alimak Group is a world-leading supplier of elevators, platforms and after-market service for the industrial and construction sector, and the Swedish-based group acquires Avanti with a view to establish its business in the area of renewable energy.
“Avanti has experienced strong organic growth, won market shares and created an even more solid business with a good outlook in an interesting industry. We are really pleased with the investment and with selling Avanti to Alimak Group, which understands the industry and market, and which sees the potential in the company. The strong development in Avanti clearly shows that targeted investments and the right strategy is a combination that may very well make Danish suppliers to the wind industry highly competitive and ensure global success, including in the Chinese market, which is today’s the world’s largest,” said Henrik Bonnerup, Polaris Partner.
Since the ownership change in 2011, Avanti has established a strong production platform and built a broader client base, today servicing all large wind turbine manufacturers from sales and production units in Denmark, China, USA, Spain, India, Germany, Australia, England and Brazil.
“We are proud of the progress in Avanti and pleased with the close and strong cooperation with Polaris, which has been an active and competent owner over the recent five years. Polaris has supported our strategy of following clients into the world and for instance establishing Avanti in Brazil and expanding manufacturing in USA. We are now looking forward to continuing the growth and the positive development under Alimak Group’s ownership,” said Erik Laursen, CEO of Avanti.
The transaction is subject to customary regulatory approvals and expected to close in Q1 2017.