February 2019, Cambridge, UK
Client: Verdane Capital, JSB Group
Client Location: Denmark
Target: Gurit AG
Target Location: Switzerland
Worth: DKK 520 million (€70 million)
Future Materials Group (FMG) is pleased to announce the completion of the sale of the JSB Group, held by private equity fund Verdane Capital, to Gurit AG for an equity value of DKK 520 million (€70m). JSB Group was exclusively advised by FMG, the award-winning, advisory firm specialising in the advanced materials sectors.
Headquartered in Denmark, 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. 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.
The group employs 560 employees and expects to generate an annual turnover of around CHF 120 million (€105m) in 2018. With the conclusion of the transaction, 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.
The goal of this sale is to join value chain steps in the supply of the global wind energy industry and thus reduce cost and increase supply chain effectiveness for customers, supporting them in the challenge of achieving wind energy competitiveness compared to non-renewable power sources.
Frank Virenfeldt Nielsen, CEO of JSB Group, commented on the transaction: “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.”
David Schofield, Managing Director of Future Materials Group, commented on the transaction: “We have been very pleased to support JSB Group throughout this transaction. The combined business activities will provide wind energy customers with smart, tailored and regionally accessible solutions. We are proud to have contributed to this development.”