Swedish elevators supplier Alimak Group has agreed to acquire Denmark-based Avanti Wind Systems, which provides service lifts for wind turbine towers, for an enterprise value of €91m. The deal will be financed by a bridge loan which will be repaid by issuing new shares with preferential rights to existing shareholders of up to SEK800m ($87.71m). Established in 1885, Avanti offers vertical access solutions to the wind industry with long lifecycle and based on high safety standards. It also has more than 30,000 service lifts installed globally. The company operates globally with six production facilities across Denmark, Spain, China, US and Brazil. With this acquisition, Alimak Group is poised to move forward in the global vertical access for wind industry. Alimak Group CEO Tormod Gunleiksrud said: “The demand for service lifts for wind turbine towers is expected to grow the coming years due to increased heights of the towers and increased safety requirements. “The acquisition expands and diversifies our offering of vertical access solutions for industrial customers globally, enables cross selling opportunities and adds an opportunity to expand after sales well in line with Alimak´s strategy and business model.” The combine sales revenue is expected to reach between SEK3.2bn ($350m) to SEK4.2bn ($460m) and the number of employees will increase from 1900 to 2300. Global installed base will increase from 36,000 to 66,000 units. Alimak’s acquisition of Avanti subject to regulatory approvals and is expected to be completed in the first quarter of 2017. Avanti Group CEO Erik Laursen said: “Becoming part of Alimak Group enables Avanti to continue its development of best in class safety products and solutions to the benefit of our customers within the wind industry. “I see this acquisition as the perfect strategic fit for Avanti, and we look forward to becoming part of the global leader in vertical access systems.”
Denmark's Avanti Wind Systems is being acquired by Swedish lifts suppliers Alimak for €91m ($97m). Avanti provides vertical access solutions to the wind industry and has six service lifts installed globally. The acquisition will help the company expand and diversify its global offering of industrial vertical access solutions, said Alimak CEO Tormod Gunleiksrud. The deal is is expected to go through in Q1 2017, subject to regulatory approval.