New CEO of Ventherm

The following text is a reproduction of the article by Fyens Stiftstidende

Private Equity Fund Acquires Company in Central Funen: An Impressive Record Profit

A private equity fund has acquired a majority stake in the Brobyværk-based company Ventherm, which produces large, automated painting systems for the wind turbine industry.

Brobyværk: Over the past four years, Ventherm has experienced remarkable growth. The company committed to developing large, automated surface treatment systems for the wind turbine industry, which has seen explosive growth in recent years. That investment is now paying off, as Ventherm’s financial statements for 2023-2024 report a record profit of an impressive DKK 21.3 million after tax.

According to CEO Allan Hansen (54), the financial results reflect the booming success of the wind turbine industry.

-“Where we used to have very large projects every two or three years, we now have several large projects happening simultaneously, and they’re getting bigger as wind turbines increase in size,” he says.- Ventherm primarily generates revenue from the wind turbine industry. For example, the company is currently installing the world’s largest automated painting robot in Norway. The system can handle items up to 60 meters long and weigh 200-300 tons.

Recognizing Ventherm’s potential, the Danish private equity fund CoreCapital decided earlier this year to acquire a majority stake in the company, effective from May 31.

According to Hansen, surface treatment has become a crucial part of wind turbine production.

-“In the past, surface treatment took place in a dark corner of the factory. But with today’s quality standards, it has become critical. These large steel structures will be at sea for 20-30 years, so the surface treatment needs to be top-notch because the cost of repairs at sea is enormous,” he explains.

Accelerating Growth
CoreCapital has strong roots in the wind turbine industry and typically invests in companies that support the green transition, says Hansen.

-“A large portion of Ventherm’s revenue comes from the wind turbine industry, which is expected to grow significantly in the coming years. CoreCapital and Ventherm are, therefore, an excellent match,” he says.
With CoreCapital as the new owner, investments will focus on further growth.

-“They are looking ahead at what will happen in the wind turbine industry over the next 10-15 years. The sector is expected to grow significantly, particularly the offshore segment, which could increase almost fivefold in the next 7-8 years,” says Hansen.

Sales Director Rune Lund Bendixen, who became a co-owner of Ventherm in 2019, is also excited about the company’s future development alongside the new owners.

“We’re really looking forward to it. It’ll be exciting to see how far we can go if we’re given the opportunity to accelerate our efforts,” he says.

And will the company continue to be based in Brobyværk?

“That’s the plan. There are no plans to move,” says Hansen.

New Leadership
The changes at Ventherm don’t end there. Allan Hansen, who took over the company from his father, will step down from day-to-day management on November 1 to become chairman of the board.

New CEO
Peter Kattai Ulrikkeholm, 40, will assume leadership of Ventherm. He lives in Odense SV with his wife Line and sons Gustav and Villum, aged 14 and 11. Ulrikkeholm comes from a management role at the American-owned R&D Test Systems, which sells large test systems to the wind turbine and aviation industries. He will officially join Ventherm on November 1.

-“I don’t bring specific knowledge about ventilation, painting robots, or surface treatment, but I do bring a fresh perspective to help scale up the company alongside the skilled team here,” says Ulrikkeholm.

Ownership
CoreCapital now owns a majority stake in Ventherm (50-66.66 percent). Hansen is looking forward to having more free time:

-“I’ve been CEO of Ventherm for almost 19 years, and I think it’s a good thing for someone new to come in with a different perspective. I’m not going to sit around at home, but I do want to work less and no longer have the day-to-day operational responsibilities,” says Hansen.

-“The agreement is that if Rune (Bendixen) and Peter (Ulrikkeholm) feel there’s something I can contribute to, I’ll be happy to participate. But it won’t involve me being here daily,” adds Hansen.

Source: Fyens.dk