Waterland Private Equity is acquiring climate-friendly electrical supplier Modstrøm Danmark a year after Modstrøm’s revenue was $40.84m and its operating profit increased by 47% to $4.77m.
The deal will see Waterland become a majority shareholder in Danish Modstrøm.
Modstrøm founder and CEO Anders Millgaard will continue in this role, while the other current shareholders leave the group of owners. The parties have agreed not to disclose the purchase price.
Launched in 2008, Modstrøm is set up to reducing customers’ energy consumption and now has more than 75,000 customers who, in addition to electricity, receive advice concerning energy improvements and buy green solutions such as heat pumps, smart thermostats, insulation, solar cells, charging stations, LED lighting and water saving devices.’
“We are proud to contribute to the personal effort made by thousands of customers to promote the green transition,” said Millgaard. “We are looking forward to welcome Waterland on board as they will contribute with experience from other growth companies as well as competencies and capital supporting Modstrøm’s continued development.
“Together, we will deliver personal and bespoke energy services enabling each homeowner and business to reduce their energy consumption to the benefit of their personal finances and the climate. The partnership lets us become Denmark’s preferred independent energy company and enables us to distribute the energy saving solutions that are necessary to ensure a successful green transition.”
Kaspar Kristiansen, managing director of Waterland Nordic, added, “Modstrøm has established a strong market position in an exciting industry with great growth potential, and the company matches our investment focus on sustainability. We look forward to deploying Waterland’s toolbox and hands-on experience to further develop the company in close partnership with management and employees.
“Together, we will generate continued organic growth and drive professionalisation and consolidation of the industry, which holds interesting acquisition and development prospects originating from our society’s green transition.”
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