Gurit has announced the signing of an agreement to acquire all shares in JSB Group for an equity value of DKK 520 million. JSB Group is held by the private equity fund VC VIII JSB Holding ApS, of which Verdane Capital VIII K/S is the majority owner, and by individual board and management members holding the remaining shares.
Closing of the transaction is expected by mid of October 2018. JSB Group is a provider of 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. The Group is headquartered in Denmark. JSB Group employs some 560 employees and expects to generate an annual turnover of around CHF 120 million in 2018. The company is managed by a team of wind energy industry experts under the leadership of Frank Virenfeldt Nielsen, CEO. The JSB operations will form a new Gurit business unit for kitting solutions; the name JSB will be retained as a product brand. Operational synergies will be exploited starting from 2019.
