Plambeck Neue Energien AG sells its shares in SSP Technology A/S to the private equity investor Ventizz Capital Fund IV, L.P.
Cuxhaven, July 1st, 2008
Plambeck Neue Energien AG signed the contract for the sale of its shares in the Danish rotor blade manufacturer SSP Technology A/S on the basis of a total corporate value of about 51 mill. Euro adjusted by liquid funds and financial debts (around 7 mill. Euro) with Ventizz Capital Fund IV, L.P.. Plambeck Neue Energien AG currently holds 67.26 per cent of the shares in SSP, which will be completely transferred to Ventizz following receipt of the purchase price upon closing. Within the framework of this transaction, 5.02 per cent held by small shareholders up to now will also be sold to Ventizz under the same terms.
SSP Technology A/S was founded in 2001 and is active in development, production and sales of rotor blades for wind-energy plant and also in mould construction for the production of rotor blade components and rotor blades. With about 180 employees in Denmark at present, SSP has established itself as a provider of innovative and high-quality products for the wind-power industry and trebled its turnover to 11.1 mill. Euro in the fiscal year of 2007. For 2008 a further trebling of the turnover to about 30 mill. Euro is being expected.
The corporate holding is stated with a value of 5.1 mill. Euro in the group balance sheet of Plambeck Neue Energien as per 30.06.2008. "The sale of the shares in SSP is a high-income sale of holdings for us, leading to free liquidity of 35 mill. Euro", member of the Board Martin Billhardt establishes.
Dr. Helmut Vorndran, Managing Partner of Ventizz Capital Partners Advisory AG, which consulted Ventizz Fund IV in this transaction, explains: "In the wind-power industry, there is great demand for innovative and specialised components for wind-power plant. SSP possesses out-of-the-ordinary knowledge in the areas of rotor-blade technology and mould construction and is thus in the position to serve these specific customers' wishes. We are convinced that SSP is technologically in the ideal position to establish itself as a leading and independent provider in the wind-power industry. In order to enable this growth, the fund intends to provide further significant financing funds."
New Energies Invest AG, which has had a holding in SSP since May 2007, will continue to support the international growth course of the company. New Energies Invest AG welcomes Ventizz as a new investor and is looking forward to a successful cooperation. The sale of the shares was accompanied by Corporate Finance Partners (CFP), Frankfurt, as a financial advisor. Ventizz Capital Fund IV L.P. was consulted by Dewey & LeBoeuf, Frankfurt, KPMG, Düsseldorf and MAKE Consulting, Hojbjerg.
About the enterprises: ´
Plambeck Neue Energien AG with its headquarters in Cuxhaven plans and realises wind-farm projects on land (onshore) and at high sea (offshore). Up to now, 84 wind-farms with 479 wind-energy systems and a total nominal output of 651 MW have been set up.
Ventizz Capital Partners was founded in 2000 and possesses locations in St. Gallen and Düsseldorf. The enterprise exclusively consults private equity funds mainly investing in buy-out transactions and growth opportunities in small and medium-sized high-tech enterprises in the German-speaking area. The three partners in Ventizz, Dr. Helmut Vorndran, Reinhard Löchner and Willi Mannheims, are currently consulting four funds with a total capital volume of more than € 650 million with a team of six professionals. To the present, Ventizz has invested in 33 enterprises with a focus on the areas of renewable energies / solar energy, high value added engineering, medicinal engineering and ICT. Alongside a large number of trade sales, Ventizz has succeeded in placing three holding companies (ErSol, SAF, PV Crystalox) on the stock exchange.
New Energies Invest AG acquires, administers and sells holdings in companies in the area of renewable energies in Germany and abroad. This also includes investments in enterprises from the areas of solar and hydraulic energy, wind, biomass, wave energy and fuel cells. The total assets of New Energies Invest AG amounted to 163 million Swiss Francs as per the end of 2006. Investment Manager is Remaco Merger AG from Basle, which is active in the corporate finance area and has specialised in medium-sized transactions.
CFP is an M&A consultancy company and investment boutique specialising in technological subjects with its registered office in Frankfurt am Main and subsidiaries in Berlin and Miami. Since formation in 1998, the team at CFP has carried out around 150 successful transactions in orders of magnitude between around 5 and 500 mill. Euro. SSP has already been accompanied by CFP in a number of transactions since 2006.
Corporate Finance Partners acted as an exclusive adviser to the shareholders of SSP Technology A/S in this transaction.