Altor acquires a majority stake in Multi-Wing – enters into long-term partnership with current owner
Altor Fund V (“Altor”) has signed an agreement to acquire a majority stake in Multi-Wing Group (“Multi-Wing”) and enter into a partnership with the owners and management. Altor will support Multi-Wing on its continued growth journey and the current owner will remain a significant shareholder.
Founded in 1938, Multi-Wing is a global market and technology leader in customized axial fans for HVAC/R and engine cooling applications. Headquartered in Denmark, Multi-Wing has a truly global presence, including 13 production centres, three development centres and several sales sites across North America, Europe and Asia Pacific and the company totals approximately 380 employees. The company distributes its products to more than 5,500 customers in more than 80 countries. The customers includes a long list of globally leading OEMs, in a wide range of applications, including construction and agricultural vehicles, wind turbines, cooling towers, condensers, generator sets and industrial ventilation, adding up to more than 100,000 possible product configurations.
“This important milestone is a testament to the entrepreneurial drive among the employees at Multi-Wing” says John Korsø Jensen, Chairman of the Multi-Wing Group. “Building on a strong culture based on trust we look forward to accelerating both organic and inorganic growth in the coming years in close partnership with Altor”.
Altor has a track record of partnering with owner-led industrial technology companies to successfully support these companies on their growth journeys. “We are truly impressed by what Multi-Wing and the employees have achieved over the years” says Thomas Kvorning, Partner at Altor, “We are excited and humbled by the decision to choose Altor as partner to support the vision of developing Multi-Wing into a world leading fan solutions provider and a technology winner for HVAC as well as engine cooling applications”.
For more information, please contact:
John Korsø Jensen, Chairman of Multi-Wing Group, jkj@korsoe.dk +45 40 30 36 37
Tor Krusell, Head of Communications at Altor, tor.krusell@altor.com, +46 705 43 87 47
About Multi-Wing Group
Established in 1938 and headquartered in Denmark, Multi-Wing Group is a global leader in the design and assembly of tailor-made axial fan products for HVAC/R and engine cooling applications. Multi-Wing offers custom-designed axial fans with more than 100,000 possible configurations and tailored one-piece-moulded options and has a strong diversified blue chip customer base, including leading off-highway vehicle and HVAC/R OEMs. The company operates 13 production centres, three development centres and several sales offices across the world.
For more information visit www.multi-wing.com
About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 75 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are OX2, Sonion, PIAB, Ålö, Dynapac, Gunnebo, and Norican Group.
For more information visit www.altor.com