Maersk family buys into wind industry

A.P. Møller Holding will acquire the Danish KK Group which, through its subsidiary KK Wind Solutions, is a leading systems supplier of wind power electronics. KK Wind Solutions works with all the large wind OEM’s and its systems are used in 65% of the worldwide installed offshore capacity. 

KK Wind Solutions has been active in the wind industry since the 1970s when it built one of the world’s
first electrical control systems for a wind turbine, the Riisager 22kW turbine. Over the last couple of
years, KK Wind Solutions has moved from being a components supplier to becoming a leading systems supplier within wind power electronics, delivering to all the large Wind OEMs, including SiemensGamesa, Vestas, Mitshubishi Vestas Offshore Wind and GE Renewables.

Since 2014, the company’s revenue has grown with double digits and reached sales of DKK
1.6bn in 2018, which amounts to EUR 214 million. This trend is expected to continue as KK Wind Solutions benefits from the growth in global installation of both on- and offshore wind turbines.

“KK Wind Solutions has an impressive history and is a leader within power electronic systems solutions for wind turbines. As the wind industry has gained momentum globally, KK Wind Solutions must expand its global footprint and follow its customers’ international expansion. With A.P. Moller Holding’s global mindset, network and expertise, we believe we can be a good partner and an engaged owner to support KK Wind Solutions on this exciting
journey,” says Chief Investment Officer Jan Nielsen of A.P. Moller Holding.

KK Wind Solutions has a strong position in the Danish wind industry, which has an annual turnover above EUR 13 billion, employs 33,500 people and represents 4% of the total Danish export.

“Denmark is the leading hub for the wind industry worldwide with significant global growth
potential. We look forward to supporting KK Wind Solutions’ further development and growth in this
important industry,” Nielsen adds.

CEO Chlinton Arendahl Nielsen of KK Wind Solutions says he is proud and humble about the prospect of having A.P. Moller Holding as the new owner. “A.P. Moller Holding brings in very strong capabilities and financial strength to accelerate our strategy towards 2025, allowing us to follow our customers globally and to expand our system solutions across technology, supply chain and service,” he says.

KK Wind Solutions employs 1,400 people and is headquartered in Ikast in Denmark. In addition to R&D and production facilities in Ikast, it also has production facilities in Poland and India, as well as sales and engineering personnel in Spain, USA and China.

The Maersk family buys the KK Group from Swedish private equity firm Solix Group. The parties have agreed not to disclose the price and terms of the transaction. They expect to close the sale in Q3 2019.

Author: Tobias Pieffers

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