Axcel is investing in the fragmented, growing electric panel market through the acquisitions of Danish tic elkas and Eegholm Group – two companies known for their customised, high-quality electric panels, technical expertise and long-standing B2B customer relationships. Together, the two companies will reach a turnover of more than DKK 700 million, and the ambition is to build a Northern European market leader.
“We see great potential in a Northern European consolidation of the electric panel market, which today consists of a lot of small businesses,” says Axcel Partner Lars Cordt. “With the acquisitions of tic elkas and Eegholm Group, we’re building a platform that combines high-quality complex solutions and local presence with effective European production capabilities. We plan to add more companies to the platform, and in doing so grow the group beyond Denmark and across Northern Europe.”
Meeting growing automation demand
Tic elkas and Eegholm Group are full-service providers of electric control and distribution panels and related services, and their solutions meet the growing automation and green transition demands from a wide range of industries. Both companies offer own, customised panel design, production and assembly.
“We’re excited to partner with Axcel and for tic elkas, alongside Eegholm Group, to be one of the founding fathers of a strong new group in the electric panel market,” says tic elkas’ CEO, Frank Müntzberg, who will be taking on the role of Group CEO for the new platform company. “Going forward, we’ll be an even stronger partner to our customers and help them achieve competitiveness through automation and sustainable transformations.”
Erling Ewers, CEO of Eegholm, adds.
“Tic elkas and Eegholm Group complement each other well, as we share a focus on superior-quality solutions, technical expertise and local presence covering different parts of the country. We’re excited to take our proud company to new heights together with tic elkas and under Axcel’s skilled ownership.”
Erling Ewers will continue as CEO of Eegholm and report to the new Group CEO, Frank Müntzberg.
Axcel is acquiring tic elkas from the Danish fund Dansk Ejerkapital and the company’s management team, whereas Eegholm is being acquired from a group of private investors. Both companies’ management teams will remain in place under the new ownership and will be reinvesting alongside Axcel. The transaction, which is the third investment made in Axcel Fund VII, is expected to be finalised in Q4 2023.