Hi Air Korea acquires the Novenco Group
HI AIR KOREA acquires the Novenco Group
HI AIR KOREA has as of today acquired the majority control of the Novenco Group, which consists of the companies Novenco A/S and Novenco Marine & Offshore A/S with subsidiaries.
Seller is the Danish private equity fund Dania Capital. “I am pleased that we, after a long preparation, have found the right owner for Novenco. Novenco is now in a safe haven with a big and important producer and player in the marine market”, says Anders Bruun-Schmidt, Partner of Dania Capital. The Novenco Group exports more than 90 % of their turnover to customers worldwide.
Mr. K.B. Kim – President of HI AIR KOREA says that he has known Novenco for many years, and is glad and proud to acquire a company with such strong products and qualified employees. Novenco is known for their world class technology and quality and large know how – latest with the launch of the cost- end energy-efficient fan ZerAx®. At the same time K.B. Kim says that he looks forward to – together with the management of the company – ensuring a continuous growth for Novenco, primarily within the marine & offshore business.
HI AIR KOREA and Novenco will be run separately, and there are no plans to integrate the companies. Therefore the Novenco companies continue in the current markets and under same conditions as today.
“I am pleased that we have been acquired by an industrial owner, who can take the company to the next level” says Steen Rasmussen, CEO of the Novenco Group.
With the acquisition, HI AIR KOREA and the Novenco Group will become a significant player, creating a great synergy effect including reinforced worldwide customer services in the HVAC market within marine and offshore.
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