Denmark’s Maersk family have made a first foray into the wind energy market with the private purchase of a turbine electronics supplier.
The acquisition of KK Group by AP Moller Holding comes as Copenhagen-listed AP Moller-Maersk, which the family controls, has divested its energy businesses.
Jan T Nielsen, chief investment officer of AP Moller Holding, said: “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.”
The Danish wind industry has an annual turnover above DKK 100bn, equal to 4% of the total Danish export, and employs around 33,500 people.
KK Wind has moved from being simply a component supplier to a key systems provider within wind power electronics present in two thirds of installed offshore capacity worldwide, according to today's statement.
It was set up in 1970 and booked revenue of DDK 1.6bn in 2018, which its new owner says represented double digit growth.
Nielsen added: “As the wind industry has gained momentum globally, KK Wind Solutions must expand its global footprint and follow its customers’ international expansion.”
Terms of the deal have not been disclosed and attempts to reach AP Moller Holding for comment were not immediately successful at the time of writing on Wednesday.
AP Moller Holding is led by shipowner Robert Maersk Uggla and is the largest shareholder in AP Moller-Maersk and Maersk Tankers.
Its other investments range from geothermal projects to an Africa Infrastructure Fund via AP Moller Capital.
