Private equity firm Doughty Hanson has agreed a takeover of LM Glasfiber, the world's largest manufacturer of wind turbine blades.
The private equity firm says that it intends to increase Glasfiber’s turnover with a view to listing the company within a five-year period. The company’s management remains unchanged and Doughty Hanson will join its board of directors.
LM Glasfiber has a market share of about 47 per cent worldwide and supplies blades to most of the world's wind turbine manufacturers. LM Glasfiber has factories in Demark, the Netherlands, Spain, India and the US and also has a factory under construction in China. In the year 2000 the company supplied more than 7,200 wind turbine blades, and had a turnover of DK1,919m (E260m).
Commenting on the deal, Anders D. Christensen, managing director of LM Glasfiber said: ” LM Glasfiber has been manufacturing wind turbine blades in collaboration with its customers for more than 20 years, building up a loyal and attractive customer platform which we now hope to expand and develop.”
Dresdner Kleinwort Wasserstein arranged financing for the transaction which is subject to approval from the competition authorities.