ICEpower Management and the Danish private equity fund Industry Development has acquired ICEpower A/S with a 50% / 50% ownership.
April 08, 2016
On Wednesday 6th of April 2016 we signed an agreement to acquire 100 per cent of the shares in ICEpower in a management buyout supported by Industri Udvikling – a Danish private equity company specialized in developing small and medium sized Danish industry companies.
“This is a fantastic opportunity to the benefit of our customers,” says CEO of ICEpower A/S, Keld Lindegaard Andersen. “On June 1st 2012 we changed the name from “Bang & Olufsen ICEpower A/S” to “ICEpower A/S” – since that day we have been preparing for a future in which we would leave the Bang & Olufsen Group in order to become ‘independent’. We are now as ‘independent’ as we can possible become. At the same time, we have the best possible partner one can find in Denmark amongst private equity partners.
Industry Udvikling is all about developing small and medium sized industry companies – with a long term scope.” Industri Udvikling was formed in 1994 with the object of setting up a private equity company that was to invest in small and medium-sized Danish manufacturing companies. Industri Udvikling invests primarily in Danish manufacturing companies with sales up to DKK 400 million, with the aim of developing the companies over a number of years. There is no fixed timeframe for how long a company should remain in the ownership of Industri Udvikling.
The goal for the ICEpower management team and Industri Udvikling is to develop ICEpower further and consolidate its position as a leader in class d audio power conversion. ICEpower will continue to provide class D audio solutions to manufacturers of professional and consumer audio products. The ICEpower management team will own 50% of the company and so will Industri Udvikling (50%).