Strategic Investments

About

Active minority partner

Kirk Kapital is the largest and most active minority investor in Denmark. The portfolio consists of 16 market-leading business-to-business companies across the Nordic region, each of which has chosen Kirk Kapital as its preferred and trusted strategic minority partner.

Together, the companies have revenue of 11 billion and +4,000 employees.

Our investment strategy

Long-term value creation

We actively help our partners realise the full potential of their business, while allowing them to retain control of ownership.

What we are looking for

We focus on medium-sized Scandinavian business-to-business companies with market-leading positions in growth industries.

Sweet spot

We typically invest between DKK 150-1,000 million per investment. We only acquire minority shares (25-49%). We can either provide new capital to support the growth of the company or acquire shares from the current shareholder base.

Investment horizon

We have a flexible approach to ownership periods. Our permanent capital base allows us to invest for the very long term when desirable. We primarily conduct sale of shares at the request of or in coordination with our partners.

Our partners

Our partnerships across the portfolio include different types of co-shareholders, including owner-managers, families, and private equity funds.

Our approach

Trust based co-ownership

We are long-term, competent, and down-to-earth in our approach to partnerships. Building trust-based relationships is central to everything we do. Working with Kirk Kapital requires that each party works based on shared values and understands the respective expectations and goals. We believe that open and honest dialogue at all times is essential to ensure strong, long-term cooperation.

Board representation

We offer active board representation, access to skills and cross-company knowledge sharing.

Active contribution

We contribute actively as a co-owner in close dialogue with our partners and adapted to their wishes and needs. We do this both inside and outside the boardroom.

We have helped companies with:

Discussion and preparation of strategic material and business plans
Recruitment of board and management members
Optimisation of capital structure
Assistance with M&A
Assistance with sale of parts of or the entire company
Implementation of incentive programmes
Strengthen governance and processes in the company

In general, we assist with networking and sparring across the issues experienced by medium-sized growth companies.

Our active approach to partnerships has proven successful.
We have managed to create tangible value for our shareholders and partners.

Assets
DKKbn

2018

2.2

2019

3.0

2020

3.4

2021

4.3

2022

6.2

Return
ROA %

2018

2019

2020

2021

2022

Timeline

2.2

AuM DKKbn

2.2

AuM DKKbn

6

Portfolio companies

New additions

6

Portfolio companies

2017

In May 2017, Kim Gulstad was appointed new CEO of Kirk Kapital. Following his appointment a new organizational structure and business strategy was implemented. Strategic Investments' strategy is to acquire larger minority positions in medium and larger sized Nordic companies which have marked leading positions in long-term growth industries.

2.2

AuM DKKbn

2.2

AuM DKKbn

9

Portfolio companies

New additions

9

Portfolio companies

2018

We divested a 65% shareholder stake in Exxit 59, but kept a 25% shareholder stake, in line with our strategy of being an active larger minority shareholder. In addition to acquiring three new companies, we provided additional equity capital in the form of a preference share to FMD.

3.1

AuM DKKbn

3.1

AuM DKKbn

12

Portfolio companies

New additions

12

Portfolio companies

2019

We supported our portfolio company TPS in completing an add-on acquisition of Metano, a competitior in the UK region.

3.4

AuM DKKbn

3.4

AuM DKKbn

13

Portfolio companies

New additions

13

Portfolio companies

2020

Divestment of our shareholding in PNO to the majority owner. We supported our portfolio company Scanmetals in acquiring German namesake.

4.4

AuM DKKbn

4.4

AuM DKKbn

13

Portfolio companies

New additions

13

Portfolio companies

2021

Our first Norwegian acquisition. Divestment of our shareholding in Exxit 59 and Alliance+. We also divested part of our shareholding in Globeteam to Norvestor, a Norwegian private equity firm.

6.2

AuM DKKbn

6.2

AuM DKKbn

16

Portfolio companies

New additions

16

Portfolio companies

2022

We invested in Norwegian based Promon and the Danish companies Cookie Information and Mobilhouse. Together with ATP Long-Term Danish Capital and the Lundbeck Foundation we acquired the majority shareholding in Ferrosan Medical Devices. Our portfolio company Scanmetals welcomed a new partner, Core Sustainability Capital, who acquired a minority shareholding in the company. Fair value of Strategic Investment assets exceeded DKK 6 billion.

Sustainability

How we work with sustainability

We want to inspire our partners and portfolio companies to focus on sustainability in a structured and formalised way. We can help facilitate that journey with our knowledge, our toolkit and our internal commitment to sustainability.

Our due diligence process, conducted prior to an investment, establishes each company’s current level of sustainability and formalised structures, as well as the company’s ability to carry out a defined set of activities to undergo a positive sustainability journey.

Case stories

Proud to be a part of

World leader in packaging for processing of frozen fish blocks, frozen fillets, and breaded products within the white-fish industry. Beck Back has headquarter and production facilities in Bornholm, Denmark and has production facilities in USA. To serve the global market, agents are strategically located worldwide to provide needed services to primary and secondary processors of white fish.

HQ

Denmark

Gross Profit

DKK 145m

Chairman

Klaus Beyer Nielsen

CEO

Peter Vesløv

Website

beck-liner.dk

Ownership

Investment year

2018

Kirk Kapital ownership

40%

Partner

Insepa

Read press release

Conrum

Leading provider of flexible modular spaces for rent to cater to a diverse range of needs, incl. office facilities and daycare centres, for public and private customers. With locations in Fredericia and Vejle, Mobilhouse prioritises delivering flexible solutions, including modular buildings bearing the Nordic Swan ecolabel. Mobilhouse acquired Dalsgaard in 2023, creating a strong group within modular spaces with high focus on flexible and certified solutions.

HQ

Denmark

Gross Profit

DKK 94 m

Chairman

Steffen Thomsen

CEO

Benny Møller

Website

conrum.com

Ownership

Investment year

2022

Kirk Kapital ownership

50%

Partner

Steffen Thomsen, Martin Mikkelsen & Management

Read press release

Cookie Information

Cookie Information provides consent, privacy and Analytics solutions for websites and apps to more than 10,000 customers. Cookie Information is headquartered in Copenhagen. Customers are serviced all over the world. Cookie Information contributes to increased data protection and trust in our society.

HQ

Denmark

Revenue

DKK 37m

CEO

Karsten Rendemann

Website

coookieinformation.com

Ownership

Investment year

2022

Kirk Kapital ownership

40%

Partner

Management

Read press release

Dansk Træemballage

Scandinavian manufacturer of sustainable wood packaging solutions from standard pallets and takeaway boxes to packaging for wind turbine blades. DTE is headquartered in Haastrup, Denmark and has 11 departments across Scandinavia, selling to a diverse portfolio of blue-chip customers.

HQ

Denmark

Revenue

DKK 1,671m

Chairman

Peter Jensen

CEO

Peter Leth

Website

dte.dk

Ownership

Investment year

2020

Kirk Kapital ownership

40%

Partner

Management

Read press release

EasyPark

EasyPark provides a mobile payment service across Europe and serves as a bridge between cities and operators and drivers who need to find a place to park.

HQ

Denmark

Revenue

DKK 306m

easypark.dk

Ownership

Investment year

2012-2017

Kirk Kapital ownership

28%

Partner

Verdane

Ellepot

Manufacturer of propagation systems, known as the Ellepot system, consisting of machines, specially developed and patented paper, and trays for growers worldwide. Ellepot has headquarter and production facilities in Esbjerg, Denmark and is present on five continents with sales to more than 120 countries. Customers include a wide range of growers within forestry, pot and bedding, vegetables, and fruits and nuts.

HQ

Denmark

Gross Profit

DKK 77m

Chairman

Andreas Færk

CEO

Lars Steen Pedersen

Website

ellepot.dk

Ownership

Investment year

2021

Kirk Kapital ownership

48%

Partner

Karsten Ree Holding

Read press release

European Stonecraft

Largest Danish full-service tombstone and monument company providing customers support from selecting the stone, designing, and engraving, to installation. European Stonecraft is headquartered in Nørre Snede, Denmark and has +70 outlets in Denmark and is expanding operations into Germany. Stones are processed locally and are delivered according to individual customer preferences.

HQ

Denmark

Gross Profit

DKK 118m

Chairman

Carsten Sjørvad

CEO

Carsten Nørmark Christensen

Website

danske-stenhuggerier.dk

Ownership

Investment year

2020

Kirk Kapital ownership

45%

Partner

JJO Invest

Read press release

Exxit59

Exxit59 is a business park and real-estate portfolio with DKK 1bn in assets, strategically located by highway exit 59 near Vejle in Denmark. The business park currently includes food & beverage outlets, logistics properties and office spaces.

HQ

Denmark

Revenue

DKK 57m

Chairman

Michael Antitsch Mortensen

CEO

Peter Heide Wessel

Website

exxit59.dk

Ownership

Investment year

2007-2021

Kirk Kapital ownership

25%

Partner

CASA Group

Ferrosan Medical Devices

Developer and manufacturer of innovative haemostatic products used by health care professionals in the fields of surgery and diagnostics globally. Ferrosan Medical Devices (“FeMD”) is headquartered in Soeborg, Denmark and has an additional production facility in Szczecin, Poland. FeMD works in close partnership with Ethicon Inc. (Johnson & Johnson), who is responsible for sales and marketing in more than 100 countries worldwide.

HQ

Denmark

Revenue

DKK 810m

Chairman

Peter Henrik Kürstein-Jensen

CEO

Rasmus Hother le Fevre

Website

ferrosanmedicaldevices.com

Ownership

Investment year

2016 & 2022

Kirk Kapital ownership

39,4%

Partner

The Lundbeck Foundation and ATP Long-Term Danish Capital

Read press release

Globeteam

IT consultancy service company focusing on engaging top IT talent and offering services within Consulting, Infrastructure and Development. Globeteam is headquartered in Virum, Denmark. Globeteam offers consultants the best of two worlds being part of an established company with competent colleagues and a strong administration, while maintaining flexibility and freedom as an independent consultant. Globeteam has a large recurring customer base consisting of both public and private entities.

HQ

Denmark

Revenue

DKK 343m

Chairman

Mogens Elsberg

CEO

Claus Moldow

Website

globeteam.com

Ownership

Investment year

2018 & 2021

Kirk Kapital ownership

26%

Partner

Management & Norvestor

Read press release

KOMPAN

World leading manufacturer of quality playground equipment, outdoor fitness and outdoor furniture designed to promote development through play and movement. Kompan is headquartered in Odense, Denmark and has primary production facilities in the Czech Republic, and sales offices worldwide. Customers include public authorities, schools, nurseries, and other institutions.

HQ

Denmark

Revenue

DKK 3,129m

Chairman

Christian Dyvig

CEO

Connie Astrup-Larsen

Website

kompan.com

Ownership

Investment year

2014

Kirk Kapital ownership

27%

Partner

Dyvig Family

Read press release

PNO Trailer Rental

PNO provides the largest range of short and long-term trailer rentals in the Nordics for transport and logistics companies.

HQ

Denmark

Revenue

DKK 652m

Website

pnorental.com

Ownership

Investment year

2014-2020

Kirk Kapital ownership

48%

Partner

Ørnstrand Family

Read press release

Promon

Software company providing next-gen application shielding software safeguarding applications, used on +300m devices globally, from malware attacks. Promon is headquartered in Oslo, Norway and has offices in Germany, UK, US, Hong Kong, and India. Since 2006, Promon has been a pioneer within the application shielding software eco-system and a broad and global portfolio of blue-chip customers across a multitude of industry verticals in a rapidly growing market.

HQ

Norway

Revenue

NOK 118m

CEO

Gustaf Sahlman

Website

promon.co

Ownership

Investment year

2021

Kirk Kapital ownership

34%

Partner

Gro Capital

Read press release

PR electronics

PR electronics designs and produces signal conditioning (interface) devices for the process industry within temperature, I.S. interfaces, panel meters, signal isolators and converters. PR is located in Rønde near Aarhus, Denmark. Products are sold globally through 9 sales subsidiaries and more than 40 distributors to more than 10,000 customers worldwide.

HQ

Denmark

Revenue

DKK 497m

Chairman

Claus Berner Nielsen

CEO

Simon Bisbo

Website

https://www.prelectronics.com/

Ownership

Investment year

2023

Kirk Kapital ownership

43,6%

Partner

AGIC

Read press release

Scanmetals

European leading metal recycling company operating with innovative technology for optimal recovery and refinement of metallic waste. Scanmetals has headquarter and production facilities in Slagelse, Denmark and production facilities in the UK and Germany. The business model is technology-enabled with a high degree of process know-how playing a central role in the Circular Economy and the production of low-carbon metal.

HQ

Denmark

Revenue

DKK 1,162m

Chairman

Andreas Færk

CEO

Ejvind Pedersen

Website

scanmetals.com

Ownership

Investment year

2019

Kirk Kapital ownership

33%

Partner

Management (Founder) & CS Capital

Read press release

Tacton

Software company providing Configure Price Quote (CPQ) solutions to global industrial, automotive, and pharmaceutical companies. Tacton is headquartered in Stockholm, Sweden. Producing Smart Commerce solutions for manufacturers of complex products, Tacton is named “Leader” in the 2022 Gartner® Magic Quadrant™ for Configure, Price and Quote Application Suites.

HQ

Sweden

Revenue

SEK 354m

Chairman

Klaus Andersen

CEO

Bo Gyldenvang

Website

tacton.com

Ownership

Investment year

2017

Kirk Kapital ownership

33%

Partner

GRO Capital

Read press release

TITAN Containers

International leading rental company within cold storage solutions. Rental divisions include cold storage (Arctic Store®), ISO containers and self-storage sites across Europe and Australia. Titan Containers is headquartered in Taastrup, Denmark and has offices in 30 different countries. Customers are serviced from more than 100 different container depots in Europe including UK & Ireland, Australian and USA.

HQ

Denmark

Revenue

DKK 780m

Chairman

Carsten Nygaard Knudsen

CEO

Layland Barker

Website

titancontainers.com

Ownership

Investment year

2019

Kirk Kapital ownership

30%

Partner

Barker Family

Read press release

TP Aerospace

Aftermarket provider of used serviceable wheels and brakes for airlines worldwide offering a simple alternative to traditional component management. TP Aerospace is headquartered in Denmark and has employees in offices, warehouses and service centres in Europe, the USA and Asia. TPA operates in the aftermarket, acquiring used wheels and brakes, which are repaired and certified at in-house MRO facilities and distributed to customers through long-term service contracts.

HQ

Denmark

Revenue

USD 147m

Chairman

Flemming Jensen

CEO

Nikolaj Jacobsen

Website

tpaerospace.com

Ownership

Investment year

2019

Kirk Kapital ownership

26%

Partner

CataCap

Read press release

TPS Rental Systems

International provider of end-to-end solutions of foldable IBC containers, Bag-In-Box liners / bags, container fittings, filling, and emptying equipment. TPS is headquartered in the UK and has locations in 10 countries. Customers include companies within the cosmetics, food and beverages and pharmaceutical sectors.

HQ

UK

Gross Profit

EUR 13m

Chairman

Thorleif Blok

CEO

Ian Camwell

Website

tpsrentalsystems.dk

Ownership

Investment year

2018

Kirk Kapital ownership

35%

Partner

Management

Read press release

VivoMega

Globally leading manufacturer of high-quality omega-3 concentrates utilising state-of-the-art production equipment. VivoMega is headquartered in Kristiansund, Norway where production facilities are located. VivoMega produces some of the most potent, stable and pure omega-3 concentrates in the supplements market. Customers include manufacturers of dietary supplements.

HQ

Norway

Revenue

NOK 605m

Chairman

Paul-Christian Rieber

CEO

Jan Roger Bjerkestrand

Website

vivomega.com

Ownership

Investment year

2021

Kirk Kapital Ownership

32%

Partner

GC Rieber

Read press release

Strategic Investments

About

Active minority partner

Our investment strategy

Long-term value creation

What we are looking for

Sweet spot

Investment horizon

Our partners

Our approach

Trust based co-ownership

Board representation

Active contribution

Assets DKKbn

Return ROA %