Palero Capital Buys Vattenfall’s German Engineering Business
Vattenfall has decided to sell Vattenfall Europe PowerConsult GmbH, (VPC, a leading engineering and laboratory services company with overall 535 employees) to the Private Equity Investor Palero capital GmbH. The parties have agreed not to disclose the transaction value.
The transaction is expected to be closed within the first quarter of 2014.
VPC’s headquarter is located in Vetschau/Brandenburg with approximately 200 employees and VPC has offices in Berlin, Leipzig, Dresden, Hamburg, Spremberg and Jänschwalde. The subsidiaries of VPC, VPC East in Belgrad/Serbien and Lausitzer Analytik GmbH (LAG) are also part of the transaction. VPC is a leading specialised service provider for engineering and laboratory services in the power plant and energy sector and provides services to Vattenfall Group companies as well as for external clients.
Tuomo Hatakka, Head of Business Region Continental/UK and Head of Vattenfall in Germany, says: “With the sale of VPC, Vattenfall consistently continues to deliver on its consolidation since 2009 as a reaction to the difficult market conditions in the energy sector. It is our objective to offer a high level of job security for the VPC employees and to enable VPC to realise growth opportunities with a new strong owner in the coming years.”
Felix Frohn-Bernau, Partner of Palero capital GmbH: “We are glad that Vattenfall trusts us to further develop and grow this exciting and successful business. VPC is a profitable and growing company. The energy market is going through dramatic changes. We are convinced that we , together with the employees, can lead VPC into an independent and successful future. This is our benchmark and target.”
Palero capital GmbH is a financial investor specialized in buy-outs from large groups. In addition to financial investment, Palero capital GmbH contributes with its wide-ranging international network as well as with substantial operational and entrepreneurial experience.
Press release, February 26, 2014