NORD Holding sells compressor manufacturer Bock to Danfoss
Nordborg/Frickenhausen/Hannover, 10th October 2022 – NORD Holding Unternehmensbeteiligungsgesellschaft mbH (“NORD Holding”) has sold the BOCK Group, a global technology and innovation leader in the heating and cooling market, to Danfoss.
From its very foundation in 1932, BOCK has grown into one of the global technology and innovation leaders in developing environmentally friendly, economical solutions in refrigeration, air conditioning, and heating technology. BOCK provides solutions for both mobile (bus, truck, refrigerated container) and stationary applications (supermarkets, food processing) with its broad product portfolio. By focusing on compressors for natural refrigerants such as CO2, hydrocarbons, and other low-GWP (Global Warming Potential) refrigerants, BOCK contributes to climate-friendly transformation in refrigeration and air conditioning technology. International production sites and sales locations, competent advisory services combined with a strong innovative drive at the headquarters in Frickenhausen make BOCK a premium supplier in the industry.
With the support of NORD Holding, BOCK was successfully repositioned as an independent, dynamic technology leader to benefit from the underlying favorable market conditions in the field of refrigeration, air conditioning and heating technology and to unleash its full potential. Since the entry of NORD Holding, significant investments have been made, including in the relocation of the production sites and in the establishment of a new IT infrastructure.
Furthermore, a comprehensive strategic program was launched to focus on growth opportunities by leveraging BOCK’s technological knowhow. This was the basis for strong sales growth during NORD Holding’s investment period.
Ronald Grott, Partner at NORD Holding, stated: “We at NORD Holding are very proud to be a part of the BOCK success story. This transaction was very special to us – we not only demonstrated to complete a complex carve-out out of a multinational corporate, but also created - together with the employees - a great company culture and environment, which was the foundation for the strong growth development. It has been a pleasure working with BOCK and its management team and we are convinced that this great journey will continue under new ownership.”
On behalf of NORD Holding, the transaction was managed by Ronald Grott, Jan-Philipp Wilckens, Maximilian Frey and Nicolas Eidenmüller.
Since its foundation in 1932, the Bock Group has developed into a leading manufacturer of technologically sophisticated piston compressors for cooling and refrigeration technology. The market segments addressed are primarily cooling and refrigeration technology for mobile applications in bus, rail and transport (reefer, trucks & trailers). The areas of retail (supermarkets) and food processing as the most important stationary applications complete the Bock Group's product range. International customers are supported in over 10 sales locations worldwide. The company employs around 400 people worldwide and has production sites in Frickenhausen (Germany), Stříbra (Czech Republic), Bangalore (India) and Suzhou (China).
Danfoss engineers solutions that increase machine productivity, reduce emissions, lower energy consumption, and enable electrification. These solutions are used in such areas as refrigeration, air conditioning, heating, power conversion, motor control, industrial machinery, automotive, marine, and off- and on-highway equipment. Furthermore, Danfoss provides solutions for renewable energy, such as solar and wind power, as well as district-energy infrastructure for cities. The innovative engineering dates back to 1933. Danfoss is family-owned, employing more than 40,000 people, serving customers in more than 100 countries through a global footprint of 95 factories.
With over 50 years of history and assets under management of € 2.5 billion, NORD Holding is one of the leading private equity asset management companies in Germany. The focus is on the business areas of direct investments and fund of funds investments.
The focus of the direct business is on the structuring and financing of corporate succession models, the acquisition of group divisions/subsidiaries and the expansion financing of medium-sized companies. In contrast to most other financial investors, which only manage funds with a limited term, NORD Holding acts as a so-called "evergreen fund" with no term restrictions and invests from its own balance sheet.
The company is currently involved in more than 15 companies in Germany and other German-speaking countries. The Fund Investments division targets the small-cap segment of the European private equity market and focuses on primary, secondary and co-investments. NORD Holding concentrates strongly on buyout managers newly established on the market, operational investment strategies and regularly acts as an anchor investor.