Integrated Wind Solutions, a recently formed offshore wind service company owned by Norway's Awilhelmsen investment group, has acquired a 75% stake in Danish Procon Group A/S.
ProCon is an engineering, construction, and service solution provider specialized in electrical and technical solutions to the global renewable industry with a focus on the offshore and onshore wind as well as solar power.
Lars-Henrik Røren, CEO of Integrated Wind Solutions AS: "Today’s announcement is the first stepping stone towards our ambition to become the leading provider of integrated service solutions in the offshore wind sector."
"We are impressed with ProCon’s journey so far and look forward to partnering with ProCon’s founder to enhancing its future success. The acquisition of ProCon will in effect be our first investment under the IWS Services division portfolio, and it is the perfect opportunity to further accelerate our growth plans as service solution providers to our offshore wind clients."
Based in Aalborg, Denmark, ProCon has global ambitions with activities in Belgium, Germany, Poland, Taiwan, United Kingdom, and USA, IWS said.
In 2020, ProCon had a turnover of about DKK 84 million (~$13,38 million).
IWS said the future growth is expected to be in line with the industry, estimated to be more than 20% per year.
By contributing with DKK 60 million (~$9,5 million) in cash injection, Integrated Wind Solutions acquires 75% of ProCon.
The company founder, Claus Søgaard Poulsen, retains 25% ownership and will continue as CEO of ProCon. The transaction is expected to close within July 2021.
“We are immensely proud to have delivered specialist solutions regarding design, engineering, pre-assembly, installation, commissioning, service, inspection, maintenance and retro-fit to more than 1.500 offshore wind foundations, more than 850 wind turbines and substations, with more than 500,000 hours offshore working hours on the clock. Our services are perfectly complementary to Integrated Wind Solutions’ ambitions.
"Their investment is a recognition of ProCon’s strong market position and allows both companies to further expand our offerings and boost our global market ambitions using ProCon as the platform”, said Claus S. Poulsen, CEO of ProCon Group A/S.
Integrated Wind Solutions, through its subsidiary Awind, has two UT5519DE design wind farm support Vessels under construction with delivery in 2023. and options for up to four further sister vessels.
Awind has recently secured a charter contract for its first “walk-to-work” Commissioning Service Operation Vessel (CSOV) at the Dogger Bank offshore wind farm in the UK. The contract at what will become the world's largest offshore wind farm will start in the second quarter of 2023.
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