March 2013

Financial advisor to Axcel in the acquisition of a majority stake in Exhausto

ATRIUM was exclusive financial advisor for the leading Danish private equity firm Axcel, in its acquisition of a majority stake in Exhausto from VKR Holding.

Exhausto manufactures and sells air handling units for ventilation in buildings, primarily offices, schools and multi-family homes. Exhausto’s key markets are the Nordic region and Germany, where the company has a solid position in the attractive market for energy efficient indoor climate solutions targeting both the renovation and new building segments. In 2011 the group had revenues of DKK 500 m.

During the course of the transaction process, Axcel was successfully positioned as the best partner for VKR in the continued development of Exhausto.

Exhausto has been a part of VKR’s ventilation and indoor climate solutions division since 2010. With the ownership of a minority stake, VKR will continue to support the future development of Exhausto.