Compressor manufacturer Secop, formerly part of Nidec, has been successfully acquired by the ESSVP IV fund, as of September 9.
Secop manufactures specialized refrigeration compressors such as these R290 units.
German refrigeration compressor manufacturer Secop was put up for sale earlier this year following Nidec’s commitment to the European Commission to sell certain of its compressor business lines. This was a condition of approval for Nidec’s acquisition of Embraco from the Whirlpool Corporation. The ESSVP IV fund has now successfully completed the acquisition of Nidec’s Secop business, makng Secop am independent business.
Secop is a global provider of specialized compressors for refrigeration and freezer appliances in the “Light Commercial”, “Battery-Driven”, and “Household” segments, including an extensive line of R290 and R600a hydrocarbon compressors. The company has three manufacturing facilities in Slovakia, Austria, and China, as well as R&D hubs in Germany, Austria, Slovakia, China, and the US, and employs over 1,800 experienced employees.
Originally Danfoss Compressors GmbH, the company was renamed Secop when it was acquired by German industrial holdings company Aurelius in 2010. Secop then acquired ACC Austria GmbH in 2014. Nidec acquired Secop for EUR185 million (about USD203 million) in 2017.
As of September 9, Secop now operates as a stand-alone company and will continue to operate globally under the Secop brand with the aim to enhance services, products, and support to its customers. “As a stand-alone company, Secop will be even more customer-centric, agile, and flexible and will strive to deliver superior value to customers and business partners,” Secop stated in the official press release on this acquisition.
“As a stand-alone company, Secop will be even more customer centric, agile, and flexible and will strive to deliver superior value to customers and business partners.” - Seco
The ESSVP IV fund, advised by Orlando Management AG, is an investor in industrial businesses headquartered in the DACH (Austria, Germany, and Switzerland) and Nordic region. ESSVP IV and its advisors plan to meet with key customers in the next months to communicate their long-term commitment and develop strategic plans to grow the business.
Secop has set aside more than EUR 33 million (about USD 36 million) in Austria and EUR 24 million (about USD26 million) in Slovakia to fund the development and further improvement of the design and manufacturing of the compressors produced in the two countries. Significant investments are also planned for Secop’s plant in China to strengthen Secop’s position in the Light Commercial and Battery-Driven business units.