South Korean wind tower maker CS Wind has signed an agreement to purchase Bladt Industries, a Danish offshore engineering company, from Nordic Capital for Won26.9bn ($20.7m).
The deal to buy a 100% interest in Bladt awaits regulatory clearance.
Headquartered in Aalborg, Denmark, Bladt was set up in 1965 and makes offshore wind substructures including monopiles, jackets, transition pieces and offshore substations.
Under the ownership of Nordic Capital, the company pivoted to offshore wind, transforming into a pure play [focused on one type of product] supplier for the renewables industry.
The company has been supporting offshore wind farms for more than 20 years.
With the acquisition of Bladt, CS Wind now aims to transfer its production management and technology experience to the development of global substructures, boosting its competitiveness in the offshore wind market.
It is estimated that the demand for offshore wind could reach four to five times the present level due to the rise in the construction of offshore wind farms across Europe and the US from 2025.
Scarcity of substructure supply is already occurring in Europe as a result.
A CS Wind official noted: “As demand for offshore wind power is expected to grow explosively over the next ten years or more, this acquisition will be a historic turning point for CS Wind to expand its scope from wind tower business to offshore wind power substructure business in all directions.
“As the demand for ultra-large substructures of 3,000 tons or more is expected to continue to increase, we will further expand our leading market dominance in the superstructure and substructure business within the offshore wind power supply chain.”
Bladt Industries interim CEO Michael Glavind stated: “Our company has undertaken an impressive transformation in recent years, to better align our offering with the global need for an expansion of offshore wind farm capacity and become a leading supplier.
“With CS Wind as our new owners, Bladt will have a strengthened offset to further progress this journey. Having an owner who already knows and understands the offshore wind market and the complexities of steel construction will benefit us – and therefore also our customers – tremendously.”
