PALFINGER Completes the Acquisition of HARDING
HÜBNER SCHLÖSSER & Cie Advised PALFINGER
PALFINGER completed the acquisition of HARDING, a leading provider of maritime lifesaving equipment, from HERKULES CAPITAL.
PALFINGER completed the acquisition of the HARDING Group from the Norwegian private equity fund Herkules and the management shareholders. HARDING is a global leading supplier of maritime lifesaving equipment and provider of lifecycle services for maritime installations. In 2015, HARDING employed approximately 800 people and generated revenues of around EUR 140 million.
This acquisition doubles PALFINGER’s existing marine business and represents an important step toward achieving its strategic objective of becoming the leading integrated global supplier of products and services for ship deck equipment.
HARDING is headquartered in Seimsfoss, Norway, and operates an extensive global service network across 16 countries. In the marine industry, service activities are an essential part of the business, particularly due to international regulations such as the SOLAS Convention on maritime safety. HARDING generates approximately half of its revenue from lifecycle services. Its product portfolio primarily includes lifeboats, rescue boats, and davits. The company serves all major global customer segments, including oil and drilling companies, shipyards for offshore vessels, tankers, container ships, and passenger ships.
HARDING is a complementary addition to PALFINGER’s marine division.
“Both the product portfolio and the service network offer numerous synergies with virtually no overlap. Together, we will become the market leader in lifesaving equipment. Thanks to the well-established service business, PALFINGER MARINE will also become less dependent on oil prices and the investment cycle of the oil industry,” summarized Herbert Ortner, CEO of PALFINGER AG, regarding the significance of the acquisition.
HÜBNER SCHLÖSSER & Cie (HSCie) advised PALFINGER throughout all stages of the acquisition process. Herbert Ortner stated: “HSCie has been a long-standing partner of PALFINGER, and we value their full commitment and skillful execution.” Joachim Schlösser added: “We are very pleased to have supported PALFINGER during this important project.”
About PALFINGER AG
For many years, PALFINGER has been one of the world’s leading manufacturers of innovative lifting solutions used in commercial vehicles and the maritime sector. Headquartered in Salzburg, the multinational group generated total revenues of EUR 1.2299 billion in 2015 with approximately 8,995 employees.
The group operates production and assembly facilities across Europe, North and South America, and Asia. Innovation, further internationalization, and increased flexibility of products, services, and processes form the pillars of the company’s strategy. In the global market for hydraulic loader cranes, PALFINGER is regarded not only as a market leader but also as a technology leader. With more than 5,000 sales and service locations in over 130 countries across all continents, PALFINGER maintains close proximity to its customers.
About Herkules
Herkules is a leading private equity fund in Norway and has raised NOK 15 billion in capital since 2004. Herkules has completed 100 investments, including 34 platform investments.
About HSCie
HÜBNER SCHLÖSSER & Cie, headquartered in Grünwald near Munich, is an independent owner-managed corporate finance advisory firm specializing in advising on acquisitions and divestitures of medium-sized to large companies. In recent years, HSCie has participated in more than 150 transactions with a total value exceeding EUR 17 billion. HSCie is a market-leading advisory firm for mid-cap transactions in Germany.