Clearwater International advises OJ Electronics on its sale to Bitzer

Clearwater International has advised the Christiansen family and management of OJ Electronics, a leading company specialising in the design and development of electronic controls for HVAC and underfloor heating systems, on its sale to Bitzer, a refrigeration, air conditioning, and heat pump technology specialist.

OJ Electronics is a technology and innovation leader in the development, manufacture, and distribution of control solutions for HVAC systems and electric floor heating. Through deep application and technical know-how, the company contributes to the continuous drive for energy efficiency in buildings with more intelligent control solutions. Their product portfolio consists of controls and panels for air handling units, fans, and compressors in ventilation systems and thermostats for electric floor heating. In the fiscal year 2021/22, OJ Electronics reported a turnover of approximately €57m (DKK 424m) and EBITDA of over €12m (DKK 92m).

Founded in 1964, OJ Electronics transitioned ownership to the Christiansen family in the 1990s, who have since been the majority owners. Similar to OJ Electronics, Bitzer is a family-owned business headquartered in Stuttgart, Germany. With a global presence of 75 sites in 40 countries and more than 4,000 employees, the company is an independent specialist in refrigeration, air conditioning, and heat pump technology.

Bitzer's acquisition of OJ Electronics aims to broaden its scope for electronic components, especially in air handling and floor heating systems. This will support a broader offering of energy efficiency in the heating, ventilation, and air conditioning (HVAC&R) industry, through more intelligent solutions. In addition, the sale is expected to generate synergies through a strong cultural fit, with both businesses sharing similar values and a strong passion for their accomplished heritage.

sold to

Sell-side

Undisclosed
Clearwater Advisers
Adviser to OJ Electronics on its sale to Bitzer
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It is a demanding process to sell a business while running it at the same time, especially when you have not tried it before. Clearwater International has been competent in leading this process, as well as balancing both involved stakeholders and potential buyers. Bitzer is a good match for us both strategically and culturally. A match that has also received good appreciation from our employees, as they can see themselves as part of the future of OJ Electronics, which obviously means a lot to us.

Erik Damsgaard, CEO and Co-owner, OJ Electronics

It was essential for us to find a buyer that is right for OJ Electronics. A buyer that can make the business stand strong in the future in the local community, that we cherish highly, and one that can provide the right opportunities for the company's future. Like us, Bitzer shares a long-term strategic vision and the same family-owned values, which offers us optimal development opportunities. We have had very good cooperation with the Clearwater International team, who have been able to align all the involved stakeholders in a professional process with a strong field of buyers, resulting in the best match for OJ Electronics in the future.

Mads Pauli Ringkjøbing-Chrstiansen, Owner, OJ Electronics

OJ Electronics is a great company and we are proud to have advised the family-owners and management in this transaction. OJ Electronics’ ability to innovate the HVAC industry and introduce more energy-optimal and intelligent solutions to the market, is a great contribution in the quest to reduce the substantial CO2 footprint associated with buildings worldwide. The combined entity of OJ Electronics and Bitzer Electronics will become a significant market player that will face many great opportunities, and hopefully drive even greater innovation to the benefit of us all.

Carsten Rydahl, Partner, Clearwater International

Clearwater Advisers

Carsten Rydahl
Carsten Rydahl Partner

+45 27 62 03 73 Email
Klaus Hansted
Klaus Hansted Associate Partner

+45 51 90 81 96 Email
Jesper Pedersen
Jesper Pedersen Director

+45 61 60 71 50 Email
Anders Hein Vrå
Anders Hein Vra Senior Associate

+45 22 97 93 33 Email
Julie Marianne Edslev-Christensen
Julie Marianne Edslev-Christensen Associate

+45 20 32 96 44 Email

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Clearwater International advises OJ Electronics on its sale to Bitzer

Clearwater Advisers

Carsten Rydahl

Klaus Hansted

Jesper Pedersen

Anders Hein Vrå

Julie Marianne Edslev-Christensen