© GPV Electronics Electronics Production | February 28, 2017
GPV acquires BHE
GPV acquires the electronics manufacturer BHE in Horsens (Denmark). The acquisition promotes GPV’s growth plan and further consolidates the company's position in the Northern European home market.
A year ago, GPV was acquired by the industrial conglomerate Schouw & Co. in Aarhus that launched an ambitious growth strategy. "We follow an ambitious growth strategy that is going to lift our revenue from DKK 850 million (2015) to DKK 1.5 billion in 2020. The growth will come from organic growth and from the establishment of production in Mexico, which we are busy implementing, as well as from acquisitions", explains GPV's CEO Bo Lybæk. "We have had a very positive negotiations process with the owners of BHE in recent months, and we are all satisfied with the acquisition agreement that has just been signed." BHE was set up in 1984 and has for a number of years traded for about DKK 100 million, mainly through sales to the Danish and Northern German markets. The company was owned by Bjarne Stenberg and Poul Martin Bøtker who functioned as chairman of the board of directors and managing director, respectively. "We have a good position in Denmark and in Northern Germany, but we are aware that if we truly are to grow internationally, then new and relatively large investments are needed. Here, GPV has the right size and technological capacity, and we are pleased that GPV is now there to lift our customers and their products to the next level", says Poul Martin Bøtker. In addition to the production in Horsens where about 70 staff are employed, BHE also has production in China. After the acquisition by GPV, BHE’s activities are expected to be integrated into GPV’s manufacturing footprint. "BHE’s present Danish production accounts for the main part of revenue, while BHE’s Chinese production accounts for the remaining part. By integrating the activities we will achieve a higher capacity utilisation, which is crucial for achieving our necessary synergies and strengthening our competitiveness", states Bo Lybæk. Poul Martin Bøtker adds: "I am looking forward to helping to ensure that this integration will become truly successful." There is no overlap between either products or customers, and Bo Lybæk sees BHE as a good match for GPV: "BHE is in top five in Denmark within the electronics production and is well-known for production of small and medium-sized electronics series of high quality. BHE is especially focussed on SMT manufacturing, and precisely here we see some growth potential over the coming years. Furthermore, BHE has a good grip on especially the Northern German market where we see some fine growth opportunities. This is not least the reason why we see BHE as a perfect opportunity of consolidation in the Northern European market."
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