|
Having been part of the international Masco Corporation for 33 years, Damixa is now back in Danish hands. The company has been known for its elegantly designed taps and mixer taps since 1967, and today Damixa sells its products in more than 25 countries.
The company, which is currently going through a major turn-around, is severely hit by the declining sales, but management now shows that it believes in the company. Managing director of Damixa, Kim Kenlev, and chief financial officer, Morten Vedel Kruse, has therefore chosen together with the investment company EVO Capital to buy the company from Masco Corporation.
“Damixa is hard hit by the economic decline since our production facilities are only profitable at a much higher turn-over. Therefore, we are currently exploring the possibility of changing and optimising our production. Damixa is a strong brand and has many highly skilled employees, and therefore we informed Masco early on that we were interested in taking over the company. Together with EVO Capital and their co-investors, we have now succeeded in doing just that”, says Kim Kenlev after the take-over, which is effective as of 31 July 2009.
“I am happy that a strong solution has been found for Damixa. For Masco it has been essential to announce already in mid-June that major changes are required for Damixa in the 2nd half of 2009. We have supported Damixa financially all the way. We believe there is a future for Damixa”, says retiring chairman of the board, Lau Frandsen.
About the investment, Jens Heimburger of Dansk Generationsskifte/EVO Captial says: “Damixa faces great challenges like many other companies. Here we have a strong brand, though, and a management that we believe is able to implement the changes necessary for ensuring profits in 2010. We believe that we shall see a number of years hereafter with stability before actually expecting growth. So we are prepared to be with Damixa for the long haul. On the other hand, we are confident that the initiatives already taken towards making Damixa a modern design and a customer oriented company will pay off in the long run”.
For further information: Kim Kenlev, CEO of Damixa, tel. 2293 8986
EVO Capital A/S is owned by Carsten Pedersen, Jens Pedersen and Jesper Øhlenschlæger through their investment companies together with Dansk Generationsskifte A/S. EVO Capital A/S is also the main shareholders of Byggros A/S, Contrast A/S and Suntex A/S.
Dansk Generationsskifte A/S is the management company for EVO Capital A/S. |