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Integrated Wind buys majority of Procon Group

By: Tom Russell 05/07/2021 Integrated Wind Solutions AS

Corporate General

Integrated Wind Solutions AS announced the acquisition of 75% of Procon Group A/S (ProCon), a Danish engineering, construction and service solution provider specialised in electrical and technical solutions with a focus on offshore and onshore wind as well as solar power.

Integrated Wind Solutions AS outlined its aims to be a leading offshore wind service player by integrating service operation vessels with engineering, product and manpower services in a wind farm's installation, commissioning and operations phase.

"Today's announcement is the first steppingstone towards our ambition to become the leading provider of integrated service solutions in the offshore wind sector. We are impressed with ProCon's journey so far and look forward to partnering with ProCon's founder to enhancing its future success. The acquisition of ProCon will in effect be our first investment under the IWS Services division portfolio, and it is the perfect opportunity to further accelerate our growth plans as service solution providers to our offshore wind clients", said Lars-Henrik Røren, CEO of Integrated Wind Solutions AS.

Headquartered in Aalborg, Denmark, ProCon has activities in Belgium, Germany, Poland, Taiwan, United Kingdom and USA. In 2020, ProCon had a turnover of about DKK 84 million. Future growth is expected to be in line with the industry, estimated to be more than 20% per year. By contributing with DKK 60 million in cash injection, Integrated Wind Solutions acquires 75% of ProCon. The company founder, Claus Søgaard Poulsen, retains 25% ownership and will continue as CEO of ProCon. The transaction is expected to close within July 2021.

"We are immensely proud to have delivered specialist solutions regarding design, engineering, pre-assembly, installation, commissioning, service, inspection, maintenance and retro-fit to more than 1.500 offshore wind foundations, more than 850 wind turbines and substations, with more than 500,000 hours offshore working hours on the clock. Our services are perfectly complementary to Integrated Wind Solutions' ambitions. Their investment is a recognition of ProCon's strong market position and allows both companies to further expand our offerings and boost our global market amzcbitions using ProCon as the platform", said Claus S. Poulsen, CEO of ProCon Group A/S.

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Integrated Wind buys majority of Procon Group

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