Verdane VIII portfolio company JSB Group makes strategic acquisition of Spanish wind industry core kit supplier MEP

1 Feb, 2017

- Extended client base and customer value
- Strong synergies in technology, know-how and footprint
- Increased economies of scale and proximity to clients
- Acquisition effective from 1 April 2017, pending required approvals.
- Capacity increase to serve growing core kit demand from blade manufacturers in China

Ringkøbing, Denmark, February 1, 2017 - JSB Group, a specialized Danish supplier of core material kits for wind turbine rotor blades, has today announced the successful acquisition of the Spanish core kit supplier MEP and at the same time the expansion of its global manufacturing footprint with investment in a new factory in Dafeng, China.

Established in 1988 JSB Group has developed into the world’s leading independent supplier of core material kits for the wind turbine industry. From its three facilities in Denmark, China, and USA JSB customize core materials from foam or balsa, which are used for structural enhancements of rotor blades for the world’s leading wind turbine manufacturers including Vestas, Siemens, General Electric and Nordex/Acciona.

Continued onshore wind power growth in Southern Europe, Middle East and Africa combined with competitive low manufacturing cost is currently driving expansion of blade manufacturing capacity and volumes in Southern Europe. Annual blade manufacturing volumes in the region are expected to grow 4% p.a. until 2020 according to leading wind industry analyst MAKE. MEP is well positioned to serve demand for quality core kits in the region.

Founded in 2003 MEP today serve a client base of South European rotor blade manufacturers based on closeness to clients, high level of automated manufacturing processes, quality and high level of customer service. MEP adds a complementary manufacturing footprint, technology and know-how to JSB Group, and is well positioned to cater to growth trends in the region.

"As the cost of electricity from wind power continues to decline JSB is dedicated to being the wind turbine industry’s preferred global partner for core kitting, supporting our customers in reducing cost and optimizing manufacturing processes to reduce overall LCOE. The acquisition of MEP, allows JSB to increase customer value from an expanded global footprint, economies of scale, proximity to clients and to leverage our joint technology platform in automation, core kit processing and prototyping", said Frank V. Nielsen, CEO JSB Group

"As a family owned company in a globalizing and consolidating industry we have been looking for the right partner to leverage our technology platform and experienced team of specialists. We have found the ideal partner in JSB and look forward to translating our key synergies into increasing competitiveness for our customers" said Pablo Losa, CEO MEP.

New kitting facility in Dafeng, China

At the same time JSB Group announced the decision to invest in a new kitting facility in China. The new facility located in Dafeng positions JSB Group to effectively serve the increasing demand for core kits for blade manufacturing in the Greater Shanghai Area from blade manufacturers such as TPI, Siemens and LM Wind Power.

The facility will initially have 5,000m2 manufacturing space and employ 50-75 people, but can be expanded to 12,000m2. In later stages. The facility is planned to start operations in the second half of 2017.

For more information, please contact:

Frank V. Nielsen, CEO
+45 40 46 63 90

About JSB Group

JSB Group is a global leading supplier of core material kits made from primarily foam and balsa, which is used as structural enhancement for wind turbine rotor blades. The company has specialized in design and processing of kits that have been optimized for subsequent use in the rotor blade manufacturing. Through the years, the company has expanded, and JSB Group has a revenue of 600mDKK and now employs approximately 400 people in Denmark, China, and USA. JSB Group was acquired by The Nordic Private Equity fund Verdane Capital in May 2016.

About MEP

MEP is an experienced Spanish supplier of core material kits made from primarily foam and balsa founded in 2003. MEP is family owned with a revenue of 100mDKK and now employs approximately 100 people in Spain.

About Verdane Capital Advisors

Verdane private equity funds invest in companies with strong growth potential that are active in the consumer internet, software, energy and advanced industrial sectors. The funds have the flexibility to buy either a complete portfolio of unlisted assets, parts of a portfolio or a single shareholding. Committed capital across Verdane funds stands at €900m. The latest fund, Verdane Capital IX, was raised in 2016 and has SEK 3bn in commitments from investors. Verdane Capital Advisors, the exclusive investment advisor to Verdane funds, has 24 employees in Oslo, Stockholm and Helsinki. For more information, please visit