Press Release - Green Instruments acquired by Lifco

P R E S S E M E D D E L E L S E

Green Instruments acquired by Lifco

The Danish manufacturer of measuring instruments for emission control, water and gas analysis in the maritime industry, Green Instruments, has earned more than a quarter billion DKK in revenue over the past five years. Consequently, it has not been short of interest from investors and capital funds. However, during an active sales process, the owners met with the Swedish company Lifco, and it quickly became evident that their visions and chemistry aligned perfectly. Thus, Lifco has recently informed the Stockholm Stock Exchange that it will take over all assets of Green Instruments.

Brønderslev, November 14, 2023 – The four friends Poul Kodal Sørensen, Ken Erik Nielsen, Allan Juul Bech, and Oluf Olesen Sigh have known each other for 40 years and have, among other endeavors, co-owned Green Instruments. After a long and successful working life, the quartet can now dedicate themselves to other business activities, as Green Instruments has a new owner starting today.

What distinguishes Lifco is that the company typically acquires small and medium-sized promising companies in specific industry niches with the intention of owning them rather than reselling. Consequently, Lifco currently includes 211 companies in 30 countries, with a total of over 6,500 employees. In the last fiscal year, Lifco had sales of 21.6 billion SEK and has achieved a growth of 14.1% since 2006, with an annual growth in EBITDA of 21.6%.

Lifco's approach to the Green Instrument’s continued development has been important to the owners. As a result, the entire organization behind Green Instruments, which currently consists of about 75 employees, will be continued. They generated revenue of approximately 194 million DKK last year, and the equity amounts to 106 million DKK, making it a solid and well-run company that Lifco is taking over.

Up to 90% of world trade is transported by ship, and although maritime transport is relatively environmentally friendly in isolation, the transport volumes make CO2, sulfur, and nitrogen oxide emissions a significant environmental concern. Consequently, since 2020, maritime transport has had to reduce sulfur and other particle emissions and, most importantly, measure and document the reduced emissions.

This requires special measurement systems for the scrubbers installed in the ships' chimneys, which Green Instruments in Brønderslev has specialized in developing. Additionally, Green Instruments develops various technologies for the industry and the maritime sector to detect exhaust emissions, oil mist, and oxygen levels, for instance, in engine rooms and production environments. The company expects to generate a turnover of more than 200 million DKK in 2023 and sells its solutions globally through companies in Denmark, the USA, and Singapore – an ideal match for Lifco.

• A significant part of the credit for Green Instruments' development goes to our employees and management. However, in the ownership circle, we have also benefited from our friendship over the years. Thus, we can look back on a shared working life where we have managed to create a company that has become a leader on a global scale. Green Instruments continues to have a significant development department, and therefore, Lifco will take over an innovative and competitive company, said Poul Kodal Sørensen on behalf of the ownership circle, which also includes chairman Karsten Ries.

Green Instruments will become part of Lifco's division for Systems Solutions, Environmental Technology, and according to Lifco, it is Green Instrument’s role as a technological front-runner that  will drive growth in the years to some:

• Green Instruments has been instrumental in creating a global market for solutions that can make the maritime industry become more environmentally friendly. There is immense potential in this, and we believe that as the new owner, we can further strengthen the company's position," says Martin Linder, Head of Systems Solutions at Lifco AB, headquartered in Enköping, Sweden.

For Karsten Ries, who also works as chairman in a range of other technology companies, it has been crucial for Green Instruments to find a new owner eager to continue the intensive development work Green Instruments is known for.

• Green Instruments holds the key to a greener maritime industry and is part of a global mega-trend. Green Instruments already holds half of the world market, but there is room for even more growth – also with regards to Green Instrument’s technologies that contribute to enhancing the safety for employees on board a ship or in an industrial production. Therefore, I expect that we will see Green Instruments continue to grow under Lifco's ownership, comments Karsten Ries.

Read more on www.greeninstruments.com and www.lifco.se.

For further information, please contact:

Karsten Ries, chairman of the board, Green Instruments, +45 25 59 08 40

Poul Kodal Sørensen, co-founder, Green Instruments, +45 51 37 59 32

Press agent: Jacob Lange, Lange PR, +45 20 76 30 20 / jacob@langepr.dk