Axcel is partnering with the owners of Danish company Mountain Top Industries, one of the world’s leading producers of pick-up accessories. The company has grown rapidly in recent years and has brought Axcel on board to support its continued expansion and entry into new markets. Mountain Top is currently owned by Marie-Louise and Lars Bjerg, who will remain both shareholders and board members.

Mountain Top Industries has been producing accessories for pick-up trucks since 1978 and has evolved in close association with its customers, which include leading pick-up producers such as Ford, Nissan, Renault, VW, Mercedes-Benz and Toyota.

Almost 170 employees work in design, development and production at Mountain Top’s facilities in Frederikssund, Denmark. The company’s main market is currently Europe, where it is the market leader, but there is also potential for global expansion:

“After several years of rapid growth, the next step in our journey is to expand both sales and production in a number of new markets, which we believe can best be achieved in partnership with Axcel,” says CEO Marie-Louise Bjerg. “We moved into Australia in 2014, but we also see considerable potential in markets such as the US, which is more than 20 times the size of the European market. We look forward to taking Mountain Top to the next level together with Axcel with all its experience of international expansion.”

Mountain Top’s move into the global market has led to a doubling of sales outside Europe in the past four years to 20% of total turnover.

“We’ve come a long way under family ownership since the business was founded in 1951, so it was a big decision to sell,” says Lars Bjerg. “But after lengthy deliberation and dialogue, we feel sure that Axcel can help take Mountain Top Industries forward.”

The pick-up truck market in Europe, Asia-Pacific and North America has a long track record of stable growth, so Axcel sees good opportunities for continued expansion:

“Through a focus on product development, quality and service, Marie-Louise and Lars Bjerg have built a business with a wide range of good products and high customer satisfaction,” says Christoffer Müller, the officer responsible for the investment at Axcel. “In addition, Mountain Top has achieved a high degree of efficiency in all processes, so our future focus will be on generating growth in both established and new markets, including the US, where 3 million pick-up trucks are sold every year.”

Mountain Top is the second investment for Axcel’s fifth fund, Axcel V. The transaction is subject to approval from the competition authorities.

About Mountain Top Industries

Mountain Top has been producing accessories for pick-up trucks since 1978 and has around 170 employees working on design, development and production in Frederikssund, Denmark. In 2014, the company also opened a sales office in Australia. Mountain Top supplies accessories to carmakers such as Ford, Nissan, Renault, VW, Mercedes-Benz and Toyota for factory fitting, but also to the aftermarket. The company has won Danish business paper Børsen’s Gazelle Award for fast-growing companies eight times, most recently in 2017, and is the current holder of PwC Denmark’s Owner-Manager of the Year Award.

About Axcel

Founded in 1994 by a group of Denmark’s largest financial and industrial institutions, Axcel is a Nordic private equity firm focusing on mid-market companies and has a broad base of both Danish and international investors. Axcel has raised five funds with total committed capital of around EUR 1.9 billion to date. These funds have made 48 platform investments, with more than 90 major add-on investments and 37 exits. Axcel currently owns 11 companies with combined annual revenue of around EUR 1.2 billion and some 6,000 employees.

Further Information: 

EQT Infrastructure portfolio company DCLI today announced the signing of a definitive agreement to acquire TRAC Intermodal’s fleet of approximately 72,000 53-foot domestic chassis and related customer and hosting contracts with major Class I railroads and intermodal shipping companies throughout the US. DCLI’s acquisition of TRAC Intermodal creates the largest intermodal chassis leasing and management platform in the US.

Direct ChassisLink Inc. (“DCLI”), acquired by EQT Infrastructure II in June 2016, is a leading provider of marine chassis and asset management services to the US intermodal industry. As a result of the acquisition, DCLI will own, lease or manage approximately 136,000 marine chassis, as well as approximately 80,000 domestic chassis, for a total chassis fleet of over 216,000. In addition, through its REZ-1 asset management platform, the company manages over 86,000 domestic intermodal containers for third parties.

After combining the businesses, customers will benefit from a single source for intermodal marine and domestic chassis leasing services through DCLI’s expanded national footprint now encompassing all major ports and railway terminals in the US, and with the benefits of operating on the REZ-1 asset management platform.

“DCLI’s operating expertise in chassis management creates a natural strategic fit with TRAC Intermodal’s domestic fleet. We strongly believe in DCLI and are excited to support the management team through its growth. This acquisition in combination with DCLI and REZ-1 will create a unique intermodal infrastructure asset,” says Erwin Thompson, Partner at EQT Partners and Investment Advisor to EQT Infrastructure.

The transaction is expected to close in early January 2018, subject to customary closing conditions.

Read the full DCLI press release or visit DCLI’s website for more information.

EQT Infrastructure portfolio company DCLI today announced the signing of a definitive agreement to acquire TRAC Intermodal’s fleet of approximately 72,000 53-foot domestic chassis and related customer and hosting contracts with major Class I railroads and intermodal shipping companies throughout the US. DCLI’s acquisition of TRAC Intermodal creates the largest intermodal chassis leasing and management platform in the US.

Direct ChassisLink Inc. (“DCLI”), acquired by EQT Infrastructure II in June 2016, is a leading provider of marine chassis and asset management services to the US intermodal industry. As a result of the acquisition, DCLI will own, lease or manage approximately 136,000 marine chassis, as well as approximately 80,000 domestic chassis, for a total chassis fleet of over 216,000. In addition, through its REZ-1 asset management platform, the company manages over 86,000 domestic intermodal containers for third parties.

After combining the businesses, customers will benefit from a single source for intermodal marine and domestic chassis leasing services through DCLI’s expanded national footprint now encompassing all major ports and railway terminals in the US, and with the benefits of operating on the REZ-1 asset management platform.

“DCLI’s operating expertise in chassis management creates a natural strategic fit with TRAC Intermodal’s domestic fleet. We strongly believe in DCLI and are excited to support the management team through its growth. This acquisition in combination with DCLI and REZ-1 will create a unique intermodal infrastructure asset,” says Erwin Thompson, Partner at EQT Partners and Investment Advisor to EQT Infrastructure.

The transaction is expected to close in early January 2018, subject to customary closing conditions.

Read the full DCLI press release or visit DCLI’s website for more information.

Lubbers Logistics Group, the logistics provider to the oil and gas drilling industry, has completed the acquisition of the Special Transport divisions of Wagenborg Nedlift in the Netherlands and Wagenborg GmbH in Germany as per July 1, 2016. The acquired divisions will be fully integrated into the Lubbers organization and will continue under the brand name Lubbers. The acquisition is part of Lubbers’ strategy to further strengthen its position in the European energy logistics market. The divestment allows Wagenborg Nedlift, a specialist in horizontal and vertical heavy transport, to focus on its niche market: lifting, heavy transport and assembly.

Through the acquisition Lubbers Logistics Group expands its workforce by 89 employees and adds 73 trucks and 165 trailers to its existing truck and trailer fleet. The combination enables Lubbers to further expand its European network and by leveraging the expertise of the Wagenborg Nedlift employees, Lubbers expects to further optimize the service to its customers.

The divestment enables Wagenborg Nedlift to focus on its core activities: lifting, heavy transport and assembly. In addition, Wagenborg Nedlift secures good future prospects for the Special Transport division employees who will relocate to Lubbers.

In the coming transition period as well as in the more distant future, there will (continue to) be close cooperation between the two companies, in which the interests of the customer and the quality of service will come first and foremost.

About Wagenborg Nedlift: Wagenborg Nedlift is an expert in providing accurate, efficient and secure solutions for challenging logistical issues and offers a complete package of logistics services for lifting, heavy transport and assembly. Wagenborg Nedlift is active throughout Europe and beyond, including the oil and gas industry, petrochemical industry, the energy sector and the sectors construction and infrastructure. www.wagenborg.com

About Lubbers Logistics Group: Since 1929, Lubbers Logistics Group delivers professional and reliable transportation in the energy sector and has a European-wide network, with thirteen offices in eight different countries. Lubbers offers a number of adjacent logistics services such as drilling rig relocations, project management, recruitment services and offshore container rental. www.lubbers.net