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30 Mar 2021

MCF supports Wärtsilä on the divestment of Euroatlas

Wärtsilä Corporation (“Wärtsilä”), a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets, has announced the divestment of 100% of its shares in Wärtsilä Euroatlas GmbH (“Euroatlas”), to Mimir Invest AB (“Mimir), a global investment firm based in Sweden. MCF acted as adviser to Wärtsilä throughout the process and the transaction marks MCF’s third engagement for Wärtsilä since 2018.

”We are very pleased to have come to an agreement to sell Wärtsilä’s EUROATLAS business to Mimir. As the business has limited synergistic links with Wärtsilä, we believe that under new ownership the company gets an opportunity to further drive their business success independently.”

Tamara de Gruyter

 President of Wärtsilä Marine Systems and Head of Portfolio Business

The Deal

Euroatlas is part of Wärtsilä’s Portfolio Business, which consists of multiple independently run business units, focused on accelerating performance and unlocking value through divestments or other strategic alternatives.

In this transaction, MCF advised on the demerger and carve-out of the Euroatlas business into a separate legal entity. Potential buyers from a variety of geographies were approached during 2020 with COVID-19 issues leading to several foreign buyers withdrawing from the process. The deal team from several MCF offices managed to raise sufficient interest from various parties with Mimir being identified as the best future owner of Euroatlas and ensuring that the business will continue to operate out of its current location in Bremen, Germany. Going forward, Mimir will focus on scaling Euroatlas, serving existing and new customers with its strong portfolio of competences and knowhow.

The transaction was closed on 31 July 2021.

The Target

Euroatlas provides its global customer base with tailormade solutions for high performance power conversion in naval, aviation and mobile land-based applications requiring highest reliability and power density and leading-edge energy efficiency under harsh environmental conditions. Products and services include original design, retrofits, upgrades, maintenance, spare parts and education. The company became part of Wärtsilä through the acquisition of L-3 Communications MSI in 2015, and has 79 employees based in Bremen, Germany.

Client Statement

Tamara de Gruyter, President of Wärtsilä Marine Systems and Head of Portfolio Business said: ”We are very pleased to have come to an agreement to sell Wärtsilä’s EUROATLAS business to Mimir. As the business has limited synergistic links with Wärtsilä, we believe that under new ownership the company gets an opportunity to further drive their business success independently.”

About Wärtsilä

Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2020, Wärtsilä’s net sales totalled EUR 4.6 billion with approximately 18,000 employees. The company has operations in over 200 locations in more than 70 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.

About Mimir

Mimir is a global investment firm acquiring non-core business units of large corporations and private companies that need operationally oriented ownership. The Mimir group has operations in 20 countries across the world and 1,000 employees.