Titech Electric on its sale to Axcel-backed Elcor Group

Transaction

Titech Electric on its sale to Elcor Group

Sell-side

Undisclosed

Role

Adviser to the owners of Titech Electric on the sale to Axcel-backed Elcor Group

Sector

Industrial & Chemicals
Business Services

Region

Denmark

We have advised Titech Electric, a leading supplier of electrical power panels, on its sale to the private equity company Axcel.

Titech holds a leading market position in the manufacturing of power panels. Alongside serving the Danish market with a wide range of panel types, the company has established itself as a key player in the data centre sector, delivering power solutions for the electrification and expansion of the fast-moving data centres across Europe. Titech will become part of the Elcor Group, which is backed by Axcel.

Elcor Group was founded in 2023 through the merger of the Danish companies tic elkas and Eegholm. Subsequently, Elcor Group has pursued an acquisitive expansion strategy and today the group operates from multiple locations across Denmark, Norway, Sweden, Poland, and Lithuania. With the strategic support from Elcor Group, Titech is poised to further expand its capabilities and services within the power sector.

Axcel is a leading Nordic private equity fund with offices in Denmark and Sweden, founded with the purpose of investing in and developing companies through active ownership. Since 1994, Axcel has carried out 72 platform investments, over 375 add-on acquisitions, and 53 exits.

With Elcor and Axcel, we have gained a lot of talented colleagues and become part of a large, strong team. During the process, it became clear that this was exactly the partner we wanted to go with. Not least because of the obvious synergies and good chemistry. As an owner-manager, it is essential to be guided safely through such a sales process, where you suddenly have to navigate in completely unknown waters with concepts you are hearing for the very first time. We felt we were in very competent hands with the team at Clearwater, and now that the sale is complete, I still feel that we are part of that team, and we still have a very rewarding relationship and sparring partnership. We have been treated in a very professional and humane manner. I have greatly appreciated that.
Ulrik Juul, CEO and co-owner, Titech

Danish niche companies in the industrial sector are in high demand, particularly within electrification and data centres, which are experiencing significant global expansion. Now, in 2025, M&A activity in the industrial sector continues its upward traction in the field, as we see strategic and PE-backed players actively pursuing to position themselves for the many highly attractive niche companies in Denmark before the owners decide to initiate the sale of the company. This has been the case for Titech as well, with several approaches from prospective buyers ahead of formalising a competitive sales process. Navigating and determining the timing of the sale of a company, hence becomes increasingly important, instead of listening too much to the buyer's preferences.
Carsten Rydahl, Partner, Clearwater