Clearwater advises SteelTank on its sale to Ardent Management

Transaction

SteelTank on its sale to Ardent Management

Sell-side

Undisclosed

Role

Adviser to the owners of SteelTank on its sale to Ardent Management

Sector

Industrial & Chemicals
Energy & Utilities

Region

Denmark

We have advised accumulator tanks manufacturer SteelTank on its sale to the investment company Ardent Management.

SteelTank specialises in manufacturing accumulator tanks for the district heating sector and has over 30 years of experience in planning, producing, and delivering complete tank systems to both Danish and international markets.

Driven by growing trends in renewable energy and energy efficiency market trends, SteelTank has in the recent years capitalised on the increased focus on district heating and the adoption of renewable energy sources. Its unique expertise in designing and manufacturing accumulator tanks that efficiently store heated water during periods of excess renewable power has solidified its market-leading position.

Ardent Management, a private investment company based in Aalborg, Denmark, specialises in industrial businesses with national and international production and sale activities. Following the transaction, SteelTank’s founder and CEO, Frede Jensen Møller will remain CEO until a successor is appointed. The rest of the organisation will continue strengthening SteelTank’s position in Denmark and abroad.

Selling a business that you have built over many years is not just something you do. When I decided to sell SteelTank, I was told that Clearwater was the best adviser to turn to within our industry—and they have not disappointed. The team has handled the process in a professional and pleasant way, guiding us through all the unexpected phases of a transaction like this so we have been able to keep up and feel safe.
Frede Jensen Møller, Founder and CEO, SteelTank

Denmark holds a very special leading position in the electrification of district heating supply, and we are seeing numerous exciting cases in this progressive niche area that are attracting significant buyer interest, with the sale of SteelTank being our third within the past six months. SteelTank has managed to position itself strongly within heat storage by leveraging the increasing demand for district heating and we extend our warm congratulations to both parties and look forward to following SteelTank’s development and seeing the international potential unfold.
Carsten Rydahl, Partner, Clearwater