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Kamstrup Announces Agreement to Sell its Gas Division

Press release

Doesburg, (NL), 5th of September, 2014

Kamstrup Announces Agreement to Sell its Gas Division
Today Kamstrup, a leading provider of energy and water metering solutions, announces that it has entered into an agreement to sell its Gas Division to QAT III Investments Coöperatief UA (QAT), a renowned investment company investing in medium-sized companies in the business to business market. The Gas Division supplies industrial products for the distribution of natural gas and is managed entirely by the Dutch Kamstrup b.v. in Doesburg, a subsidiary of Kamstrup A/S. Employing 23 people it generated sales of EUR 6 million in 2013. The sale includes all assets related to the Gas Division. The Gas Division develops, produces and sells volume converters, inspection systems and gas pressure regulators, which have been sold and marketed under the Kamstrup name for more than two decades.

“While prosperous and with international growth potential, the Gas Division has only few synergies with other activities of the Kamstrup Group”, says CFO Henrik Rom. “Becoming an independent company with more focus on gas products enables the Gas Division to release its full potential; we are working closely with QAT to ensure a smooth transition for our employees, customers and suppliers.”

Exiting the business of industrial gas products supports the Kamstrup strategy to focus on domestic and commercial metering as its core business.

QAT is a prominent investment company, investing in proven sound companies with growth potential. With QAT as new owner, the Gas Division will be able to deliver added value to existing and new customers.

“We are pleased to sell our Gas Division to an investment company with a bright strategy and strong focus on growth”, says Hans Kuiper, Managing Director of Kamstrup b.v. “With QAT as new owner, the Gas Division will take an important next step to increase the success of its products.”

The Gas Division continues to operate under the same legal entity, but now as an independent company and under the name Wigersma & Sikkema B.V. This is the name under which the company was founded in 1921. Wigersma & Sikkema B.V. will be managed by Piotr Skotnicki.

The transition is expected to be completed in the third quarter of 2014. The remaining business of Kamstrup in the Netherlands will be continued under the name Kamstrup B.V. as part of the Kamstrup Group and as a new legal entity.

For further information, please contact: Per Asmussen, Chief Executive Officer, Kamstrup, +45 8993 1000, Henrik Rom, Chief Financial Officer, Kamstrup, +45 8993 1000, Hans Kuiper, Gas Division Director, Kamstrup, +31 313 471 998 or Piotr Skotnicki, Managing Director, Wigersma & Sikkema, +31 313 471 998.

About QAT III Investments Coöperatief UA:
Founded in 2011 QAT III Investments Coöperatief UA represents entrepreneurs investing in entrepreneurs. QAT’s partners are experienced directors and entrepreneurs that all together have founded and developed over 50 companies. The QAT Group is more than just the management team. Many business partners have drawn inspiration from the collaborative entrepreneurship and the constructive approach to company development over the years. QAT can therefore rely upon an unequalled, motivated network of professionals in all relevant business areas. Their no-nonsense business approach has demonstrated its relevance in the past and will continue to do so in the future.

About Kamstrup:
Kamstrup serves energy companies and utilities with innovative metering solutions for electricity, heat, cooling and water. Solutions include Smart Grid applications, Smart Metering systems and consumption meters. Energy and water meters from Kamstrup are installed in homes worldwide securing fair billing and an efficient use of energy. Kamstrup was founded in 1946 and is a 100% Danish company with representations in more than 60 countries.

About Wigersma & Sikkema:
Wigersma & Sikkema develops, produces and sells volume converters, gas pressure regulators and inspection systems for the natural gas market. The company was founded in 1921 and operates as an independent business on the international natural gas market after the split off from Kamstrup.

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