SEOUL, KOREA - Hi Air Korea (formerly Hi-Pres Korea), the world's No. 1 HVAC maker for ships, has acquired the majority control of Novenco Group of Denmark, the No. 2 player in the market.

 

According to investment banking sources on October 31, Hi Air Korea took over the majority stake from Danish private equity fund Dania Capital on October 7. The exact transaction amount was not disclosed.

 

Established in 1988 in the port city of Jinhae near Busan, Hi Air Korea has specialized in the manufacture of air-conditioners, freezers, and air ventilators. Its sales revenue last year was 393.3 billion won with more than a 60-percent share in the world market. Novenco Group, which consists of the companies Novenco A/S and Novenco Marine & Offshore A/S, is Denmark's largest HVAC company with operations across nine countries including Norway and the United Kingdom.

 

With the latest acquisition, Hi Air Korea's consolidated sales revenue will have increased to 550 billion won, with virtual monopoly in the global market. The company won't merge Novenco under its organizational structure and let it operate independently for the time being.