Wärtsilä to divest Euroatlas business

Source: press release, 30 March 2021

illustration: Wärtsilä
illustration: Wärtsilä

The technology group Wärtsilä has announced the divestment of 100% of the shares in Wärtsilä Euroatlas GmbH, to Mimir, a global investment firm based in Sweden.

Wärtsilä Euroatlas provides its global customer base 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 as a result of the acquisition of L-3 Communications MSI in 2015 and has 79 employees, based in Bremen, Germany.

Tamara de Gruyter, President, Wärtsilä Marine Systems and Head of Portfolio Business says, “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.”

Jeff Bork, Managing Partner Operations of Mimir, says, “The Wärtsilä Euroatlas business offers compelling growth potential. We will focus on scaling Euroatlas serving existing and new customers with our strong portfolio of competences and knowhow.”

Sven Soetebier, Managing Director, Euroatlas GmbH says, “Mimir is specialised in acquiring non-core business units of larger corporations. Their long-term focus on operational value creation provides a solid framework to actively support sustainable and profitable growth. Mimir will provide strategic, financial and operational support, enabling us to pursue growth and expansion. We look forward to being an independent company and working with Mimir to further develop the Euroatlas business”

Subject to approvals, closing of the transaction is expected in the third quarter of 2021.