Description of Activities

Description of transaction: The Commission resolved to approve without conditions the indirect acquisition by Hoyer Group A/S of the entire issued share capital of Vestergraad Marine Services Namibia Pty Ltd.

Acquiring group: The primary acquiring undertaking is Hoyer, a Danish company who’s shareholding is held by Hoyer International A/S, which is ultimately jointly controlled by Capidea kapital IV K/S (“Capidea”) and Polaris CS Fund I K/S (“Polaris”). Hoyer controls several entities outside of Namibia, the acquiring group is currently not active in Namibia. In terms of business activities, the Hoyer group is a manufacturer and distributor of electric motors to various industries, sale of spare parts for electric motors and rebuilding/service of electric motors.  Both Capidea and Polaris are private equity funds that focuses on investments in small and medium-sized companies primarily within industry, distribution, software and services. 

Target undertaking: The primary target undertaking is Vestergraad Marine Services Holding ApS, a Danish company which controls VMS. The VMS Group is a Danish provider of repair and maintenance of engines, turbochargers, gears, propellers, etc., within the maritime industry, offshore, power plants, and wind turbines. It also distributes in particular diesel marine engines and distribution of spare parts for marine engines. Finally, it is active in design, engineering services, and project management. In Namibia VMS only derived turnover from servicing & maintaining of ships and distributing spare parts for marine engines. 

Relevant market: Concluded it is not necessary to definitively conclude on the relevant product market definition since the acquiring group does not have presence in Namibia.

Merger Determination

The Commission found the proposed transaction unlikely to result in the prevention or substantial lessening of competition or result in any undertaking to acquire or strengthen a dominant position in the market and did not raise any public interest concerns.

However, as stated under section 50 of the Act, this approval does not relieve parties from complying with any other mandatory statutory approvals that any of the parties to this merger must comply with under Namibian laws.