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Maigaard & Molbech and European Energy JV acquires Vinkel Bioenergi

In Denmark, exclusive private equity firm Maigaard & Molbech ApS has on behalf of private investor Bo Bendtsen entered into an agreement to acquire compatriot biogas producer Vinkel Bioenergi ApS in a new joint venture holding company called BioCirc ApS together with energy major European Energy A/S.

Built by Lundsby Biogas A/S and commissioned in 2019, the Vinkel Bioenergi ApS biogas AD plant with biogas upgrading and grid injection supplies over 52 million Nm3 of RNG to the Danish gas grid making it one of the larger plants in Denmark. The plant has been acquired by BioCirc ApS, a new joint venture holding company formed by Maigaard & Molbech ApS, and European Energy A/S (photo courtesy Lundsby Biogas).

In a transaction for an undisclosed amount, Maigaard & Molbech, an exclusive family office advising ultra-high net worth individuals (UHNWI) on a multi-asset investment strategy, has entered into an agreement to complete a strategic acquisition of Vinkel Bioenergi on behalf of private investor Bo Bendtsen, in a joint venture with European Energy.

With the intention of forming a “circular bioeconomic group”, Vinkel Bioenergi and its employees will be integrated as a wholly-owned subsidiary of the new joint venture holding company BioCirc ApS.

Closing has been reached ahead of competing bids from strategic investors and infrastructure funds notes Maigaard & Molbech, emphasizing the innovative joint venture’s large-scale vision for the future as a key differentiator.

The acquisition of Vinkel Bioenergi will be the first step in the formation of the BioCirc Group, which will be a leading circular bioeconomic group focusing on recycling, waste-to-energy (WtE), renewable energy, and Power-to-X (PtX). Amongst other things, BioCirc will contribute to a more sustainable future for the agricultural industry, and we are very happy and proud that we have succeeded in taking the first step with the acquisition of Vinkel Bioenergi, one of Denmark’s largest biogas producers, said Bertel Maigaard, Managing Director of Maigaard & Molbech.

Large RNG-to-grid plant

Vinkel Bioenergi was established in 2018 to convert more than 400 000 tonnes per annum of biomass into green and CO2-neutral renewable natural gas (RNG) from a new production plant that was commissioned in 2019. Located in Højslev, central Jutland, the AD plant supplies up to 6 000 Nm3 per hour biomethane to the Danish natural gas network.

Vinkel Bioenergi has succeeded in building a rapidly growing business. 2020 saw net profits of approximately DKK 17 million (≈ EUR 2.29 million), over tripling to DKK 56.1 million (≈ EUR 7.5 million) in 2021.

And according to European Energy, future outlooks are promising as Vinkel Bioenergi will be integrated into the new owners’ supplier network to also assist with the production of e-methanol.

Biogenic CO2 is an important component of e-fuels that can decarbonize sectors such as heavy transportation and aviation. European Energy will make use of the CO2 that would otherwise be released to the atmosphere from the production of biogas at Vinkel Bioenergi in the production of e-methanol that will be supplied to major companies such as Circle K and Maersk. In this way, Vinkel Bioenergy contributes to our common goal of becoming a net-zero society in the future, said Knud Erik Andersen, CEO of European Energy.

The transaction was advised by several parties including Accura (legal), BDO (tax and transaction service), Rambøll (technical), North (insurance), and Dealhaus (corporate finance).

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