International. Nidec Corporation announced that two Nidec subsidiaries, Nidec Europe BV and Nidec Americas Holding Corporation will sell the entire Secop compressor business to ESSVP IV LP, ESSVP IV (structured) LP, and Silenos GmbH & Co. KG (collectively "ESSVP IV"), advised by Orlando Management AG (a Munich-based private equity firm, Stockholm and Zurich, which focuses on special situations in the German- and Nordic-speaking markets).
This transaction follows Nidec's commitment to the European Commission to sell some of its compressor business lines to a suitable buyer as a condition for the European Commission to approve Nidec's acquisition of Embraco from Whirlpool Corporation, which was obtained on April 12, 2019.
The current Transaction is subject to regulatory approvals in Germany, Austria and Spain, as well as approval by the European Commission. To this end, Nidec has submitted to the European Commission its reasoned proposal for ESSVP IV as a suitable buyer, together with a copy of the Transaction documents, including the Share Purchase Agreement. In addition, prior to the signing, several communications and meetings were held between ESSVP IV's advisor Orlando, and the European Commission, as well as the Monitoring Trustee to discuss approval.
Nidec acquired hermetic compressor manufacturer Secop for €185 million in 2017. The former business of Danfoss Compressors GmbH was renamed Secop when it was acquired by the German industrial holding company Aurelius in 2010. Secop subsequently acquired ACC Austria GmbH in 2014.
