One of the factors behind the merger between Rask El and Enelco is a wave of acquisitions in the installation sector. Foreign investment funds have already bought several companies in the area, prompting the two local businesses to discuss a shared future.
The merger takes effect on 1 October and will create an installation company with more than 150 employees. For Rask El CEO Jacob Goldbeck, it was important to act while the owners on both sides were still in a position to choose the direction themselves.
- The aim is to consolidate and make sure there is still a strong local installation company here. If you look around, some owners are getting older. If they do not have a succession plan in place, there is almost only one option left, and that is to sell to someone else, says Jacob Goldbeck.
Preparing for the future
According to Goldbeck, Norwegian investment funds in particular have been behind several acquisitions in the sector. He says three larger companies in the area have already been bought.
Jacob Goldbeck saw a risk that both businesses could come under pressure if investors continued buying companies and, among other things, acquired Enelco.
Rask El therefore approached Enelco to explore the possibility of bringing the two companies together. After the merger, they will continue under the Rask El name.
- The merger strengthens us locally and gives us the size we need to develop our employees internally. At the same time, it makes us more resilient and better equipped to handle the work that lies ahead. We have put ourselves in a position where we can decide our own direction, he says.
The merger will particularly strengthen Rask El’s service business on Falster, where Enelco has so far had a stronger position. No further deals are currently lined up, but Goldbeck is keeping the door open to additional growth. The company is now well covered across Lolland-Falster. If it later expands geographically, he points towards Zealand.
- We have no plans for anything further at the moment, and there is nothing in the pipeline. We are well covered across Lolland-Falster, and there is limited room to expand much further here. If we decide at some point to grow geographically, it will be towards Zealand, says Jacob Goldbeck.
