Description of Activities

Description of transaction:The proposed transaction involves the indirect acquisition by Hoyer Group A/s (“Hoyer”) of the entire issued share capital of Vestergraad Marine Services Namibia Pty Ltd (“VMS”).

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: The merging parties submit that the product markets are (i) distribution of marine engines; (ii) servicing and maintenance of ships; (iii) distribution of spare parts for marine engines; and (iv) design, engineering services, and project management.

Submit Your Comments

The Namibian Competition Commission (NaCC) values your input in ensuring fair competition across the country. If you have concerns about a business practice, merger, or market behavior, simply fill out our Feedback Form below. Provide a brief description of your concern, and include any relevant details or documentation. Your submission will be reviewed confidentially, and we’ll follow up if further information is needed.

Submission Form