A Danish company whose business interests include wind energy and baked goods has added intelligent lighting to the mix by adding Martin Professional. Schouw & Co. has acquired a 48.5% share in Martin, acquired from the firm's three largest shareholders, including founder Peter Johansen.
Schouw & Co. has also acquired the rights to a further 4.9% share, giving the company a controlling interest of 53.4% in Martin, which will maintain its independence. "We welcome Schouw & Co. as our new parent company and feel this is an acknowledgment of the efforts the entire Martin team has made in the last year in order to bring Martin back on a profitable track," says Martin CEO Kristian Kolding, who added that top Martin management, and the company's business strategy, will remain intact.
In a statement, Schouw & Co. said that it will provide "calm waters ahead so that [Martin] can optimize its potential." Johansen, who has entered a 10-year consultancy with Martin, has also signed a five-year binding clause preventing him from implementing activities that may compete directly with the firm.
A 10-year veteran of Martin Professional PLC in the UK, managing director Ian Kirby, left the firm in late May to pursue other interests.