The innovative paint and coating factory in Kolding, Nowocoat A/S, has acquired the niche company Lurrell Industries A/S. The acquisition will safeguard the future of Lurrell while giving Nowocoat an excellent addition to its existing client and product portfolio.
The time is right, these two companies are a great match, and it is a good deal for both parties: It is those three simple factors that explain Nowocoat A/S’ acquisition of Lurrell Industries A/S. Both companies will gain important strategic benefits through this cooperation, as well as the prospect of realising significant synergy effects once Lurrell becomes part of Nowocoat.
An acquisition that safeguards the future of the company
Lurrell, a 35-year-old company based in Roskilde and owned and managed by its founder Niels Christian Lund, is probably not a household name. The company is an unknown yet important sub-supplier of oil, lye, soap, etc., to some of the biggest furniture retailers in the industry such as IKEA, Jysk, WalMart and K-Markt.
For Niels Christian Lund, his need to future-proof the company has been the key motivator for selling right now. Nowocoat possesses the exact competences in terms of innovation and new product development, documentation and certification to ensure that in the future, Lurrell will remain the preferred supplier for the giants of the retail furniture industry. At the same time, the acquisition of the company by Nowocoat will mean that the company will remain in Danish hands.
“The production of Lurrell’s products has always been located in Denmark because it means that we are required to comply with the stringent Danish requirements for environmentally friendly solutions, and I’m glad that we can ensure this remains the case through our cooperation with Nowocoat. The requirements for environmentally friendly solutions and documentation are always being raised, and that’s where Nowocoat can contribute with valuable experience in the area of ISO certification of processes and products, among other things. This will become even more important for our customers in the future, so I see that as a clear strategic advantage. Finally, the company needs a generational changing of the guards
- not because I am retiring right now, but at my age, there’s a need to be able to tell the customers about future plans that extend beyond my time with the company. I can help make those plans thanks to this new cooperation,” said Niels Christian Lund, who has no plans to retire anytime soon.
“On the contrary. I am excited about this cooperation and to see what we can achieve with it together with Nowocoat in the coming years.”
Environmentally friendly products and industrial application are a perfect match for Nowocoat
CEO of Nowocoat, Ole Enevold Jensen, is quite candid about the fact that it is Lurrell’s environmentally friendly image and the company’s development potential that has made it an interesting acquisition.
“Their responsible and environmentally friendly focus lies in direct extension of our own image, and with this acquisition we will get access to employees, customers and products that are a perfect match for our other business areas, including DIY and the industrial markets in Europe and Asia. In addition to being thrilled to help ensure that Lurrell stays in Danish hands, we also see good opportunities to further develop the company in the coming years - not least thanks to our unique competences within innovation, process optimisation and customer approach,” said Ole Enevold Jensen. All of Lurrell’s employees will continue working at the company, and its production in Roskilde will continue after the acquisition.
For further information:
Contact Ole E. Jensen directly by telephone +45 30 30 32 34 or e-mail: