Danish maritime conglomerate after years of growth: We want to expand further into the world
Af The Pres-Vac valve, Heco stuffing box, Atlas Incinerators waste oven, Gertsen & Olufsen bioreactors and compensator, as well as Hans Jensen Lubricators.
These are all six globally recognized niche products for propulsion, tank management, and waste management, which can be found on ships all over the world.
Another thing these six brands have in common is that each of them is probably more well-known than the company they are currently a part of.
The name is G&O Maritime Group. The company was established in 2014 from the former Gertsen & Olufsen, which the then-owner sold to the investment fund Erhvervsinvest, which then went on to acquire and incorporate both Atlas Incinerators and Heco International into the group.
The year after, another well-known niche brand, Pres-Vac, was acquired and two years ago, Hans Jensen Lubricators from Hadsund was purchased and incorporated.
In 2021, G&O Maritime Group got a new owner in the investment fund Polaris, which charted a new course for the company and the six product brands. It also established a new leadership team with Anders Egehus as CEO from October 2022.
- In 2021, the company really shifted gears and seriously embraced the sustainability agenda in its role as a supplier of niche products for ships that operate on green fuels or make the ship a safer workplace. Our goal is to become a maritime supplier with global reach, which is hard to ignore in new builds and retrofits in relation to the industry's green transition and digitalization, says Anders Egehus, CEO of G&O Maritime Group.
Headquarters diagonally across from the Technical University of Denmark
When Søfart visited the few-months-old new headquarters in Lyngby, the director had just returned from a few weeks of summer vacation on the same day.
Previously, the headquarters were located across from the Pres-vacs and Gertsen & Olufsen factories in Allerød. With nearly 50 employees in the central functions at the former headquarters in Allerød, the space had become too cramped.
The location next to DTU (Technical University of Denmark) and diagonally across from Hempel's headquarters is no coincidence.
- Like all other companies, our future growth is entirely dependent on our access to talented employees and sharp minds. Therefore, we make it a point to be open to, among others, students, says Anders Egehus, who adds that the new office has already hosted the master's projects of two female DTU students.
Many of the industry's larger shipping companies and engine manufacturers today have key individuals who often have a past connection (in Maersk, editor's note) and know each other well. However, Anders Egehus believes that in ten years, the industry can't rely solely on everyone still knowing and understanding each other:
- It is even more important for us and others in the industry to open up even more and make ourselves more relevant to the new generations who can ensure a supply chain of talented new talents and competencies, he says.
Out of the group's 300 employees, including those in Singapore and China, 20 are dedicated to development at the headquarters and at Hans Jensen Lubricators in Hadsund, which is one of the six products that involves the most intensive development work in relation to the future of shipping.
- The development department is working to find solutions to the new demands on shipping in relation to CO2 and lead, PFAS, and much more. They are also focused on digitizing our products so that the ship can be monitored virtually by technical management from a distance. This is something the industry is crying out for, but it is a bit more complex than just a simple solution, says Anders Egehus.
Two decades at Maersk and Svitzer
Anders Egehus joined the G&O Maritime Group nearly two years ago from a completely different part of the business world. However, he is well-versed in the industry, starting his career with 16 years at the then A.P. Moller-Maersk and five years at Svitzer.
- The common thread in my career is not just maritime. At Maersk, DSB, and AlliancePlus, I have focused on acquisitions, mergers, and integration of companies, and this remains an important task for me now, says Anders Egehus.
The company aims to grow organically and through the acquisition of several new manufacturers of maritime products and services that fit well into G&O’s three current product groups: propulsion, tank management, and waste handling, or perhaps could be combined into an entirely new and fourth product family.
- We are focused on growth, global reach, and products and product development that tap into the two major themes of shipping, while also being an attractive and cohesive workplace, says Anders Egehus.
From the outside, the task is not straightforward. Among other things, the group's products do not always address the same professionals at the customers, which include shipyards, engine manufacturers, shipowners, and technical departments. Additionally, the product collection consists of six strong brands, typically established as family businesses, with many years of history and each with its own identity.
An unacceptable result
Anders Egehus is reluctant to discuss the annual accounts of G & O Maritime Group prior to his arrival. However, regarding the first complete financial statement for 2023 for which he is fully responsible, he says:
- It is clear that our recent annual result for 2023 is not acceptable, and we acknowledge this in the financial statement ourselves. The operating result is unsatisfactory, but this is due to substantial investments in future growth with more employees, particularly in our sales organization, and the fact that we have experienced a significant turnover of staff.
| Amounts in 1,000 DKK. | 2023 | 2022 | 2021 (13 mnths) |
| Revenue | 410.300 | 182.295 | 218.659 |
| Gross margin | 212.440 | 85.962 | 59.924 |
| Operating profit | 13.795 | -20.223 | -18,919 |
| Financial Income and Expenses | -29.847 | -10.546 | -2.084 |
| Årets resultat | -18.613 | -26.537 | -22.286 |
| Balance | 799.616 | 853.075 | 653.023 |
| Equity | 305.26 | 344.943 | 311.464 |
| Employees (Excluding China and Singapore) | 224 | 223 | 145 |
Improved results and greater profits are especially to be ensured by a strengthened sales organization with greater global reach.
- We want to get closer to the customers, and if possible, sell all our products to all of them. Selling our three different product families to the same customer requires that our salespeople know our three very different products for functions on a ship in depth without knowing everything down to the smallest detail. We have other colleagues for that. But the first step is to get the door open with customers, says Anders Egehus.
