GPV acquires BHE and strengthens its position in Northern Europe

The Danish company GPV acquires the electronics manufacturer BHE in Horsens for DKK 42 million. The acquisition promotes the ambitious growth plan of Schouw & Co. owned GPV and further consolidates the company in the Northern European home market. 

Denmark’s largest EMS manufacturer (Electronic Manufacturing Services) GPV now takes over another EMS manufacturer: BHE with headquarters in Horsens. A year ago, GPV was acquired by the industrial conglomerate Schouw & Co. in Aarhus that launched an ambitious growth strategy: 

- We follow an ambitious growth strategy that is going to lift our revenue from DKK 850 million (2015) to DKK 1.5 billion in 2020. The growth will come from organic growth and from the establishment of production in Mexico, which we are busy implementing, as well as from acquisitions, CEO Bo Lybæk from GPV explains, and he continues, - We have had a very positive negotiations process with the owners of BHE in recent months, and we are all satisfied with the acquisition agreement that has just been signed. 

BHE was set up in 1984 and has for a number of years traded for about DKK 100 million, mainly through sales to the Danish and German markets. The company was pre-owned by Bjarne Stenberg and Poul Martin Bøtker who functioned as chairman of the board of directors and managing director, respectively. Lately, the two owners have been considering their ownership of the company: 

- We have a good position in Denmark and in Northern Germany, but we are aware that if we truly are to grow internationally, then new and relatively large investments are needed. Here, GPV has the right size and technological capacity, and we are pleased that GPV is now there to lift our customers and their products to the next level, says Poul Martin Bøtker. 

In addition to the production in Horsens that counts about 70 employees, BHE also has production in China. After the acquisition by GPV, both production units are expected integrated into GPV’s platform: 

- BHE’s present Danish production accounts for the main part of revenue, while BHE’s Chinese production accounts for the remaining part. By integrating the activities we will achieve a higher capacity utilisation, which is crucial for achieving our necessary synergies and strengthening our competitiveness, Bo Lybæk continues to explain, and Poul Martin Bøtker adds, - I am looking forward to helping to ensure that this integration will become truly successful. 

GPV’s area of specialisation is especially within the production of mechatronics, i.e. the combination of electronics and mechanical engineering, and employs well over 1,100 staff in Denmark, Mexico and Thailand. The mechanics production in Denmark is mainly concentrated in Tarm, while the electronics production mostly takes place in Aars. Therefore, it is especially the activities in Aars that BHE will complement. Still, however, there is no overlap between either products or customers, and therefore Bo Lybæk sees BHE as a good match for GPV: 

- BHE is in top five in Denmark within the electronics production and is well-known for production of small and medium-sized electronics series of high quality. BHE is especially focused on SMT (Surface Mount Technology), i.e. surface mounting of electronics components on circuit boards, and precisely here we see some growth potential over the coming years. Furthermore, BHE has a good grip on especially the Northern German market where we see some fine growth opportunities. This is not least the reason why we see BHE as a perfect opportunity of consolidation in the Northern European market, he explains. 

Schouw & Co. reinforces growth journey through active ownership

GPV’s acquisition of BHE happens less than one year after the ownership transfer of GPV to the Danish industrial conglomerate Schouw & Co. in Aarhus. Schouw & Co. is able to boost growth quickly and efficiently through active ownership and long-term investments: 

- We have a target which is to increase GPV’s revenue by 75 percent during the first five years of our ownership. We shall do that in the Northern European home market as well as in America and Asia. The growth will be both organic and acquisitive, and we have a very clear picture of which investments are to be made to achieve our target. Here, BHE is obviously an important milestone, CEO Jens Bjerg Sørensen explains.  

GPV is particularly strong within electronic and mechanical partial solutions and finished products (box-builds) and produces a total of about 4,500 different products on a current basis for about 300 customers. The customer base primarily consists of OEMs within the market segments of cleantech, instruments & industry, medico as well as marine & defence, and the growth potential is high within several of GPV’s and BHE’s areas of expertise: 

- The OEMs are now seriously rising from the crisis and are focusing on growth. This growth is in particular to come from some of our areas of expertise: Internet of Things and Big Data. This is where the OEMs can create the highly desirable added value, and this is where it makes perfect sense to cooperate with EMS manufacturers such as GPV and BHE, Jens Bjerg Sørensen concludes. 

GPV’s acquisition of BHE takes effect from 1 March 2017. Schouw & Co. publishes their annual report 2016 on 10 March, and the acquisition of BHE will be included in the outlook for 2017 published at the same time.

For further information, please contact:

  • Bo Lybæk, CEO, GPV, Tel. (direct) +45 21 28 87 97
  • Poul Martin Bøtker, CEO, BHE, Tel. (direct) +45 76 26 11 80
  • Jens Bjerg Sørensen, CEO, Schouw & Co., Tel. +45 86 11 22 22

Read more about GPV at

Read more about BHE at

Read more about Schouw & Co. at