Carnegie acted as exclusive financial adviser to VKR Holding in the divestment of Exhausto to the Danish private equity company Axcel. Axcel acquired approximately 60% of the shares in Exhausto, while VKR Holding retains a significant minority interest.
Exhausto is a leading manufacturer of mechanical comfort ventilation products for schools, offices, commercial and multifamily buildings in Europe. The products include Exhausto and Novema branded products. Exhausto had revenues of approximately DKK 500 million in 2011 and approximately 300 employees.