Wencon is becoming a larger part of the global agenda regarding maritime sustainability with a new, strong investor.
Shipowners all over the world are persuading reductions of CO2 emissions. Brygge Partners, as the new co-owner of Wencon, will assist in the development of markets – the goal is to continue the strong growth the company has achieved so far.
Since 1984, Wencon ApS, has helped shipping companies around the world realize that in many cases it pays off to repair machinery and equipment on vessels with epoxy solutions rather than replacing them. Over the past two years, the global sustainability agenda has created further momentum and ensured Wencon an annual growth of 15 to 20 percent.
According to the founder, Erik Wendelin, the increased focus on sustainability and circular economy has created good conditions for Wencon to continue its positive growth.
We have communicated with the top management of shipping companies, and they expressed concern regarding the carbon footprint. Using a third party life cycle assessment partner, we have mapped the CO2 emissions of Wencon’s products. The calculations show savings of 80 to 98 percent by repairing instead of replacing the equipment onboard the vessels. In several American ports, environmental requirements need to be fulfilled before calling the port, says Erik Wendelin.
Unutilized export opportunities
The utilization of the high growth potentials combined with Erik Wendelin’s age, 68 years, has brought about the need to get a business partner. The final decision has landed on the investment company Brygge Partners A/S, who immediately will own 44 percent of the company. Five years ago, the founder carried out a generational change with his children, Bjørn and Ditte, who have since owned 30 percent of the shares each. In the new ownership structure, the ownership of the family shares has been reduced proportionally.
I am proud that a reputable investment company values our way of doing business, and is willing to invest capital into a smaller business like Wencon. With Brygge Partners, we get people with completely different competencies, and we will be able to develop the market while strengthening the current growth. We are now present in 20 countries, eight of them with a solid foundation, but the potential is at least 40 countries, including the United States and Japan. There are many possibilities and opportunities ahead of us in the export markets, says Erik Wendelin.
Investor sees great potential
Brygge Partners, with headquarters in Esbjerg, is looking to contribute in unleashing the obvious potential of Wencon in the upcoming years. CEO Kent Ernst Hansen states that the company, in collaboration with the management and a strengthened organization, intends to continue and improve on the development of recent years.
We are best at supporting companies from a position as a minority shareholder. Wencon has a solid foundation, a good product and a strong owner family. In collaboration with the rest of the board and the family, we must have a closed timeframe strategy in which we invest in organization and market development, including new customer groups, such as the offshore sector, says Kent Ernst Hansen.
Guidance and support makes the difference
Erik Wendelin was employed by an epoxy supplier for five years, before in 1984 he chose to become self-employed with a far more customer-oriented approach. The intention was not only to sell the product, but also to advise on the use of repair kits with the help of a printed manual. The principle of a narrow product range accompanied by strong guidance has been the foundation for the company
Our accomplishments are due to the fact that customers succeed the first time when repairing using our products and that they return when facing new challenges. It is also important that we can solve as many of their challenges as possible with relatively few products. We must meet the needs of the customers before our own, says Erik Wendelin.
He has not only been a pioneer in the field of epoxy, but also in developing products that were non-toxic. Wencon is constantly working to replace harmful content with raw materials based on vegetable and organic oils.
The durable business concept
The investment in Wencon is the fifth in Brygge Partners II A/S, who will be represented by Kent Ernst Hansen on the Board of Directors. In the short term, the board’s task will be to find a new CEO to take the lead in executing the growth strategy and expanding the distributor network in the maritime industry.
Wencon is located in Bogense, Denmark, and has 10 employees, half of whom, under normal circumstances, are travelling around the world taking care of their respective markets. During both the financial crisis and the corona pandemic, the business concept showed its durability by maintaining revenue and earnings.
About Brygge Partners
Behind Brygge Partners with headquarters in Esbjerg we can find prominent businessmen with experience from various industries that invest in unlisted companies with potential. The goal is a long-term collaboration. As mentioned, the investment in Wencon ApS is the fifth in Brygge Partners II A/S founded in February 2021. Brygge Partners I A/S was founded in the fall of 2017 and since then made investments in eight companies.