Danish pension company, PKA, has sold a 51 per cent share in the environmental company Genan to Maj Invest Equity.

Genan Holding A / S is the parent company of the Genan Group, which includes six recycling plants in Denmark, Germany, Portugal and the USA and it has more than 300 employees worldwide. Genan's annual accounts for 2020, published in May, showed an operating profit of DKK 88m.

Genan is a pioneer company in the recycling industry and has for many years been one of the leading Danish companies in the green transition. With the total production capacity of its six factories, Genan can annually save the world the emission of as much as 280,000 tons of CO2.

In 2014, PKA took over 100 per cent of the ownership of Genan to ensure the company's survival after a showdown with the former major shareholder, the dispositions of which later resulted in a conviction for fraud and fraud of a particularly serious nature. Following the sale of the 51 per cent share, PKA will now become a minority shareholder.

“Since the reconstruction of the ownership, we have focused on restoring the company – both to preserve the many jobs and the important know-how. The management and employees of Genan have handled this very well, and the development of the company has been positive ever since,” PKA investment director Michael Nellemann Pedersen said.

“It is unusual for PKA to be a major shareholder in a company. Therefore, we are very pleased to have a major shareholder in the ownership, who shares our view on the long-term potential for the development of the company as an important contributor to solving a global environmental problem.”

The price for the sale of the shares to Maj Invest Equity 5 is not disclosed.

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