M&A: Ramboll Acquires Renewable Energy Consultancy K2 Management

Ramboll has acquired K2 Management, a renewable energy consultancy focused on wind power and solar energy projects. The deal also includes a wind and solar data management software platform. Financial terms of the acquisition were not disclosed.

This is M&A deal number 258 that Sustainable Tech Partner has covered so far in 2024. Related: See all M&A deals involving sustainability, climate tech and green IT services listed here.

Ramboll Acquires Wind and Solar Consultancy, Data Management Software Platform

Ramboll, founded in 1945, is based in Copenhagen, Denmark. The global architecture, engineering and consulting firm specializes in buildings, transport, energy, environment & health, water, management consulting and architecture & landscape.

In 2023, Ramboll's gross revenue reached an all-time high of DKK 17 billion (EUR 2.3 billion), an increase of DKK 1 billion (EUR 132.5 million) compared to 2022. Also, 2023 EBITDA (earnings before interests, taxes and amortization) were more than DKK 1 billion (EUR 138.7 million) -- which represented a record high for the company.

Ramboll is owned by the Ramboll Foundation -- an "independent Danish enterprise foundation with philanthropic obligations," the company says.

K2 Management, founded in 2007, is based in Viby J, Denmark. The company focuses on onshore wind, offshore wind, solar PV, and wave and tidal energy projects. Key services include development, construction and installation, operation and advisory expertise.

K2 Management also develops Meteor -- a wind and solar data management software platform. The platform "securely stores data from measurement devices, ready for easy review, analysis and download," K2 asserts.

Acquiring K2 "strengthens Ramboll’s ability to provide services to clients worldwide across all stages of wind energy projects by combining Ramboll's extensive experience in design and execution of wind projects with K2 Management's proficiency in strategic advisory and project development," the buyer said.

Following the acquisition, Ramboll's global Wind division will span over 900 dedicated experts across 20 countries, adding now also new local presences in Vietnam, Thailand, Taiwan, and Portugal, the buyer said. Also, Ramboll plans to employ over 1,000 wind experts by 2025. The company did not mention whether the staff expansion would involve organic hires or acquisitions -- or a mix of both.

Ramboll Buys K2 Management: Executive Perspectives

In a prepared statement about the acquisition, Tim Fischer, director for Ramboll’s global wind division, said: “We are very excited to be welcoming K2 Management’s experts to Ramboll. Wind energy is one of the main enablers of the green energy transition and as the Partner for Sustainable Change with more than 30 years of experience in the industry, Ramboll is committed to playing a pivotal role in the advancement of the wind sector worldwide. Right along COP28’s initiative ‘Double Down, Triple Up, Time4Action’, we are now ramping up our capacity and broadening our expertise to meet the demands of our clients worldwide."

Fischer further stated: “By merging Ramboll’s decade-long engineering and design skills in wind projects with K2 Management’s leading role in project development and strategic advisory, our clear ambition is to create a true global leader that is well-positioned to support our clients in all phases of wind energy projects globally. It is no secret that talent is scarce in these highly specialised areas, which is why welcoming such a great team of experts to Ramboll all at once is a major milestone. Together, we will take the next big leap in the green energy transition, supporting clients all over the world."

Concluded Lars K Hammershøj, co-founder of K2 Management: “With offices on five continents, K2 Management already operates a cross-border approach to cater to the global need for high-end advisory to developers, lenders and investors in green energy. By joining Ramboll, we will deliver more innovative, holistic, and sustainable solutions. We can also provide even greater career opportunities for our talented employees. I am confident that our similar mission, purpose, and culture, driven by our shared passion and high standards, will enable a smooth integration of our teams.

M&A History

Ramboll has M&A experience. Example deals include:

• August 2024: Acquired German engineering consultancy W+G (Wandschneider + Gutjahr Ingenieurgesellschaft mbH), which specializes in thermal process engineering and project management for waste-to-energy projects.
• November 2023: Acquired Acondas, a strategy implementation consultancy in Germany.
• August 2023: Acquired Civity, a transport consultancy.