BWB Partners divests Heatex to American industrial group Madison Industries

18. December 2020

On 18 December 2020, BWB Partners and the minority shareholders of HxH International AB divested Heatex to US industrial group Madison Industries. Heatex is a global manufacturer of air-to-air heat exchangers for applications in various buildings, data centers as well as wind turbines. Heatex is headquartered in Malmö with  169 employees in Europe, US and China. In 2020, Heatex is expected to generate revenue of SEK 359 million.

The parties have agreed not to disclose the purchase price.

The sellers have been advised by Vinge.

For more information:

BWB Partners: Lars Thorsgaard Jensen, phone: +45 30 70 94 97, e-mail:

About Madison Industries (

The American company Madison Industries is headquartered in Chicago and has since 1994 acquired, built, and operated companies across six business areas. Madison Industries has operations in the HVAC industry through the business area Indoor Air Quality.

About BWB Partners (

BWB Partners is an owner-led Danish investment firm investing in small and medium-sized companies with a turnover of DKK 150-750 million and strong growth potential. BWB Partners manages the funds BWB Partners I and II, which have a total capital commitment of DKK 2.3 billion and invest on behalf of Danish and international investors.